Some Rich Guys Refuse to Buy Silence
By: Todd M. Schoenberger, Managing Director
Hmmm…I wonder why everyone hates Wall Street.
An interesting article by Bloomberg journalist, Max Abelson, about a Wall Street exec “struggling” to live earning $350,000 a year is making its way around the internet, with the occasional 140-character critique popping up on Twitter. Yeah, if you haven’t heard about it yet, you probably will hear something on the late night talk shows, or maybe even a Saturday Night Live skit.
The article kicks things off with a brief story of Andrew Schiff, director of marketing for Euro Pacific Capital. Evidently, Mr. Schiff enjoys living in two homes, has kids attending a $32,000 per year private school, and pays for satellite radio – and isn’t afraid to whine about wanting more.
The problem with articles about this is they never tell the entire story. More than likely, fellas like Mr. Schiff and the others mentioned in the article worked remarkably hard to get to the point of enjoying life’s luxuries. Missives about whiny one-percenters only describe the benefits received, rather than the sweat equity involved in the maturation process.
But I’m not letting Schiff and his rich brethren off that easy. What he, and others in the same position, have failed to do is keep their mouths shut. Seriously! Just shut up about what you have and how much you make.
I’ve been in the “business” of Wall Street for over 18 years now and one lesson I have learned—and witnessed—is arrogance and ignorance will ALWAYS come back to bite you. A guy pulling in that kind of cash and says he’s having trouble making ends meet needs a reality check.
According to the U.S. Census Bureau, the median household income in 2010 was $49,445, which was lower than reported in 2009. The article also notes the percentage of Americans living in poverty climbed to 15.1% last year, the highest in almost two decades. Yet, there are some that conveniently forget these stats while melting into the leather interior of their new Mercedes.
I don’t fault Mr. Schiff for being successful; actually, just the opposite. He’s the exact success story that many should emulate in their careers. What I do fault him for is rubbing his success in the face of those less fortunate. Whether he intentionally meant to or not, the fact that he spoke publicly to the press about feeling stressed because of a lower bonus was wrong, and downright stupid.
Just as the working men and women of Wall Street felt the wrath and skittish feelings brought on by the Occupy gangs was finally put to rest, we now have guys like Schiff fanning the flames of hatred. Thanks, Andrew! Hope you and your rich pals think about your actions while sipping martinis at the 21 Club.