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8/12/2019 Www Nytimes Com 2014-01-19 Opinion Sunday for the Love of Mo
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IN my last year on Wall Streetmy bonus was $3.6 million
and I was angry becauseit
wasnt big enough. I was30
years old, had no childrento
raise, no debts to pay, no
By SA M POLK JAN . 1 8 , 20 1 4
283 COMMENTS
SundayReview | OPINION
For the Love of Money
hing,OPINION
For the Love of MoneyCONTRIBUTING OP-ED WRITER
Google, Tell Me. Is My
Son a Genius?
CONTRIBUTING OP-ED WRITER
Sex and the Single Senior
OPINION
SECTIONS SUBSCRIBE LOG IN
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philanthropic goal in mind. I
wanted more money for exactly
the same reason an alcoholic
needs another drink: I was
addicted.
Eight years earlier, Id walked
onto the trading floor at Credit
Suisse First Boston to begin my
summer internship. I already
knew I wanted to be rich, but
when I started out I had a
different idea about what wealthmeant. Id come to Wall Street after
reading in the book Liars Poker how
Michael Lewis earned a $225,000
bonus after just two years of work on a
trading floor. That seemed like a
fortune. Every January and February,
I think about that time, because these
are the months when bonuses are
decided and distributed, when fortunes
are made.
Id learned about the importance of
Owen Freem an
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being rich from my dad. He was a
modern-day Willy Loman, a salesman
with huge dreams that never seemed to
materialize. Imagine what life will be
like, hed say, when I make a million
dollars. While he dreamed of selling a
screenplay, in reality he sold kitchen
cabinets. And not that well. We
sometimes lived paycheck to paycheck
off my moms nurse-practitioner salary.
Dad believed money would solve all his
problems. At 22, so did I. When Iwalked onto that trading floor for the
first time and saw the glowing flat-
screen TVs, high-tech computer
monitors and phone turrets with enough
dials, knobs and buttons to make it
seem like the cockpit of a fighter plane, I
knew exactly what I wanted to do with
the rest of my life. It looked as if the
traders were playing a video game inside a spaceship; if you won this
video game, you became what I most wanted to be rich.
IT was a miracle Id made it to Wall Street at all. While I was
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competitive and ambitious a wrestler at Columbia University I was
also a daily drinker and pot smoker and a regular user of cocaine, Ritalin
and ecstasy. I had a propensity for self-destruction that had resulted in
my getting suspended from Columbia for burglary, arrested twice and
fired from an Internet company for fistfighting. I learned about rage
from my dad, too. I can still see his red, contorted face as he charged
toward me. Id lied my way into the C.S.F.B. internship by omitting my
transgressions from my rsum and was determined not to blow what
seemed a final chance. The only thing as important to me as that
internship was my girlfriend, a starter on the Columbia volleyball team.
But even though I was in love with her, when I got drunk Id sometimes
end up with other women.
Three weeks into my internship she wisely dumped me. I dont like who
youve become, she said. I couldnt blame her, but I was so devastated
that I couldnt get out of bed. In desperation, I called a counselor whom
I had reluctantly seen a few times before and asked for help.
She helped me see that I was using alcohol and drugs to blunt the
powerlessness I felt as a kid and suggested I give them up. That begansome of the hardest months of my life. Without the alcohol and drugs in
my system, I felt like my chest had been cracked open, exposing my
heart to air. The counselor said that my abuse of drugs and alcohol was a
symptom of an underlying problem a spiritual malady, she called it.
C.S.F.B. didnt offer me a full-time job, and I returned, distraught, to
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Columbia for senior year.
After graduation, I got a job at Bank of America, by the grace of a
managing director willing to take a chance on a kid who had called him
every day for three weeks. With a year of sobriety under my belt, I was
sharp, cleareyed and hard-working. At the end of my first year I was
thrilled to receive a $40,000 bonus. For the first time in my life, I didnt
have to check my balance before I withdrew money. But a week later, a
trader who was only four years my senior got hired away by C.S.F.B. for
$900,000. After my initial envious shock his haul was 22 times the
size of my bonus I grew excited at how much money was available.
