What happens when you lose it all

The Wall Street Journal has begun exposing how the New York financial sector is in such awful straits at present that some previous stock gurus have gone to the deprived life of being employed for a living. For instance, take Carlos Araya. He used to be the Wall Street executive you would see ordering luxurious dinners at the Palm Restaurant in midtown Manhattan. Now, he serves at the restaurant. As Wall Street started to hurt, he lost his job as a crude oil dealer on the New York Mercantile Exchange in 2007. After awful luck at finding a new job in the investment business, he applied in August 2008 to be a host at the Palm to make end’s meet. He is making just over 10 percent of his initial salary.

Some past investment brokers, used to doing high end jobs that they are highly trained for and earning salaries some individuals would kill for, are forced to accept low-wage work because they just cannot change their experience and preparation into a occupation like the one they lost. Now, Mr. Araya is heading toward insolvency and is positive that he will never go back to the investment business.

Unfortunately, there are thousands of stories like this one. Approximately 25,000 jobs have been lost in the financial sector in New York alone since August 2007. Before 2012, that number is supposed to hike up to 56,800. This figure started building in 2007 during the financial hiccup that was a precursor to our current recession, in which Araya lost his job.

John Carbonaro lost his profession with Bank of America as a floor clerk in January 2009, and despite his experience and attraction, currently takes care of the home duties in the family. Joe Morrone, a previous Prudential trading clerk, has been without a job for two years and struggles to sustain his daughters and grandson. He has worked in a deli, as a doorman, and a bouncer. He used to own three cars for just his own use. Now he shares one family vehicle they struggle to pay for.

Araya from time to time sees previous colleagues from Wall Street in the Palm at the time his shifts. Some are enjoyable meetings, offering support. Other meetings are not so nice. “The way they look at you, you know they’re thinking unconstructively,” he says. Others come in asking if they can get a job there too. With 25,000 fired, it’s certain many of them wish a job there.

Araya’s daughter asked him if they might afford their house or if they would have to put it up for sale. He told her he was not positive. She asked him if he knew the amount of money the family needed. “The way she looked at me,” Araya says, “I could tell she was thinking about getting the money in her piggy bank.” The psychologically agonizing conversation with his daughter caused him to sprint into the bathroom and weep. “At the end of the week, I get my paycheck and I think, ‘I used to make this much in a day,’” he adds.

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