Still tons of pissed off Greeks (see yesterday's entry) but it's a good thing they finally agreed (for now) and stock markets globally moved higher because everyone's relieved. Anyway super tired today as my mom (who was definitely sporting red) called me EARLY today to say HAPPY VALENTINE'S DAY! I'm not a Valentine’s Day type, but I know some ladies are into it. However do think banker boys deserve a break here(particularly those that work on a trading floor). I’ve spent nearly 10 years on a trading floor now and I can assure you – the ridicule they catch for having Valentine’s Day plans would be akin to asking your man to wear a T-shirt that reads ‘I WENT TO PROM WITH MY COUSIN’.
In general though, I hope bankers get a break. Obviously I’m biased pro-Wall Street but I’m not totally unsympathetic to ‘Occupy Wall Street’s' very muddled/disorganized/poorly articulated message. They are frustrated with bleak job prospects, huge student loans and the persistent Bangalore-based Indian bill-collectors harassing you to pay for your iPhone (which you cant afford). Meanwhile the rich seem to be having a good ol' time. And bankers did make mistakes. Bankers enabled the‘Better Homes & Gardens’ addicted average Joe to too easily buy that big cool house. And that same Joe (who Tivo’ed every episode of 'The Apprentice' hoping to replicate the real estate fortunes of Donald Trump) to buy another home in Florida. Followed of course, with a FORD Expedition and countless Abercrombie hoodies- all paid for by VISA. I hope you see where I am heading – Yes, bankers made mistakes but I would argue we all spent what we had not rightfully earned.
So let me explain why bankers are particularly scrutinized. Bankers were reckless and they did make a lot of money. They did it by taking Joe’s mortgages and wrapping them up and then selling them to investors without fully disclosing the details. Basically imagine you bought a Birkin bag – Packed in a big orange box and clearly an original- but you later find out it was tainted with some serious red wine stains (could you imagine!??) deeming the bag unusable. Indeed very very naughty and resulted in a giant and humbling bail-out called TARP .
However I assure you, investment banks do understand mistakes were made and they know they're in the dog house. Aside from being stripped of huge reputational prestige, Wall Street continues to be publicly criticized at the highest level (seen Obama's 2012 State of the Union?). Not to mention, they too have lost billions in savings and stock awards. Accordingly, things have changed dramatically. Bankers are now working in highly regulated/ scrutinized environments where they continue to see colleagues lose jobs that will likely never return. So yes, do believe it when bankers complain things have changed and frankly they do have reason to be a bit bummed-out right now. Great (albeit long) read.
If I have any occupiers reading this (do I have any occupier friends?), you are probably gagging right now. So I'll wrap it up here. Don't get me wrong - I do not expect any banker sympathy. I realize there are no victims, only volunteers, and bankers are fortunate enough to walk into a job everyday while a lot of the world struggles. However I assure you they made mistakes, they know it, and they are constantly reminded/haunted by it. I believe it has been TATTOOED into their culture - this cannot happen again. In the meantime - it is Valentine's Day - it wont kill anyone to lay off your bankers for one day.
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