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cbayer

(146,218 posts)
Wed Mar 21, 2012, 05:33 PM Mar 2012

How the 1 percent live - #1: Bankers Struggle at Washing Dishes

Penthouse parking, a new Versailles, a bat mitzvah bash in Aspen. Salon's guide to the travails of the 1 percent

http://www.salon.com/2012/03/21/how_the_1_percent_live/slide_show/1/

By David Sirota



Bankers Struggle at Washing Dishes

Most of us probably think a $75,000 annual salary is a pretty good deal in a nation where the average household income is far below that. Most of us also probably think that doing one’s own dishes is not a form of economic persecution. But, then, most of us don’t work on Wall Street.

In a pair of must-reads, New York magazine and Bloomberg News sympathetically quoted financial industry workers complaining about the crushing pain of life on Wall Street in the era of the slightly smaller bonuses.

The former article quotes an investment banker lamenting that the average $125,000 bonus – which comes on top of an annual salary – is ”only,” after taxes, about “what, $75,000?”

“My girlfriend likes to eat good food,” he complained. “It all adds up really quick. A taxi here, another taxi there. I just bought an apartment, so now I have a big old mortgage bill.”

more hilarity at link

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How the 1 percent live - #1: Bankers Struggle at Washing Dishes (Original Post) cbayer Mar 2012 OP
If they are making 75,000 then... white_wolf Mar 2012 #1
He does make $350,00. He is referring to his bonus (after taxes) cbayer Mar 2012 #2
75K is the yearly bonus (after taxes) - Avalux Mar 2012 #3
You don't live in NYC do you? badtoworse Mar 2012 #4
No, but I did for 7 years. Why? cbayer Mar 2012 #5
$125K bonus probably means a base of about $250K - $350K badtoworse Mar 2012 #7
While I recognize that Manhattan is expensive, I lived in NYC on a very meager cbayer Mar 2012 #8
There were two guys as I understood the article badtoworse Mar 2012 #10
You are correct. They are two different people, but still. cbayer Mar 2012 #12
Time for the pitchforks and torches hifiguy Mar 2012 #6
He makes all that money Tallulah Mar 2012 #9
tax cuts for these people, huh????? fascisthunter Mar 2012 #11

white_wolf

(6,238 posts)
1. If they are making 75,000 then...
Wed Mar 21, 2012, 05:36 PM
Mar 2012

wouldn't that put them below the 1%, I thought it took 350,000 a year to be in the 1% category.

Avalux

(35,015 posts)
3. 75K is the yearly bonus (after taxes) -
Wed Mar 21, 2012, 05:38 PM
Mar 2012

Independent of salary. What a bunch of spoiled rotten assholes.

 

badtoworse

(5,957 posts)
7. $125K bonus probably means a base of about $250K - $350K
Wed Mar 21, 2012, 06:11 PM
Mar 2012

After taxes, that's probably about around $200K. Very good money, to be sure, but living well in Manhattan is very expensive. A NYC apartment is likely in the 7 figures, so his expenses are high too. Parking a car can cost as much as an apartment.

He certainly should not be whining, but I don't think that kind of money goes as far in Manhattan as many people think.

cbayer

(146,218 posts)
8. While I recognize that Manhattan is expensive, I lived in NYC on a very meager
Wed Mar 21, 2012, 06:39 PM
Mar 2012

salary.

And my daughter just spent a year there as a student.

She had an apartment in Harlem - small, but adequate.

She gave up the car, as it is totally unnecessary there.

Eating at small, often ethnic, restaurants can be done inexpensively.

This guy is living high. His girlfriend likes good food. He complains about taxis when there is an incredible public transportation system. He bought a condo (!?!?!) and complains that it is only 1,200 square feet and doesn't have a dishwasher. He has a second vacation home and whines about his kids fancy private school tuition. He has health insurance, funds a 401k, then has the audacity to complain that after those expenses and taxes, he brings home less than 200k a year.

Give me a break.

 

badtoworse

(5,957 posts)
10. There were two guys as I understood the article
Wed Mar 21, 2012, 08:28 PM
Mar 2012

The second guy has the 1,200 sq ft condo. I thought he was over the top. The first guy, not as much.

cbayer

(146,218 posts)
12. You are correct. They are two different people, but still.
Wed Mar 21, 2012, 08:32 PM
Mar 2012

My daughter just spent a year there for under $20,000. It's not luxury living but it wasn't that difficult.

I loved living on a shoestring in NYC. There is so much to do for free or next to nothing.

These guys just make me sick.

 

hifiguy

(33,688 posts)
6. Time for the pitchforks and torches
Wed Mar 21, 2012, 05:42 PM
Mar 2012

not to mention the tar and feathers. Some assholes need an attitude adjustment.

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