Over the next few years I worked like a maniac and began to move up
the Wall Street ladder. I became a bond and credit default swap trader,
one of the more lucrative roles in the business. Just four years after I
started at Bank of America, Citibank offered me a 1 .75 by 2 which
means $1.75 million per year for two years, and I used it to get a
promotion. I started dating a pretty blonde and rented a loft apartment
on Bond Street for $6,000 a month.
I felt so important. At 25, I could go to any restaurant in Manhattan
Per Se, Le Bernardin just by picking up the phone and calling one of
my brokers, who ingratiate themselves to traders by entertaining with
unlimited expense accounts. I could be second row at the Knicks-Lakers
game just by hinting to a broker I might be interested in going. The
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satisfaction wasnt just about the money. It was about the power.
Because of how smart and successful I was, it was someone elses job to
make me happy.
Still, I was nagged by envy. On a trading desk everyone sits together,
from interns to managing directors. When the guy next to you makes
$10 million, $1 million or $2 million doesnt look so sweet. Nonetheless, I
was thrilled with my progress.
My counselor didnt share my elation. She said I might be using money
the same way Id used drugs and alcohol to make myself feel powerful
and that maybe it would benefit me to stop focusing on accumulating
more and instead focus on healing my inner wound. Inner wound? I
thought that was going a little far and went to work for a hedge fund.
Now, working elbow to elbow with billionaires, I was a giant fireball of
greed. Id think about how my colleagues could buy Micronesia if they
wanted to, or become mayor of New York City. They didnt just have
money; they had power power beyond getting a table at Le
Bernardin. Senators came to their offices. They were royalty.
I wanted a billion dollars. Its staggering to think that in the course of
five years, Id gone from being thrilled at my first bonus $40,000
to being disappointed when, my second year at the hedge fund, I was
paid only $1.5 million.
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Owen Freema n
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But in the end, it was actually my absurdly wealthy bosses who helped
me see the limitations of unlimited wealth. I was in a meeting with one of
them, and a few other traders, and they were talking about the new
hedge-fund regulations. Most everyone on Wall Street thought they
were a bad idea. But isnt it better for the system as a whole? I asked.The room went quiet, and my boss shot me a withering look. I
remember his saying, I dont have the brain capacity to think about the
system as a whole. All Im concerned with is how this affects our
company.
I felt as if Id been punched in the gut. He was afraid of losing money,
despite all that he had.
From that moment on, I started to see Wall Street with new eyes. I
noticed the vitriol that traders directed at the government for limiting
bonuses after the crash. I heard the fury in their voices at the mention
of higher taxes. T hese traders despised anything or anyone that
threatened their bonuses. Ever see what a drug addict is like when hes
used up his junk? Hell do anything walk 20 miles in the snow, rob a
grandma to get a fix. Wall Street was like that. In the months before
bonuses were handed out, the trading floor started to feel like a
neighborhood in The Wire when the heroin runs out.
Id always looked enviously at the people who earned more than I did;
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now, for the first time, I was embarrassed for them, and for me. I made
in a single year more than my mom made her whole life. I knew that
wasnt fair; that wasnt right. Yes, I was sharp, good with numbers. I
had marketable talents. But in the end I didnt really do anything. I was
a derivatives trader, and it occurred to me the world would hardly
change at all if credit derivatives ceased to exist. Not so nurse
practitioners. What had seemed normal now seemed deeply distorted.
I had recently finished Taylor Branchs three-volume series on the Rev.
Dr. Martin Luther King Jr. and the civil rights movement, and the image
of the Freedom Riders stepping out of their bus into an infuriated mob
had seared itself into my mind. Id told myself that if Id been alive in
the 60s, I would have been on that bus.
But I was lying to myself. There were plenty of injustices out there
rampant poverty, swelling prison populations, a sexual-assault epidemic,
an obesity crisis. Not only was I not helping to fix any problems in the
world, but I was profiting from them. During the market crash in 2008,
Id made a ton of money by shorting the derivatives of risky companies.
As the world crumbled, I profited. Id seen the crash coming, but insteadof trying to help the people it would hurt the most people who didnt
have a million dollars in the bank Id made money off it. I dont like
who youve become, my girlfriend had said years earlier. She was right
then, and she was still right. Only now, I didnt like who Id become
either.
