Thursday, June 14, 2012

The Bitter Tea of Wall Street

According to’s Jim Kim: Just when it looks like sunny days are back, reality intrudes, and the industry heads for cover once again. It's been years since anything resembling job security has been in place. For the pulse of the industry, we turn to CNBC, which offers a view from choice watering holes.

"We really haven't had one good summer since 2006. No one can relax on the beach—again!" one executive as quoted. "Go down the years. Everything was getting unhinged summer of 2007. The next year was bananas. Then you get the great depression of 2009, when everyone lost their jobs or almost did. The past two years looked good until May, then everything goes haywire…Before the crisis, people could actually enjoy the summer. Relax on the beach. Grill with friends and drink beer on your back porch," he said.

Middle America might laugh at such problems, but the pain is real. You do have to feel for him. But he may have bigger concerns. He might have given the CNBC reporter enough information for the Goldman Sachs PR team to identify him. This sort of press activity is not authorized, and there may be consequences. He works at Goldman Sachs after all. That said, as a MD, he was hopefully savvy enough to alter the "facts" just so….

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