Wikinvest Wire

Another Wall Street casualty

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 Suicide
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.
Schizophrenia, 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.

Just sad...

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Anonymous said...

When you are poor in America you have to knife fight for your place under the freeway. I think this says much about the disparity between rich and poor, and the image of the poor. Why should you rather die then be poor?

AJ said...

anon - because "the rich" don't know when to leave well enough alone. It doesn't matter that you make one million, or ten million, or a hundred million dollars. All that matters is you make more than everyone else.

If they would just learn to know when they make enough money and allow the wages of everyone else to rise, we wouldn't have such socioeconomic problems. But if you want to maximize your profits, you must minimize your employees' wages. In this regard, the housing bubble enabled CEOs to pay their employees less than a livable wage.

Anonymous said...

Too bad he didn't take out the CEO's of Bear, Goldman, AIG, and Lehman before he killed himself.

Anonymous said...

if you want to maximize your profits, you must minimize your employees' wages

Just try to pull that one in real world, and your company becomes training camp for your competition, who knows better about the value of human resources.

Wage is a thing between employee and employer. Whatever these two voluntarily agree on is ok, and it is nobody else's business. I'm wondering which part of that is too hard to understand.

Anonymous said...

we are watching history be made and this is just the beginning. When we read about the suicides during the Great Depression it was just a story on the pages, WE ARE THERE GUYS..

stock and housing tanking has only happened one other time, the great depression

insurance companies and companies pensions (that were invested in this mess) are the next to fall

I have been rich and poor and I kept the same friends and lifestyle in both cases (I did have a bigger house and ate bigger but the same poor car and habits)

that is the secret. With Obama's win and his willingness to go back to the carter days (90% tax rate) this story is going to be an everyday common occurrence.

Family and friends are what is important, money isn't and we are getting ready to go there so strap in

obama and reid and pelosi refuse to read history and will become truman, his tax increases on the wealthy was the final nail in the great depression

i predict the stock market will be 5000 by the time obama takes office, if you have anything you are going to take it and run


you guys deserve to get what you voted asked for it and it is yours..........

Anonymous said...

Hey, Anonymous! The Rich are Better Than YOU! We have our Saviour Jesus the LORD on our side because he loves us more than poor smelly people. We won't pay more tax because we already stoled enough to live rich forever. You poor smelly peopel will pay 95 per cents taxes like when That fgascist democratic president Buchanan was presdent of the United States. Since there will no more rich to steel from...we will tax to the poor.

Hah ha ha ha.

We asked for it and it is always!!!!

Anonymous said...

Hey Anon,

I have seen Obama's tax plans and I have heard the man articulate the same. We are not going back to 90% taxes but rather those under the Clinton administration. Why is it that people like you whine like a newborn when you are asked to step up and pay your fair share? It is because of greedy snobs like yourself that we are in this financial nightmare.
Our nation and our middle class prospered during the Clinton years and we soon shall once again. As for me, I can't wait to spend your money after Obama takes it from you. I thank you in advance.

Anonymous said...

Speaking of banks and suicides, American workers have been suffering this type of job loss anxiety for years but nobody paid attention.

The following link is a sad story of a skilled American who had his job offshored by one of the very banks that is now being bailed out by American taxpayers - resulting in the loss of another precious life.

Bank worker's suicide linked to offshore outsourcing


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