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The Business of Wall Street

By       Message Walter Brasch       (Page 1 of 2 pages)     Permalink    (# of views)   2 comments

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From flickr.com/photos/22714323@N06/6275588656/: Occupy Wall Street! (19/37)
Occupy Wall Street! (19/37)
(Image by Tony Fischer Photography)
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by Walter Brasch

If you don't mind working hard--and partying even harder--why not get a business degree, take a couple of state and federal tests, and become a Wall Street trader?

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These are the people who are the current crop of Gordon Gekkos--you know, the pretend-fictional character portrayed by Michael Douglas in Wall Street. The men spend thousands of dollars on suits, ties, and cocaine. The women spend thousands just to own a closet of Jimmy Choo shoes.

But their existence is shrouded by a coop they call an office or cubicle. Their tools are multiple phone lines and computer screens.

The chase for money--and perhaps the excitement in getting people to give up a chunk of their earned income after hearing a finely-tuned pitch--drives these college graduates.

But, the rewards are high.

Last year, Wall Street paid $28.5 billion in bonuses. That's an average of $172,000 per person. Some got more. Some less. But, overall, those who worked on Wall Street made, just in bonuses, about $172,000. Summer interns in investment banking earned about $6,000 a month for their summer. The salaries and compensation rise significantly after they get their business degrees and begin a career of the search for the holy grail. In their case, the holy grail is nothing less than a pile of luxuries that the rest of us only know about because of ads in Fortune Magazine.

Why these people earn 6, 7- and 8-figure incomes is because business and the greed for piling up stock options, not service to mankind, dominates the American workforce. More important, they know they can not just enter the gray area of ethics but step over it; almost none of them were fined or jailed for leading the country into the housing crisis and Great Recession that began near the end of the Bush--Cheney administration.

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Now, let's take a look at the rest of us. The ones who don't get corporate welfare, government bailouts, and golden retirement bonuses.

Last year, about one million Americans worked full-time for minimum wage. Their combined earnings were about $8 billion. A full-time worker making the federal minimum wage earns about $7.25 an hour. That's about $15,080 a year. The nation's poverty threshold is $11,770. Thus, the worker, if she or he has no dependents, earns only about $12.70 a day more than the poverty guidelines.

If the worker has one dependent, the poverty guideline is $15,930; thus, the worker is earning less than what the federal government says is a poverty wage.

Now, let's pretend the employer is generous and pays $10 an hour--that's $20,800 a year. Figure rent, utilities, car expenses to get to the job, car and health insurance, and the usual local, state, and federal payroll deductions, and the worker would have to borrow the funds to go to a movie and buy a soda and popcorn.

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Walter Brasch is an award-winning journalist and professor of journalism emeritus. His current books are Before the First Snow: Stories from the Revolution , America's Unpatriotic Acts: The Federal Government's Violation of (more...)
 

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