The Journal today explores the phenomenon of financial services hacks going into new fields either because they got laid off or did some soul searching over the last year and decided making it rain wasn’t adequately feeding their souls, now that it’s “no longer so sexy” to work in the money business. A lot of them are finding gigs like teaching and farming and starting their own businesses quite rewarding but it’s still tough work. First off, there’s the long hours and reduced pay. Then you have the fucking assholes who are like, “if you don’t work in finance anymore you might as well call yourself a janitor.” Generally these are people with whom you share DNA.
Wall Street refugees often discover that new jobs lack both the social status and the fat paycheck of their old careers. Gil Schor was a portfolio manager for French investment bank Natixis SA until July 2008, when Natixis shut down his department. Now he owns and operates Green World Taxi in New Rochelle, N.Y. Using his savings, he bought three Nissan Altima hybrids, billed his taxi and limo service as environmentally friendly and dreamed of expanding it throughout the New York metropolitan area.
Mr. Schor’s new routine can be grueling. With just one hired driver, he often must get up at 4:30 a.m. to drive someone to the airport himself. He has no paid vacation, perks or support staff, and is responsible for everything from printing marketing materials to pumping gas. He says his income has shrunk to about a quarter of the $200,000, “plus or minus,” that he earned at the investment bank. He is skipping a vacation this year. Instead of buying books, he often goes to the library.
At age 44, and after 14 years in finance, Mr. Schor sometimes struggles to come to terms with his new identity. “My daughter said, ‘You used to be a banker and now you’re a cab driver,’ ” he says. “I said, ‘No. I’m the owner of a transportation service.’ “
I actually can’t decide whose side to take here. Like, on the one hand, “owner of a transportation service”? Get over yourself. Kid’s definitely 7 or 8. On the other, why she gotta cut him down like that??
I’m not a “prostie,” I’m a fuckin’ “call girl.”
-A.A. Dupre
Just wait until he has to drive one of his former direct reports around while the kid gets a double header in the back seat.
Kids say the darnedest things.
what a cunt
I like the cut of this girl’s jib.
-meredith ‘maneater’ whitney
I’m not a Zamboni driver, I make a chemical substance, composed of hydrogen and oxygen, equably frozen and approximately horizontal.
even worse if he has DK in the back with two collies and some peanut butter
@6 blow me.
-sc
I’m not an ex-TV commentator, I’m an online offbeat threat-making machine.
–JM
@9 nice
I’m not a burger flipper, I’m a grilled beef technician.
I’m not a fall down drunk, I’m an inebriation specialist.
-KL
umm, worked on wall street “for 14 years” and only made $200k last year? someone get me the first year associate numbers for jefferies, STAT…sounds like this is one the guys who comments on db from the back office. perhaps he did IT for the PMs, just sayin’
@bess, can we get a pic up in here?
8,
I would have to remove 4 ribs. Not worth it.
@7 – Keep Fuckin’ that chicken.
@13 dick
-gil
@13 douche
-guest
I’m not a washed up, bankrupt deranged, homeless former baseball player. I’m a visionary HOF business dynamo, who likes to sleep on uncomfortable vinyl car seating, and who is setting himself up for the greatest book deal ever by coming back from bankruptcy with a vengeance, you little pukes.
Hey kid, what did the five fingers say to the face?!
…you all know how it ends.
What PM on earth only makes $200k? What kind of assets could this chump have been managing…poke mon cards?
PS…anyone have first year numbers for green world taxi drivers?
Bess/Gregg:
How come there has been no mention of MCC’s brilliant plump breast-focused piece “Why Chicken Feet Matter to Business News”
Some juicy bits:
“A website followed by many in the cable news industry questions why Sue Herera and I were discussing the size of American chicken feet and chicken breasts at the end of Power Lunch yesterday.
And being a blog, it does so in a snarky way: “Don’t ask, apparently that’s an important business story.”….
The Chinese population loves chicken feet, and particularly American chicken feet, because they are plumper. Quite literally, the Chinese put their money where their mouths are, paying more for American chicken feet than any other country in the world.
How did American chicken feet get so plump and juicy? Because American chickens are bred to have large breasts, in order to satisfy Americans’ taste which favors white meat. A consequence of breeding chickens with big breasts is that they end up having big, plump feet as well.”
CONCLUSION:
Chicks with big breasts have cankles, according to MCC (and should move to China where they are desired)
@16/17 – lemme guess, employee #2 at green world taxi?
Cluzo and 20 called it out. Either he lied about his salary (by making it lower?) or he lied about his title. I’ll bet the latter. No way he was a PM making 200k especially if counting a bonus.
MCC’s breast piece on CNBC
http://www.cnbc.com//id/32913196
@18 FTW
When a man who drives a cab calls himself the owner of a transportation service, you may expect he has added a gloss to his employment history as well. Thus, portfolio manager could mean stock boy.
- The Resume Briefer
at least his daughter called him out on being a loser
@21 I was alerted to the snarky blog when searching for posts about my breasts. Can you believe a MCC + big breast blog post was about a story I covered?? These bloggers have some nerve.
-MCC
I’m not a blogger, I’m a Pulitzer-caliber journalist.
Greg
definitely @1 FTW
Many of these comments are so petty, crass and spiteful. Most “Masters of the Universe” would sooner jump off the roofs of their office towers in Mid-town Manhattan than being forced to settle for a $50,000 job. That’s assuming someone would hire them. I can see it now during the interview: “tell me what did you do at your prior job?” Master of Universe: “well, uh, redistributed wealth.” Interviewer: “so you didn’t create anything? Nice meeting you. Don’t let the door hit you on the way out.” Your time will come.
