In the era of Occupy Wall Street and vast income inequality Bloomberg reporter Max Abelson is performing a public service. With a therapist's knack he's getting all sorts of bankers to spill their guts on the frustrations that come with making a ton of money. It's surprising that these conversations are all on the record until you realize these people truly are living in a different universe. Today, Abelson describes a condition known as "bonus withdrawal:"
Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex.
“I feel stuck,” Schiff said. “The New York that I wanted to have is still just beyond my reach.”
Some are forced into using coupons:
Wall Street headhunter Daniel Arbeeny said his “income has gone down tremendously.” On a recent Sunday, he drove to Fairway Market in the Red Hook section of Brooklyn to buy discounted salmon for $5.99 a pound.
The article, a must read, still doesn't top his story from December. Back then, Abelson spoke with the real masters of the universe, the more vocal of the millionaires and billionaires that comprise the one percent, where we heard from the billionaire Tom Golisano and his thoughts on the proposed "Buffet Rule:"
“If I hear a politician use the term ‘paying your fair share’ one more time, I’m going to vomit.”
Like I said, a true public service.