My Year on Wall Street

"The sliver of sky that keeps me alive." That was the phrase I'd mutter to myself throughout my year on Wall Street as I walked around downtown Manhattan amid the skyscrapers on my breaks. That's what got me through that year about twenty years ago.
I had recently graduated from college with a co-major from the math and philosophy departments. The market had crashed, but I managed to land a job at Moody's Investors Service. Aspects of the job were interesting--I got to play with SQL database and C, which was moderately interesting. But mostly it was doing mundane fixes for the software that ran Moody's records of various companies.
The software was used by an entire floor full of clerical workers, "the poor shleps," "the people upstairs," who typed in data all day long, whose jobs were more boring than my own, but who I suppose at least got to commiserate with scores of co-workers.
After a while my boredom compelled me to barely work at all. I was stunned as I'd get paychecks I didn't feel were earned. Then it occurred to me: They weren't paying me for the work I was doing, they were paying me for work I wasn't doing. They were paying me for my passivity. They were paying me for my silence. They were paying me NOT to do certain things. To NOT apply my skills in certain ways that might threaten their interests.
My boss was actually a relatively decent guy. When I told him I was resigning, he seemed genuinly curious about my feelings. Told me about one time he quit a job and wanted to shout "Free at Last" a la Martin Luther King. I told him it was a Henry David Thoreau quote from "Civil Disobedience" that was echoling through my mind:
The mass of men serve the state thus, not as men mainly, but as machines, with their bodies. They are the standing army, and the militia, jailers, constables, posse comitatus, etc. In most cases there is no free exercise whatever of the judgment or of the moral sense; but they put themselves on a level with wood and earth and stones; and wooden men can perhaps be manufactured that will serve the purpose as well. Such command no more respect than men of straw or a lump of dirt. They have the same sort of worth only as horses and dogs. Yet such as these even are commonly esteemed good citizens. Others--as most legislators, politicians, lawyers, ministers, and office-holders--serve the state chiefly with their heads; and, as the rarely make any moral distinctions, they are as likely to serve the devil, without intending it, as God. A very few--as heroes, patriots, martyrs, reformers in the great sense, and men--serve the state with their consciences also, and so necessarily resist it for the most part; and they are commonly treated as enemies by it.
During my obligatory bye-bye "interview" with a Human Resources honcho I advised him to pay for some programming classes for one of the sharp data entry people--one particular African American woman came to mind--who already knew the idiosyncracies of their internal system. He seemed inclined to pass on the suggestion--he assumed that if they educated someone, that person would ditch them for another job in short order.
During this entire period, I derived some meaning by taking art classes. It was sort of liberating--unlike my work since this period, I'd walk out of the office at 5:00 or 5:30 and--in comparision to my life since--forget about my job.
For a time I would occationally go to the old churches in the area--I think it was around this time that Dylan's "Ring Them Bells" came out--they seemed like a relief for a while, but then became part of the same mundane, exploitative existance.
A few months before I quit, a sense of ambition led me to start interviewing for other positions and I'd landed an offer from JP Morgan. It was in a snazzy new group dealing with securitized morgage instruments of all things; this was a bit before the S&L scandal became front-page news. As best as I can tell, they were taking the (presumably good, unlike now) assets from S&Ls and selling them to head off the impending disaster for another spell. There was a company-wide hiring freeze at Morgan because of the crash, but they found some way to work around that and bring people on board for this group.
As I considered taking the job, I started getting chest pains. I could sort of fake my way through Moodys, but at JP Morgan, I'd probably have to both apply myself and give of myself. I talked to another analyst--we took a walk around the JP Morgan building. He was a PhD from MIT and had a background in physics and told me he had expertise with some arcane set of equations that seemed to have some application to finance, or so the folks at Morgan were hoping.
I asked him if this was what he really wanted to do with his intellect, he talked about how it was up to government to set the rules and corporations to play by them. If the system was flawed, it was the fault of Washington, not New York. I could almost hear someone in Washington saying they had to make the rules a certain way because that's what Wall Street needed.
One of the co-heads of the group described their mission as making money and getting their kids into "the right schools."
I turned down the job. I just didn't want to deaden my soul and accommodate myself to that system. The head of the group I'd report to said he though t I "didn't understand the opportunity we're offering you here." I told him that I understood, but felt another calling.
