Tommy Kim, 27, formerly of UBS, for example, logged 37 days of snowboarding in 2008 after being fired last January. "When I got laid off, it was like, hallelujah," he said.After the snow melted, he came back to New York, where "I went paint-balling," Mr. Kim said. "I went to Six Flags." Now: "I stay up late, wake up late, go to the beach a lot. I play a lot of video games when I can't find people to hang out with."
Recently, Mr. Kim turned his attention to organizing his vast music collection and playing DJ gigs around town, including a Saturday party at the Brooklyn Museum and a few weddings (he was a well-known DJ during his undergrad days at Dartmouth). He's also taking break-dancing classes. And he built himself a new computer, just for the hell of it. Looked up the instructions online, bought the parts, et voilà!
And his job search? "I'm kind of looking," Mr. Kim said. "I decided last week maybe I should be more proactive." It's hard to get worked up, though, because "President Bush extended unemployment by another 13 weeks!" That's $405 a week on top of the "generous" UBS severance.
Bumped Bankers Go Bonkers [Observer]
Posted by guest , Aug 27, 2008 11:31AM
portrait of a waste product.
Posted by guest , Aug 27, 2008 11:31AM
portrait of a waste product.
Posted by guest , Aug 27, 2008 11:37AM
I assume Mr. Kim is Korean. His parents must be on suicide watch. No violin, no medical school, no golf, no job.
Posted by guest , Aug 27, 2008 11:39AM
No more "Tommy veddy smart. Graduate from Dotmot and now work UBS"
Posted by guest , Aug 27, 2008 11:42AM
racists!
Posted by guest , Aug 27, 2008 11:43AM
Tommy's not the douchebag of the piece. How about this fucking kid?
“I know a girl from Bear Stearns … she’s going to fashion school right now. She’s taking classes in fashion,” said a 23-year-old whippersnapper with styled blond hair who felt pretty secure in his own perch. “I’ll put it this way: The book I manage is worth about a trillion dollars.”
Err, there's no way in hell that's even remotely possible, little prick
Posted by guest , Aug 27, 2008 11:52AM
5 Is pointing out that Korean parents have high expectations for their kids racist?
Posted by guest , Aug 27, 2008 11:53AM
Whats all the hate for? Misery *hearts* company
Posted by guest , Aug 27, 2008 11:54AM
More importantly, who the hell calls it "Six Flags?" It's Great Adventure, motherfuckers!
Posted by guest , Aug 27, 2008 11:57AM
Don't feel too bad for Tommy. The unemployment benefits extension means that his comp will be greater than the bonuses of many who had to work at UBS for the last year.
Some career advice for Tommy. Grown-ups should have grown-up first names.
-Guesty
Posted by guest , Aug 27, 2008 11:58AM
you should be a little bit nicer to the koreans. They just might buy your bank and let Tommy take your job after he's mastered snowboarding.
Posted by guest , Aug 27, 2008 11:59AM
@10-- "Don't feel too bad for Tommy" pretty sure that was the point of the headline
Posted by Anal_yst , Aug 27, 2008 12:05PM
Wait, so unemployment was what, 25 weeks, plus now its an additional 12 weeks?
Hmmm.....
Posted by guest , Aug 27, 2008 12:09PM
The 13 weeks was added by the dems in the stimulus bill. Dems got em on that one.
Posted by Joseph di Jersey City , Aug 27, 2008 12:11PM
6: Clearly they were interviewing Dr. Evil's daughter. I'm sure she touched her pinky to her mouth when she claimed to have a book worth a TRILLION dollars.
Posted by guest , Aug 27, 2008 12:12PM
@6 -- he did say "about" a trillion
Posted by guest , Aug 27, 2008 12:18PM
A trillion dollars here, a trillion dollars there....pretty soon you're starting to talk about some serious money.
Posted by guest , Aug 27, 2008 12:20PM
the NYSDOL goes after these guys who brag in the press about the 405 club; there were some notable flameouts in the '02/'03 period. if he fradualently stated he was looking for employment and collected checks, he's got some legal expenses that he'll need to cover.
Posted by guest , Aug 27, 2008 12:20PM
The rectum sucker manging the trillion $ book #6 mentions in the post is clearly going to be in Trader Monthly's 30 retards under 30 next year.
