You Try to Live on 500K in This Town
 

check this very cool article that breaks down living expenses on NYC bankers which provides a neat glimpse into a high-end way of living. :thumbsup it provides an understanding why they will be very unhappy about higher taxes and a salary cap of 500k. They just will not be able to survive.

"Five hundred thousand dollars ? the amount President Obama wants to set as the top pay for banking executives whose firms accept government bailout money ? seems like a lot, and it is a lot. To many people in many places, it is a princely sum to live on. But in the neighborhoods of New York City and its suburban enclaves where successful bankers live, half a million a year can go very fast."

http://www.nytimes.com/2009/02/08/fa...lfmill.html?em

it's hard yea :)

It seems big earners dont think they have to make any cut backs, even when the places they work are getting bailouts ! :(

Times are tough

the $500k limit is putting a burden on many individuals

note: successful bankers.

these guys companies failed, the company needs welfare... they are not successful. People on welfare never get to choose where they live.

they are complaining? sounds like my fucking kids.

wish i had a nanny, main and personal trainer.

Oh Darn. They might have to give up 1 of the vacations a year and cut back on the price of another.. Sad that my last vacation for 3 adults and 1 child cost me a little over 1200$ for 5 days.

Waaaaaaaaaaahhhhhhhh!

Fucking babies.

gotta suck for public opinion to cap your livelyhood like that

should be glad americans dont get to "vote on these bailouts" theyd really see public opinion cap their lifestyle, unemployed!

bankers could camp in tents in Central Park, it's big enough :)

Government should not be setting executive compensation, but they should not be in the bailout business either.

Too fucking bad. If you can't make it on 500K the MOVE to a cheaper area or cut back expenses. I could live on $500K for 10-12 years easy. Maybe longer.

yes, but in this current economic reality, if they're gonna ask for a hand-out, they have to take the rules too.

Fuck them. They sure fucked a lot of other people.

do they think they are going to get sympathy by complaing about making "only" 500k?!?! Idiots...no wonder their banks failed.

These 'successful bankers' should count themselves lucky they were not caught doing what they have been doing in China. There, they would have most likely received a single gun shot to the back of the head, not a cap of $500k per year. LOL

send them to Syberia

boo hoo...

$500K is a lot of money even for someone who lives in New York. The only interesting line in that article is this one, which is scary also for the middle class who live in NY:

"But in New York, where a new study from the Center for an Urban Future, a nonprofit research group in Manhattan, estimates it takes $123,322 to enjoy the same middle-class life as someone earning $50,000 in Houston, extricating oneself from steep bills can be difficult."

It's a matter of perspective, some people think 50k/year is a lot of money.... others think that 100k/year is great... then once they get there they realize it's not really THAT much... :2 cents:

Thats a lot of money!!!

'banker'....what a job

Tell those assholes to move to Jersey, put their kids in private school and have their wife watch the kids instead of shopping all day.

i have no issues with this. These are companies that need a bailout. If your company is kicking ass, feel free to get paid whatever the hell it is that you want.

that was the view in the 30's and resulted in a huge economic massive downturn due to govnt inaction.

They should have thought about that before driving their corporations into the ground.

If they can't make it in New YAWK on $500k, move to the midwest.

:2 cents:

Same here in LA...

Tempting....

Didn't read whole thing but... From what I understand a lot of people live outside of NYC but still work there. I guess they take a bus or get there some other way. If you want to live there you're gonna pay out the ass. Sure you could drive/walk to work if you did and it wouldn't take long but that's a luxury. Most the crap they list is just a luxury a lot of people want but don't have. They should be glad they can afford most of that crap.

if you RTFA you will understand that it's not "crap" that they buy, but rather a way of life they uphold which is not the same.

good article...

He should make it a 250k cap

Exactly.

The point is punishment. Not to live like a king.
:disgust

Well Booo Hooo.. I guess that will teach them to run their companies into the ground then ask the govt for a bail out. Fuck them they can move to the slums for all I care.

Maybe when they can't pay theior mortage they will think twice about all the people they screwed with their ARM's and so on that led to their own failures.

I say fuck em, for basically raping and pillaging the system so they can live like fucking royalty. These assholes don't even actually produce anything. It's ironic that the people who make the most money do so because they are smart, crafty individuals. They don't deserve to live like kings for moving around the money of those who actually can create something. It's so backwards.

It's funny, and I hope they die soon.

No caps. No bailouts.

you want to revisit 1932 again or did you skip american history?

The bailouts are necessary like it or not... these banks are rooted so deep in the economy's ass that letting them fail would endanger human kind ... yeah.. is that bad.. so the fuckers had to be bailed out by tax payers..... and now that their companies were saved by all of us they are fucking complaining their asses are not going to make it on 500K a year? .......... someone outta bitch slap those sons of bitches ...

This aint about socialism...cause the gvt is not doing the same thing with all CEOs .. (only the ones who fucked up big and are begging for money) ..... this is about the fuckers endangering the entire economy...... so now that the government tells them they ain't going to be playing with tax payers money.. they yell "Socialists!" ... I say GFY!

oh those poor bankers. Let's start "banker-aid" and see if U2 will play it

i am glad you get it. :thumbsup

my heart bleeds for them really it does lol

500k is a lot of money...

500k isn't shit... After you pay 60% in taxes you don't really have all that much leftover.

Also, some of these CEO's were brother in AFTER the failure. If they don't pay them decent they will leave for a different industry.

Try to live from 500k in Luanda...

well i would love to try

gonna have to give up the chauffeur now... i feel really sorry for them

People think there is a difference between Main Street and Wall Street. There's not. nearly all those banks and financial companies are public companies owned by millions of regular Americans (and non-Americans for that matter). JThe banks owners are regular people saving for their retirement in their 401ks and through mutual funds. Even the biggest shareholders are large public companies owned, again, by the citizens of Main Street. The same people who lost 30% of their home equity and 45% in their 401k, the same people who bought options ARMs, the same people who bought into "Real estate never decreases in value" own Wells Fargo, Citigroup and Bank of America. Either directly through mutual funds. The result is the same. Main Street *is* Wall Street.