wow…you guys don’t think a 2 bedroom condo in battery park city can sell for over $960k??? And all this time, I thought NYC real estate was immune.
FIAnalyst Wrote: ------------------------------------------------------- > FrankArabia Wrote: > -------------------------------------------------- > ----- > > I agree with Buddha. How in the world does > someone > > get paid 200k to be a crude oil trader? > > > > what exactly do they do? are they market > makers? > > speculators? > > > So you agree, but have no clue what they do? Lets see. He is either a speculator or just lucky to be in a position that problably doesn’t require 200k skills. considering the fact that he is doing what he is doing now, he was most likely overpaid. you don’t really have to know exactly what he does, i think the facts speak for themselves.
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I feel for the guy, since it’s always hard to watch compensation go down, but it’s also hard to see what he brings to the table that is worth $200k per year. If you’re getting paid more than you’re worth, the key is to realize this and keep consumption expenditures (like $200 bottles of wine) low while you take advantage of the opportunity “while it lasts.” The challenge is that if you were in his position, you would presumably assume that there is something about you that is worth $200k and see no reason why it should be any other way. On the other hand, swallowing your pride and becoming a host (in an industry that generally prefers to have hostesses) is admirable.
Read that a few days ago on Yahoo News. Reminds of the NYT story about the marketing exec ($70,000) who’s now a janitor ($12/hr if lucky). - http://www.nytimes.com/2009/03/01/us/01survival.html?_r=1 All I have to say is the guy deserves credit for doing the needful when others wouldn’t accept the ego drop or prestige difference. That’s the American spirit: pull yourself up, dust off your shoulders, and support your family no matter what. But the money and the prestige really isn’t the issue is it? It’s a person’s willpower to survive and recover. So MAD PROPS and a SALUTE to any and all people who face their fears, including the subject of both articles. Your courage and grit is to be commended.
Link to WSJ story about Carlos Araya (you can see who he is): - http://online.wsj.com/article/SB124390425824574861.html
The story reminds me of myself somewhat. I went from trading (more like scalping) stock index futures making 6 figures a year to now working in a back office role. The trading business is extremely competitive, especially the futures market where it’s a zero sum game. The best of the best survive.
There are also inspirational stories out there: http://news.yahoo.com/s/ap/us_rags_to_riches Whatever happens tomorrow, never stop trying and good luck!