• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Bonus Withdrawal Puts Bankers in "Malaise"

pbrauer

pbrauer

DP Veteran
Joined
Jun 6, 2010
Messages
25,394
Reaction score
7,208
Location
Oregon
Gender
Male
Political Leaning
Liberal
Looks like bonuses are down at Wall Street and some of the 1 percenters are having a rough go at it. Food Stamps anyone?

"Andrew Schiff was sitting in a traffic jam in California this month after giving a speech at an investment conference about gold. He turned off the satellite radio, got out of the car and screamed a profanity.

"I'm not Zen at all, and when I'm freaking out about the situation, where I'm stuck like a rat in a trap on a highway with no way to get out, it's very hard," Schiff, director of marketing for broker-dealer Euro Pacific Capital Inc., said in an interview.

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.
[...]"
Bonus Withdrawal Puts Bankers in "Malaise" - Yahoo! Finance​
 
Boo hoo! I'd say my heart bleeds peanut butter for him (not), but pb is too expensive right now. So, I'll change that to mayonaise.
 
pbrauer said:
Looks like bonuses are down at Wall Street and some of the 1 percenters are having a rough go at it. Food Stamps anyone?

"Andrew Schiff was sitting in a traffic jam in California this month after giving a speech at an investment conference about gold. He turned off the satellite radio, got out of the car and screamed a profanity.

"I'm not Zen at all, and when I'm freaking out about the situation, where I'm stuck like a rat in a trap on a highway with no way to get out, it's very hard," Schiff, director of marketing for broker-dealer Euro Pacific Capital Inc., said in an interview.

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.
[...]"
Bonus Withdrawal Puts Bankers in "Malaise" - Yahoo! Finance​
Click to expand...

Another class warrior strikes again.
 
pbrauer said:
Looks like bonuses are down at Wall Street and some of the 1 percenters are having a rough go at it. Food Stamps anyone?

"Andrew Schiff was sitting in a traffic jam in California this month after giving a speech at an investment conference about gold. He turned off the satellite radio, got out of the car and screamed a profanity.

"I'm not Zen at all, and when I'm freaking out about the situation, where I'm stuck like a rat in a trap on a highway with no way to get out, it's very hard," Schiff, director of marketing for broker-dealer Euro Pacific Capital Inc., said in an interview.

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.
[...]"
Bonus Withdrawal Puts Bankers in "Malaise" - Yahoo! Finance​
Click to expand...

Onion worthy... :)

This dude can eat a butt if hes real. If he makes that much money hes a weakling for leaning on the networking from that private education for his kids.
Send them to a chinese kung-fu camp of 50,000 for a summer. His kids will benefit much more.
 
Last edited:
I am sure the poor guy won't starve.
 
I don't care how much you make, relying on a bonus to survive is just ridiculous.

On one hand, the guy doesn't have much room to complain when he's better off than many.
On the other hand, the guy is reinvesting a lot of his money back into the economy through that tuition, the mortgages, and into the construction industry with remodels, so his not having that money to spend does hit the economy negatively as well. I'd villify him more if he were whining that he couldn't put the money into an off shore account or hoard it away in investments that don't spur a lot of growth.

Sure, he should stop whining, but honestly? I don't find him any more repugnant than I find the 99%er who was whining because he had to pay child support and couldn't afford to repay 130k in student loans he accrued while receiving a bachelor's degree in women's studies.
 
tessaesque said:
Sure, he should stop whining, but honestly? I don't find him any more repugnant than I find the 99%er who was whining because he had to pay child support and couldn't afford to repay 130k in student loans he accrued while receiving a bachelor's degree in women's studies.
Click to expand...

Holy ****ing ****!
 
please do not make him relinquish his summer rental in kent

let's hope the congress will once again come to the rescue and reduce social security benefits to be able to fund another bailout for these fellows facing hard times
 
"People who don't have money don't understand the stress," said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. "Could you imagine what it's like to say I got three kids in private school, I have to think about pulling them out? How do you do that?"
Click to expand...

