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

    1.Paying Till It Hurts: Patients Costs

    Sky rocket; Specialists Incomes...

    2. Opinion: For the Lov e of Money

    3.Thomas L. Friedm an: Obamas

    Homework Assignment

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