We all know what is going on in the news with the occupy Wall St. and Occupy (City) protests. Essentially everyone wants a hand out, screaming it isn't fair that these people (in the financial sector) are making so much money. The protesters want them to spread the wealth. There are two sides to their story: the lazy fuck heads that don't want to work for shit and still get handed everything they want and the honest hard working American that has truly been dicked over by a few bad apples in the financial sector. But I digress, my position is that the mess we are currently in is about 95% our government's fault and this post isn't really about whose fault this is.
My question is why are we having protests around the country (specifically in NYC) where these jobless nut-bags are attacking hard working individuals in the financial sector? I have a friend that works at DB in NYC. He has told me stories about some of these people attempting to verbally attack him for wearing a suit and having a job. He has worked hard to get where he is and he deserves everything he has.
So, here we are. We have now gotten to a point in the country where the hard working 20 something iBanker is the focus of hate for these people who are blindly protesting. The kid makes 75K +bonus living in NYC. He has two roommates because of the cities cost of living. He is hardly living the Blankfein lifestyle.
So this brings me to the real question: Why is someone like him who works 100+ hours a week and really doesn't make that much when you look at his diluted income paired with the cost of living taking the brunt of the hate while we have continued to support the outrageous salaries of professional athletes? Why are professional athletes not the ones being protested against especially with the recent NFL lock out and the current NBA lockout?
The typical iBanker analyst salary on WS can be anywhere from 65-80K depending on the firm and group. Added to that is a bonus that fluctuates with firm, group, performance and health of the firm and economy. We are talking under or up to 100K for someone that works 100+ hours a week, every week for two straight years.
The current league minimum in the NFL is $375,000 for a first year athlete. This is someone that really offers no value other than being on the practice squad.
There are currently active contracts in the NFL for 100 million dollars.
The league minimum in the NBA is $473,604.
There are currently players in the NBA making making upwards of 10, 15 and 20 million dollars a year.
The current minimum salary in the MLB is $414,000
The highest paid player in the MLB is making 32 million a year. There are multiples athletes making upwards of 15 million year and the league average is over 2 million a year.
These are salaries without including any sort of endorsements, which we all know can really knock an athletes total income out of the park. I don't see iBankers getting asked to endorse Nike and getting a 100 million dollar contract.
These are the three biggest professional athletic leagues in the country. You can see that every player is essentially making more than most people in the financial sector.
Let's take a quick second to look at the salary history of Brian Scalabrine. Current Chicago Bulls bench warmer. So god awful they won't even let him dress for games. He simply sits on the sideline wearing a suit, adding no value to anyone. He is not even injured. I say this as an avid Chicago Bulls fan. Mr. Scalabrine cleared over 1 million for the 2010-2011 season alone.
2001-02 New Jersey Nets NBA $332,817
2002-03 New Jersey Nets NBA $512,435
2003-04 New Jersey Nets NBA $800,000
2004-05 New Jersey Nets NBA $900,000
2005-06 Boston Celtics NBA $2,586,207
2006-07 Boston Celtics NBA $2,793,103
2007-08 Boston Celtics NBA $3,000,000
2008-09 Boston Celtics NBA $3,206,897
2009-10 Boston Celtics NBA $3,413,793
2010-11 Chicago Bulls NBA $1,229,255
Career (may be incomplete) $18,774,507
The man has made almost 20 million dollars in ten years for doing nothing. Yet I don't see anyone lining up outside his house, or the Chicago Bulls headquarters to protest.
I would love to hear everyone else's opinion on this subject.