"I can't imagine what I'm going to do," Schiff said. "I'm crammed into 1,200 square feet. I don't have a dishwasher. We do all our dishes by hand."
Click to expand...

LOL... are these guys for real.
 
Hikertrash said:
LOL... are these guys for real.
Click to expand...

Meanwhile kids in rural Africa are saying, "What's a dishwasher? What's private school? What's school?"

America as a whole is spoiled. That these two guys are more spoiled than most really doesn't matter. There's always a sliding scale.
 
tessaesque said:
I don't care how much you make, relying on a bonus to survive is just ridiculous.

On one hand, the guy doesn't have much room to complain when he's better off than many.
On the other hand, the guy is reinvesting a lot of his money back into the economy through that tuition, the mortgages, and into the construction industry with remodels, so his not having that money to spend does hit the economy negatively as well. I'd villify him more if he were whining that he couldn't put the money into an off shore account or hoard it away in investments that don't spur a lot of growth.
Click to expand...

How much growth do private school tuitions spur, or mortgages for that matter?
 
Hikertrash said:
How much growth do private school tuitions spur, or mortgages for that matter?
Click to expand...

I read one article that says every home purchased creates two jobs. The results of those new jobs would be compounding. So the result could be rather beneficial in a time of general economic stagnation. As for tuition...a private school teacher makes about 45-50k a year on average, so we can assume that 20-35k of that goes back into the market through rent/mortgage and purchases, plus the purchases made by the school, which feed into the economy.

But really, any money that isn't locked in a safety deposit box or sent overseas will directly benefit the economy here. If I get a $1,000 bonus and I use it to fix my car up, that's $1,000 that goes into the economy. If I put it in my safe at home it's essentially lost in terms of economic growth.
 
tessaesque said:
I read one article that says every home purchased creates two jobs. The results of those new jobs would be compounding. So the result could be rather beneficial in a time of general economic stagnation. As for tuition...a private school teacher makes about 45-50k a year on average, so we can assume that 20-35k of that goes back into the market through rent/mortgage and purchases, plus the purchases made by the school, which feed into the economy.

But really, any money that isn't locked in a safety deposit box or sent overseas will directly benefit the economy here. If I get a $1,000 bonus and I use it to fix my car up, that's $1,000 that goes into the economy. If I put it in my safe at home it's essentially lost in terms of economic growth.
Click to expand...

Spot on.

Biggest plus about the wealthy is that they spend their money.
 
Samhain said:
Spot on.

Biggest plus about the wealthy is that they spend their money.
Click to expand...

Everyone spends money. Also as a percentage of income, those less well off spend more.
 
Samhain said:
But if he lost 25% of his "salary", then its a big deal, right?
Click to expand...

Not at that level of income. I am quite sure he has a roof over his head, is not going to starve, etc.

His needs are still being met.
 
megaprogman said:
Not at that level of income. I am quite sure he has a roof over his head, is not going to starve, etc.

His needs are still being met.
Click to expand...


Just to be clear then, for the poor you want to talk about percent of income, but for the rich is raw cash value. Gotcha.
 
Hikertrash said:
LOL... are these guys for real.
Click to expand...

"People who don't have money don't understand the stress," said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. "Could you imagine what it's like to say I got three kids in private school, I have to think about pulling them out? How do you do that?"
"I can't imagine what I'm going to do," Schiff said. "I'm crammed into 1,200 square feet. I don't have a dishwasher. We do all our dishes by hand."

When you have to let your day lady go and resort to a cleaning lady once a week, you know times are tough.
 
Samhain said:
Just to be clear then, for the poor you want to talk about percent of income, but for the rich is raw cash value. Gotcha.
Click to expand...

What are you talking about? The fact that i recognize that different people are in different situations and judge those situations accordingly? Oh no!
 
You must log in or register to reply here.
Back
Top Bottom