Friday, May 17, 2013

Riches to Rags Story: Investor Aiming for the Top, Again

From the NY Times: On Wall Street, the wheel of fortune can spin around and around, from enormous cash bonuses and luxurious perks one year to the unemployment line the next.  Then there is Fred Eckert, a onetime Goldman Sachs partner who soared as a star in "vulture" investing in ailing companies. But in the turmoil of the financial crisis, his business and wealth came crashing down. By 2011, he was bankrupt, divorced and, for two months, in a coma.

Today, he is in better shape, earning $1 million a year from a consulting job, although that expires next year. But most of his income is dedicated to paying leftover debts — he says he is running at "break-even at best" after expenses…

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