From Riches To Poverty

Article Written By: Jennifer McClelland

The Wall Street Journal has started revealing how the New York financial area is in such awful straits presently that some ex- stock gurus have disappeared to the modest life of working for a income. For example, look at Carlos Araya. He was once the Wall Street administrator you would see ordering high-priced dinners at the Palm Restaurant in midtown Manhattan. Nowadays, he waits tables at the restaurant. As Wall Street started to hurt, he was laid off as a crude oil broker on the New York Mercantile Exchange in 2007. After awful luck at finding a new job in the investment industry, he applied in August 2008 to be a host at the Palm topay your bills. He is making just over 10 percent of his original salary.

Some previous investment brokers, used to performing high end jobs that they are well skilled for and earning wages a few individuals would destroy for, are obliged to consent to low-pay employment since they just cannot exchange their knowledge and instruction into a profession like the one they misplaced. Currently, Mr. Araya is looking at bankruptcy and is confident that he will never return to the investment business.

Unfortunately, there are thousands of stories like this one. Almost 25,000 positions have been misplaced in the economic region in New York by itself from the time August 2007. Previous to 2012, that number is supposed to hike up to 56,800. This figure began building in 2007 during the financial hiccup that was a predecessor to our present downturn, in which Araya lost his profession.

John Carbonaro was laid off from his job with Bank of America as a floor clerk in January 2009, and in spite of his understanding and appeal, at this time takes care of the marital duties in the relatives. Joe Morrone, a former Prudential trading clerk, has been jobless for two years and struggles to provide for his daughters and grandson. He has worked in a deli, as a doorman, and a bouncer. He used to possess three automobiles for just his private use. Now he shares one household car they strain to pay for.

Araya from time to time sees ex- coworkers from Wall Street in the Palm during his shifts. Some are pleasant meetings, offering encouragement. Other meetings are not so pleasant. 'The way they look at you, you know they're thinking harmfully,' he says. Others come in wondering if they can get a job there also. With 25,000 laid off, it's certain many of them want a job there.

Araya's daughter asked him if they could afford their house or if they would have to relocate. He told her he was not sure. She asked him if he knew how much money the family needed. 'The way she looked at me,' Araya says, 'I could tell she was counting the money in her piggy bank. 'The emotionally excruciating exchange with his daughter caused him to run into the bathroom and cry. 'At the end of the week, I get my wages and I think, "I used to make this much in a day," he adds.

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