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Wealth addiction was described by the late sociologist and playwright
Philip Slater in a 1980 book, but addiction researchers have paid the
concept little attention. Like alcoholics driving drunk, wealth addiction
imperils everyone. Wealth addicts are, more than anybody, specifically
responsible for the ever widening rift that is tearing apart our once great
country. Wealth addicts are responsible for the vast and toxic disparitybetween the rich and the poor and the annihilation of the middle class.
Only a wealth addict would feel justified in receiving $14 million in
compensation including an $8.5 million bonus as the McDonalds
C.E.O., Don Thompson, did in 2012, while his company then published a
brochure for its work force on how to survive on their low wages. Only a
wealth addict would earn hundreds of millions as a hedge-fund manager,
and then lobby to maintain a tax loophole that gave him a lower tax rate
than his secretary.
DESPITE my realizations, it was incredibly difficult to leave. I was
terrified of running out of money and of forgoing future bonuses. More
than anything, I was afraid that five or 10 years down the road, Id feel
like an idiot for walking away from my one chance to be reallyimportant. What made it harder was that people thought I was crazy for
thinking about leaving. In 2010, in a final paroxysm of my withering
addiction, I demanded $8 million instead of $3.6 million. My bosses said
theyd raise my bonus if I agreed to stay several more years. Instead, I
walked away.
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The first year was really hard. I went through what I can only describe
as withdrawal waking up at nights panicked about running out of
money, scouring the headlines to see which of my old co-workers had
gotten promoted. Over time it got easier I started to realize that I had
enough money, and if I needed to make more, I could. But my wealth
addiction still hasnt gone completely away. Sometimes I still buy lottery
tickets.
In the three years since I left, Ive married, spoken in jails and juvenile
detention centers about getting sober, taught a writing class to girls in
the foster system, and started a nonprofit called Groceryships to help
poor families struggling with obesity and food addiction. I am much
happier. I feel as if Im making a real contribution. And as time passes,the distortion lessens. I see Wall Streets mantra Were smarter and
work harder than everyone else, so we deserve all this money for
what it is: the rationalization of addicts. From a distance I can see what I
couldnt see then that Wall Street is a toxic culture that encourages
the grandiosity of people who are desperately try ing to feel powerful.
I was lucky. My experience with drugs and alcohol allowed me torecognize my pursuit of wealth as an addiction. The y ears of work I did
h l h l d h l h
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with my counselor helped me heal the
parts of myself that felt damaged and
inadequate, so that I had enough of a
core sense of self to walk away.
Dozens of different ty pes of 12-step
support groups including ClutterersAnonymous and On-Line Gamers
Anonymous exist to help addicts of
various types, yet there is no Wealth
Addicts Anonymous. Why not?
Because our culture supports and even
lauds the addiction. Look at themagazine covers in any newsstand,
plastered with the faces of celebrities and C.E.O.'s; the superrich are our
cultural gods. I hope we all confront our part in enabling wealth addicts
to exert so much influence over our country .
I generally think that if one is rich and believes they have enough,
they are not a wealth addict. On Wall Street, in my experience, thatsense of enough is rare. The money guy doing a job he complains about
for yet another year so he can add $2 million to his $20 million bank
account seems like an addict.
I recently got an email from a hedge-fund trader who said that though
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he was making millions every year, he felt trapped and empty, but
couldnt summon the courage to leave. I believe there are others out
there. Maybe we can form a group and confront our addiction together.
And if you identify with what Ive written, but are reticent to leave, then
take a small step in the right direction. Lets create a fund, where
everyone agrees to put, say , 25 percent of their annual bonuses into it,
and well use that to help some of the people who actually need the
money that weve been so rabidly chasing. Together, maybe we can
make a real contribution to the world.
Sam Polk is a former hedge-fund trader and the founder of the nonprofit
Groceryships.
A vers ion of this op-ed appears in print on January 19, 2014, on page SR1 of the New York edition with
the headline: For the Love of Money. Order Reprints | Today's Paper| Subscribe
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