Thursday, November 06, 2008
This Wall Street Journal report($) detailing one more casualty of the financial crisis really makes you stop and think.
Those of you with WSJ subs can go read the rest of this sad tale, however, those without should be thankful you can't - it is truly depressing and it would have been in my own best interests to have stopped reading after the excerpt below.
Here it is:
His Job at Bear Gone, Mr. Fox Chose SuicideSchizophrenia, anxiety, paranoia, "a muscular condition characterized by involuntary jerking of parts of the face", all leading up to a botched drug overdose that was ultimately corrected by a late-night dive off the 29th-floor.
The meltdown of Bear Stearns Cos. in March marked the collapse of the modern securities industry, and the careers of some on Wall Street.
The financial crisis also claimed the life of a veteran Bear Stearns manager.
Barry Fox, a research supervisor who worked for nine years at the brokerage firm, took a drug overdose and then jumped from his 29th-floor apartment the evening in May after he learned he wouldn't be hired by J.P. Morgan Chase & Co., which was about to buy his firm. A coroner recently confirmed in an autopsy report that the death was a suicide.
Mr. Fox was devastated by the implosion of Bear Stearns and the financial hit he was likely to face, says Fred Philippi, his longtime companion. After several personal setbacks, "this Bear Stearns thing happened to be the last straw that broke his spirit," Mr. Philippi said in an interview.
The meltdown has also taken a more hidden toll, helping to push Mr. Fox and a handful of Wall Streeters over the edge. For instance, in early October, an unemployed financial manager in Los Angeles murdered his family before taking his own life, saying in a note to police that economic hardship drove him to despair. And about two weeks later, a Chicago futures trader fatally shot himself after reportedly sustaining big losses in his personal portfolio.