So corporate capitalism is having a hard time again. There's global poverty, increasing inequality, etc. and that's all fine, but not folks on Wall Street losing their shirts.
To me, it comes back to a fundemental incompatiblity with human nature. It's actually my hope that a system that objectifies people can't function. That's a good sign. I don't want to help put Humpty Dumpy back together again. We need to find and articulate forms of social organization that make sense. I do want to minimize the painful convulsions, but be done it must be.
Let the real discussion -- and work -- begin.
I don't want the "promised land" to just be a sliver the the sky I mutter about. I want to be there -- I want it to be here on this Earth.
- FILED UNDER: Guest Blogger
- October 3, 2008








" We need to find and articulate forms of social organization
that make sence ( sic). '
Stop this greed is good bullshit and start working toward building a system that works for the majority of our citizens and not a tiny elite.
I think they call that system socialism...
" Socialism is common decency." George Orwell, ' Homage To Catalonia'
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By thaelmann37October 3, 2008 - 1:49pmWALL STREET SELL OUT
Doesn't it seem stupid to put $700 billion dollars of tax payer's money into the hands of corrupt CEO's on Wall Street that stole & mismanaged investor's money in the first place ? How stupid is Congress. Once again The Democrats came through & gave Bush43 not just a blank check , but the combination to the bank vault. I hope Pelosi & Reid step aside next year & let democrats with a backbone lead the party. Congress sold out the american people once again.
For almost 8 years we have heard republicans rant Bush's tax cuts are working, the economy is soaring, the war is going well & Bush is doing a heckuva job. If that's the case, why does he need $700 billion of tax payer's money to bailout Wall Street crooks ( CEO's ) ? Oh & by the way, a portion of that $700 billion will be used to bailout a few foreign banks.
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By Buffy Duped GopOctober 3, 2008 - 4:34pmNot just wall street
It is not just Wall Street. Don't for get about Fanny and Freddi. How come on all the left web sites, I don't here much about them. Obama may have said somthing about it 2 years ago, but when John said some thing long befor that, Barnny Franks said that he didn't see any thing wrong with them. The bail out is not just Wall Street but also LOW end main street that should of not got the loans that they could not afford. When it come down to the signing on the bottom line, no one had their arms tide behind their backs. They could of said no. If they were that dumb to not see that the ajd. rate could go up, and they could not aford the payments, then they deserve what happens to them. I worked hard for my down money and did it all on my own. I didn't need ACORN or the Government.
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By gkmtruckerOctober 3, 2008 - 5:43pmO.K., when you starve on your own and
when diesel gets jacked to $ 10.00 a gallon, go beg to your bosses.
See what they give you.
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By thaelmann37October 4, 2008 - 12:12amIt wont be me
It wont be me but you. I get a feel surcharge to cover that cost and can pass more on to you. By the way, I own my truck outright. Why is everyone putting the blame on just Wall Street. Why not Fanny and Freddi. They have a big stake in getting us into this mess.
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By gkmtruckerOctober 4, 2008 - 9:56amBy gkmtruckerOctober 4, 2008 - 10:56am
The root cause of this mess is the steady repeal of regulations to these markets, as well as lack of oversight. When there are no rules to the game, cheaters always prosper. Those who play the game with honor end up the losers.
McCain/Palin '08....Manchurians for the New American Century!
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By roadgoddessOctober 4, 2008 - 10:16amA "feel surcharge"?
You get dunned for your lot lizards? That must be something new since I drove. Makes me glad I'm on the water now.
If all else fails, immortality can always be assured by spectacular error. ~~~John Kenneth Galbraith
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By nonexistent manOctober 4, 2008 - 1:10pmAre you a company driver
...or an owner/operator?
Think long and hard.
If all else fails, immortality can always be assured by spectacular error. ~~~John Kenneth Galbraith
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By nonexistent manOctober 4, 2008 - 12:35amACORN has nothing to do with
ACORN has nothing to do with the current mortgage crisis. They were only talking about helping people get loans when the meltdown started. It was a role they weren't sure they even wanted to be involved in.
More Republican lies. Blame the poor for the stupid decisions that people with MBAs should know better than make. The people with the money shouldn't be trying to loanshark to the poor.
