I always believe Wall Street is in the business of making rich people richer and along the way, these masters of the universe make themselves very rich too.
Again, big bonuses were expected for 2006 according to a New York Times article.
Here are some interesting statistics that probably will make you green with envy:-
Just out of college first year, total compensation including base, bonus and long-term compensation for ...
associates, from $200,000 to $270,000;
analyst, from $105,000 to $145,000.
In 2005, Wall Street accounted for 4.7% of jobs in New York City but 20.6% of the wages.... A top hedge fund manager took home 1.5 billion, while a top 25 manager could take home $130 million.
Anyway, a top hedge fund manager at Goldman Sachs by the name of Raanan Agus still drives a Honda minivan. That kind of makes of feel better I guess.
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They just used their pencils, rulers and fingers to earn the easy money. They are lucky in New York Wall Street, if they worked in Shanghai 1949, they have already been shot by the communists
ReplyDeleteThis fucking business is about pian men, like gambling or operating a whore house. I think its Cantonese translation is more to the point. If a guy thinks that this kind of money is the norm or for good, he or she is sadly mistaken. True, a lot of people move on to bigger things. But the majority just falls by the wayside. In either event, everyone should keep his/her feet on the ground and save for a rainy day.
ReplyDeleteAn over-the-hill, 20 year veteran of pian men
In essence, it's like show business, minus the whores and glitter. Most people can't make it to the top and stay on the top, only the creme de la creme do.
ReplyDeleteAnyway, I don't quite get the pian analogy, my ignorance.
I venture to suggest it's "peen mun" in Cantonese. In English, it means to wheel and deal.
ReplyDelete"wheel and deal: to try to make a profit or get an advantage using clever or complicated methods and often deceiving people or breaking the usual rules" (Cambridge Advanced Learner's Dictionary)
There is something in this world that you just can't translate. 'Pian Men' is one of them.
ReplyDeleteVincent
Okay, I think it's "peen mun"="side door." I actually looked up the word pian.
ReplyDeleteYou made me think of those movies about triad society, like those from the 90s. Gee, it's hard to imagine those firms running it like "My Days in the Triad" starring Cheung Yiu Yeung.
Thanks.
"peen mum" get the money is "peen choi", the wealth from side door or side business. "Peen Choi" is a netural term used by those fortune tellers like Robert's idol Miss Mak Ling Ling also appeared in Cable TV. What I concern is my USD200,000 provident fund account managed by those motherfuckers who charged me 5 to 6% management fee per year no matter what my money is gain or lost. They are daylight thieves
ReplyDeleteThe triad analogy is not quite what I mean. The whole pian men thing is just about 'better lucky than smart'. You could make a lot of money one day just to lose your pants the next. There is no career to speak of. This industry has no memory to speak of and respects only money and power. It is not about 'ban jin' and 'ba liang'. It is not about yearly increment. Anyway, why does a fresh college graduate deserve that kind of money? In many other job types, it takes years if not decades of experience/qualifications to achieve that.
ReplyDeleteVincent
wp2006, mak ling ling is full of shit, and she was never my idol and never will and i don't know why you said that. you are a freaking idiot.
ReplyDeleteI think Warren Buffet once said sth like you better off being mediocre in a good industry than being good in a mediocre industry. With tons of money passing thru the Street or financial markets, you don't need to be a genius to just get some.
I have just watched a TV program of Mak Ling Ling in Cable TV, this bitch's shit made her money
ReplyDeleteWho is that Mak Ling Ling that got under Robert's skin? The other Ling Ling I know is a panda.
ReplyDeleteVincent
Miss Mak Ling Ling is a local fortune teller who always commented on the local artists like Tse Ting Fung or Cheung Pak Chee, or other social events. Her comments always appeared in Mingpao or Cable TV, thus Robert always mentioned about this bitch
ReplyDeleteI got to check out my fortune for the coming year. Got to go to Chinatown to buy those fortune teller books. Man so far I have a bad 2006.
ReplyDelete