Tales of 1% Bankers Freaking Out About Lack of Bonuses, Smaller Six-Figure Salaries

Max Abelson of Bloomberg has struck again with an article detailing the privations of the slightly less one-percenty of the one percent in an age of reduced salaries and bonuses.

The article is actually sad in its own way--the fact that those profiled really are suffering due to their inability to keep up with the uber-rich Joneses in their communities reveals a tragedy of conformity, inflated expectations, and communities where costs are so high it's impossible to live in them without being a millionaire.

Meet Andres Schiff:

Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex.

“I feel stuck,” Schiff said. “The New York that I wanted to have is still just beyond my reach.”

 Get more acquainted with Schiff's downfall:

His 10-year- old daughter is a student at $32,000-a-year Poly Prep Country Day School in Brooklyn. His son, 7, will apply in a few years.

“I can’t imagine what I’m going to do,” Schiff said. “I’m crammed into 1,200 square feet. I don’t have a dishwasher. We do all our dishes by hand.”

... The family rents a three-bedroom summer house in Connecticut and will go there again this year for one month instead of four. Schiff said he brings home less than $200,000 after taxes, health-insurance and 401(k) contributions....

Still, perspective is necesssary:  “I wouldn’t want to whine,” Schiff said.

Schiff is just one of many bankers profiled in this piece whose tales of woe seem a little misplaced.

One young man had this story of hard knocks and common sense drilled into him by the recession: "Earlier this month, a friend invited him on a trip to Mardi Gras in New Orleans. The friend was going to be a judge in a wet T-shirt contest...He turned down the offer."

That one breaks your heart, it does. Read the whole thing here.

AlterNet / By Sarah Seltzer

Posted at February 29, 2012, 4:37am

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