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By MichtouOctober 4, 2008 - 10:37amDon't forget about Fanny and Freddi
Hey, since we, the American people, now own two major mortgage backers AND an insurance giant (AIG), why don't WE just insist that FM and FM just re-write the terms of all the in-danger mortgages so that the people can stay in their houses at current payment rates, AND insist that AIG deliver low-cost health insurance to every American who does not currently have it??
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By blogbobOctober 4, 2008 - 11:32pmwhere are the 9 comments?
oh, well. i suppose nobody will ever read this. it looks like congress had to eat that cow pie to get that marshmellow. lol.
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By scottso360October 4, 2008 - 4:00pmacorn?
did acorn give out subprime loans or derivatives based on subprimes?
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By scottso360October 4, 2008 - 4:01pmACORN is being blamed to try to smear Obama
He worked for them a long, long time ago.
ACORN has nothing to do with housing loans since it is basically
a community organizing group (get out the vote, petition for the next
best thing, and so forth)
The group that ACORN founded to
help people find housing has not yet even started working, since they
are hesitant to get involved in the loan "counseling" business, let
alone loan negotiating.
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By MichtouOctober 4, 2008 - 4:15pmWHAT OBAMA NEEDS TO REMIND VOTERS
1. The GOP during the first 6 years of The Bush presidency allowed him to run like a loose cannon & rack up over 4 trillion dollars in debt.
2. That Bush lied us into a war in Iraq where we conyinue to borrow $12 billion dollars a month to rebuild Iraq while The USA crumbles.
3. That Bush promised Iraq's oil revenue would pay to rebuild Iraq, yet Iraq has over an 80 billion dollar surplus sitting in a bank in New York while The USA still racks up massive debt borrowing.
4. That McCain supports deregulation & openly admits he knows nothing about economics, thus having not a clue of what's going on.
5. The voters need to be reminded that republicans for almost 8 years said the Bush tax cuts are working, that the economy is sound & that Bush & his MBA is doing a heckuva job, yet if everything is so rosey, why then does he need a 1 trillion bailout for Wall Street & what sense does it make to give the same Wall Street CEO's almost 1 trillion dollars of tax payer's money, when it was those same CEO's that stole, mismanaged & screwed their investors over while giving themselves multi million dollar retirement packages, lavish homes & vacations for their mistresses.
6. That McCain didn't think national security & U S troops were important & ducked voting on The FISA bill & The GI Bill. Remind the voters McCain opposed The GI bill & supporting the troops.
7.Remnd the voters that the surge was 100 % failure. General Patraeus said during his senate confirmation ( The U S military can't win in Iraq & only a political solution would be seen as victory ). The purpose of the surge was to bring about stability so a political solution could be reached. To this date no political solution exist. John McCain needs to be reminded, had Bush43 not lied to invade Iraq & had Congress done their duty & read the intel, requested additional intel & demanded Bush & his cronies answer questions, there would have been no invasion of Iraq & no surge would have been needed.
8. Remind the voters John McCain helped rack up the deficit during the first 6 years Bush43 was in office voting with Bush over 80 % of the time.
9. Remind the voters McCain is clueless & said the economy is sound & that Palin is qualified. Obviously with The DOW sinking, unemployment on the rise, foreclosures at record highs & Palin can't telling you what book or news media she has read, only been out of the country one time & clueless to foreign policy, this shows you McCain's lack of judgement in being out of touch on domestic issues & being dumb enough to pick a Vp to be 1 step from the presidency with not a clue of foreign policy or what to do in a national or international cris.
10. Remind the voters McCain wants to privatize soc security & how stupid that would have been had Bush succeeded & investors lost their money through a company like Lehman Brothers.
Final thought: Get read for the phony terror code alerts Bush & The GOP have used during elections of ( DANGER ! DANGER !... DANGER WILL ROBINSON ! ). Here comes The GOP scare tactics. McCain & The GOP are desperate & will paint Obama as the angry black man, They will use indirect racial slurs & use his middle name of Hussein to link him to terrorism & smear him all because McCain is an idiotic, uneducated simpleton that can't debate Obama & beat him on the issues.
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By Buffy Duped GopOctober 6, 2008 - 4:35pm