Posted by guest , Aug 27, 2008 12:24PM
same sht different year: http://query.nytimes.com/gst/fullpage.html?res=9E01E2D6133DF933A15753C1A9649C8B63&n=Top%2FReference%2FTimes%20Topics%2FSubjects%2FL%2FLayoffs%20and%20Job%20Reductions
Posted by Lowly Assistant , Aug 27, 2008 12:27PM
“I’ll put it this way: The book I manage is worth about a trillion dollars.”
Should read: "The book managed by the guy who throws a phone at the guy who throws a phone at the guy who's my boss who throws a phone at my head is worth about a trillion dollars."
This kid is probably feigning gastrointestinal problems, playing brickbreaker on the toilet. Give me a fucking break, kiddo.
Posted by guest , Aug 27, 2008 12:28PM
I bet that the trillion dollar manager is also able to get away with a 250 btps fee, a 7 year back end load and keeping timmmmay on staff for his personal "gratification".
Posted by guest , Aug 27, 2008 12:29PM
I bet that the trillion dollar manager is also able to get away with a 250 btps fee, a 7 year back end load and keeping timmmmay on staff for his personal "gratification".
Posted by guest , Aug 27, 2008 12:34PM
tommy kim is my hero.
Posted by guest , Aug 27, 2008 12:37PM
A point of comparison: JPM has about $500bln in Trading Assets on its books, so unless this 23-year-old douche manages the entire trading operation of a bank twice that size... Then again as #16 says, he did say "about" a trillion
Posted by guest , Aug 27, 2008 12:44PM
i love how the douche bag 23 year old has now stolen the spotlight from poor tommy kim
Posted by guest , Aug 27, 2008 12:44PM
i love how the douche bag 23 year old has now stolen the spotlight from poor tommy kim
Posted by guest , Aug 27, 2008 12:44PM
i love how the douche bag 23 year old has now stolen the spotlight from poor tommy kim
Posted by guest , Aug 27, 2008 1:08PM
tommy loves mayo
Posted by guest , Aug 27, 2008 1:11PM
Reporters love to get quotes that defy logic. Very few 23 year olds on a trading desk are trusted with more than a food order. You know the kid is full of sh*t but you have to wonder if the reporter knew any better.
Posted by guest , Aug 27, 2008 1:19PM
Tommy Kim and the Trillion Dollar Boy need to merge in order to survive.
Posted by guest , Aug 27, 2008 1:44PM
In fairness the trillion dollars could be some douchebag who has to roll a trillion dollars of tomnext..... while true is relatively meaningless and could be done by some back office jub
Posted by diablo , Aug 27, 2008 1:49PM
Extending unemployment in this environment is necessary to stimulate demand. No demand, no growth.
Posted by guest , Aug 27, 2008 2:28PM
Enjoy it while it lasts, pretty soon the severance money runs out, you still have no job and you have to move back to Podunk City and live in your parents basement. I'd much rather be secure in a job right now than the situation these fools are in. Six months from now, I'll still be secure in a job, and they will still be lining up at the unemployment office. Losers.
Posted by guest , Aug 27, 2008 2:36PM
That 24 year old kid probably works in treasury. Back office!
Posted by guest , Aug 27, 2008 2:44PM
20 Interesting (article quotes a group of out of work bankers partying hardily in 2002). I'm busy today, but wondering if anyone with some time on their hands would like to report back to us on what's became of those quoted. I found one quickly (from his wedding announcement):
Mr. Diggs, 37, is a project manager in the Hartford office of Diggs Construction, a commercial building company and construction project management company that is owned and was founded by his father.
He has a joint JD/MBA from Penn/Wharton and was bounced from MS.
Posted by guest , Aug 27, 2008 2:50PM
"That's $405 a week on top of the "generous" UBS severance."
$405 a week isn't even the max. What a stellar earner he must have been.
MS
Posted by MuniShe , Aug 27, 2008 3:02PM
Actually $405 is the max in New York.
Posted by guest , Aug 27, 2008 3:07PM
In the words of John Wayne "Life is hard; it's harder if you're stupid."
Posted by guest , Aug 27, 2008 3:11PM
36 great minds think alike..
i too did some digging and 2 of the people I found were in pretty good positions than what they left.
the guy who quit his job to party is now a principal at Soros, and another is a VP at a PE firm..
Posted by guest , Aug 27, 2008 4:11PM
Tommy Kim and Timothy Sykes need to merge in order to survive.
Posted by guest , Aug 27, 2008 4:59PM
LONG LIVE TOMMY KIM.
Posted by guest , Aug 27, 2008 5:00PM
LONG LIVE TOMMY KIM.
Posted by guest , Aug 27, 2008 5:02PM
34- you're a neurotic loser
Posted by guest , Aug 27, 2008 5:05PM
@ 44,
not really, just being realistic, and laughing my way to the bank while I'm at it...
Posted by guest , Aug 27, 2008 5:06PM
isnt 405 the max everywhere?
Posted by guest , Aug 27, 2008 10:31PM
TOMMY IS KING of his domain.
Posted by guest , Aug 28, 2008 3:25AM
No offense, but some of the comments are a little harsh and unfair on here. I hope none of you ever find yourselves out of work, because let me tell you, it is a living hell.
Yes. $405 is the max on unemployment in NYS and you'd be surprised how little annual income you have to make to qualify for that pittance. For those of us living a comfortable six-figure life style, try living on $1620 per month. I bet it doesn't cover most people's rent.
I have now been unemployed for nearly a year. I did not receive a generous severance and despite an ivy-league education and a strong track record, I am still unable to find a decent job (and btw, I made too much money in 2007 to receive the stupid $600 stimulus check).
However ... I've had the good sense to save money over the years and the better sense to live within my means before (and after) I lost my job. So while the job market is bleak, I have at least been able to survive. And no, I did not take the summer off and have not jetted off to places unknown with my new-found freedom.
I have persisted in my job search throughout the summer and even had 2 interviews this week and 1 coming up next week ... so much for "nobody hires until after Labor Day".
These people living the high life are in for a very rude awakening come the fall, and worse, I am sure they are racking up debt while they're at it.
Posted by guest , Aug 28, 2008 8:26AM
I suspect Mr. Kim is going to do just fine.
Posted by guest , Aug 28, 2008 9:52AM
Mr Kim
Good for you. Have some fun and enjoy your life. When you are done check out my site www.jgtrips.com and I will get you started on a career where you NEVER have to go into the office again. You can travel ANYWHERE.
TX TRAVEL CHIK
Posted by guest , Aug 28, 2008 10:10AM
23-year old managing a trillion dollars -- obviously she works for Fannie. Who else has that much money that poorly managed?
Posted by guest , Aug 28, 2008 10:33AM
@48-- You're an amazing loser with that education and big job. But tell us, how much white cream sauce did you make with your right hand this year?
Posted by guest , Aug 28, 2008 6:28PM
@52 who's the loser? Who said I was a dude? Now please go jerk off and go to hell (not necessarily in that order). You missed the entire point.
Posted by guest , Aug 30, 2008 5:16PM
Buck up, Tommy. They probably haven't gotten around to canceling your UU name yet. That's what happened to one person they ejected. He was rehired into another department a month later and found the geniuses in HR still had him on the books. Consider this hiatus a gift. You'll get something better. Anything is better.
Posted by guest , Sep 02, 2008 3:53AM
The words "genius" and "HR" (if that can be considered a word for the benefit of this9 should NEVER be uttered or written in the same sentence.
Equally so "compliance officer" and "business prevention officer" should ALWAYS be uttered or written in conjunction.
@48... wasn't labor day yesterday? And aren't you still out of work? So, you DIDN'T get hired before labor day and as such I suggest you check your resume for inaccuracies, it may be why you're still out of work.
Posted by TimothyX , Mar 30, 2009 7:00AM
Unemployment is really the issue in times of economic recession. Many of us are affected and been tightening our belts to survive. Many of our college graduates are often couldn’t find a good job because some companies are lay-offing their employees or worst they’ve already closed because of bad economy. The unemployment rate has hit levels not seen in decades, and a lot of people can't even get an installment loan to keep them afloat until they can gain new employment. Growing contingents of economists are predicting 10% unemployment by the end of this economic crisis; several states are already there. California, Michigan, Rhode Island and South Carolina have all hit 10% thus far in the recession, with Oregon and North Carolina about to cross that threshold. (Wyoming has it good – the sole state under 4 %.) Many companies struggle, and more people file for benefits every day. Let's hope the good predictions are correct we'll see a drop in unemployment in 2010. We don’t need to rely on predictions; we all need to do is pray for the best!
CLICK THE LINK FOR MORE DETAILS:
http://personalmoneystore.com/moneyblog/2009/03/25/installment-loan-struggling-company/