Many of these comments are so petty, crass and spiteful. Most “Masters of the Universe” would sooner jump off the roofs of their office towers in Mid-town Manhattan than being forced to settle for a $50,000 job. That’s assuming someone would hire them. I can see it now during the interview: “tell me what did you do at your prior job?” Master of Universe: “well, uh, I redistributed wealth.” Interviewer: “so you didn’t create anything? You sat on your ass all day? Nice meeting you. Don’t let the door hit you on the way out.” Your time will come.
Many of these comments are so petty, crass and spiteful. Most “Masters of the Universe” would sooner jump off the roofs of their office towers in Mid-town Manhattan than being forced to settle for a $50,000 job. That’s assuming someone would hire them. I can see it now during the interview: “tell me what did you do at your prior job?” Master of the Universe: “well, uh, I redistributed wealth.” Interviewer: “so you didn’t create anything? You sat on your ass all day? Nice meeting you. Don’t let the door hit you on the way out.” Your time will come.
Many of these comments are so petty, crass and spiteful. Most “Masters of the Universe” would sooner jump off the roofs of their office towers in Mid-town Manhattan than be forced to settle for a $50,000 job. That’s assuming someone would hire them for ANY job. I can see it now during the interview: “tell me what did you do at your prior job?” Master of the Universe: “well, uh, I redistributed wealth.” Interviewer: “so you didn’t create anything? You sat on your ass all day? Nice meeting you. Don’t let the door hit you on the way out.” Your time will come.
From the owner of Green World Taxi: let’s see any of you losers get anything off the ground except your swinging-dick egos. Visit the website http://www.greenworldtaxi.com and watch the company flourish to a $Million enterprise in a few years. Yours truly, Gill Schor.
Looks like Daddy’s Little Hooker has been found to replace JenBenet Ramsey… tart that girl up and put her on the streets of New Rochelle…
@31-34: epic fail for the quad post. you must be new to this site, get over yourself or go back to the yahoo finance board. thanks for playing.
I, too, have trouble believing a PM only earned 200K, last year. On the other hand, he did work for a French bank, so it’s feasible.
Anyway, I wish the guy success with his transportation business. Many a great companies have been started during recessions.
Don’t hate, congratulate!
@Cluzo, 20, He was PM for a *French* investment bank.
Hope this helps.
@38 – true, true re recession and new co’s. however, I’m just calling a spade a spade. this guy inflated his title (or maybe the writer did). I wish him no ill – but he should teach his kids not to lie (by telling the damn truth)! anyhoo, good luck with the new gig mr. green world taxi man…
btw, if we’re in a recession and travel is declining and “staycations” are increasing, do we really need more cabs to take people to the airport? just askin’…
Why would he buy the cars…wouldn’t it make more sense to lease them, you know, in case the business fails.
…and if he was a PM, he couldn’t leverage any of those skills into the financial industry…why did he choose the taxi business? Doesn’t make much sense, going against his ‘core competency’.
Look at it the other way, would you expect a taxi driver to have much success selling/living off of a new investment fund he’s pitching?
Hey guys…it’s Stir Fryday!
I just have to say this about us finance guys: when we lose jobs, we pull up our fucking bootstraps and provide for our families! Yeah, so some of these guys have taken a large pay cut, and a large ego cut, too. Nevertheless, I respect them! They go out there and get it done, unlike these fat, loser union people whose only response to losing their job is protesting for govt. handouts!
Investorcluzo, aren’t you one of the guys that brought the financial world to near collapse? The Fed created special loan facilities (bigger than TARP) that now have over $1 trillion in loans outstanding to help guys like you? This country is in big trouble.
First of all you’re going to have to grease the local politicians for the sudden zoning problems that always come up. Then there’s the kickbacks to the carpenters, and if you plan on using any cement in this building I’m sure the teamsters would like to have a little chat with ya, and that’ll cost ya. Oh and don’t forget a little something for the building inspectors. Then there’s long term costs such as waste disposal. I don’t know if you’re familiar with who runs that business but I assure you it’s not the boyscouts.
@44 – Nice! Nothing like a li’ Rodney Dangerfield on a Friday afternoon.
Every fuckin peon in finance is a VP so I’d say he’s carrying on. And he’s actually right – he owns a transportation service, so tip him on your way to Flashdancers. Enjoy striking out with the ladies tonight you frustrated little shitbags..
@43 – as a huge yankees fan, I hate to have to put in your place…
I’m guessing you’re new to the site. otherwise you would know that I work for a small “eat what you kill shop”, we don’t suck from the teat of capital hill! further, I’m a banker, not a trader – the capital of the firm is not put a risk to do my deals…now go back to reading that propaganda you get from the NYT.
Ms. Levin, why don’t you get over yourself. Nice copy and paste job though.
I’m glad these weaklings are gone, especially the ones who have decided finance is immoral now that they can’t get jobs in it.
ha ha, what a loser. My buddy makes 50k working at a pizzeria for christ sake.
His daughter was right except for the part about “daddy being a banker before”, seems to me this guy was nothing more than cab driver quality to begin with.
CoveredLong @41 – Depreciation.
From Green World Taxi:
A couple of educational tips to the misinformed and business simpletons:
The ROE on a single taxi/limo is 15-20%, which is better than most of your hedge fund performances.
Tax/limos cannot be leased, only purchased because of the high depreciation on the vehicles.
Good portion is cash and credit card payments means there are no unpaid receivables.
So don’t hurt yourselves lining up for a job driving one of my cars.
@51/52 – Touche.
@52 – It’s one ‘L’…attend to your details.
…and we won’t, but thanks for the feigned concern.
BOOYAH
One theme here is that the people are saying, “at least now I can do what I want.” Aside from not know what you want, which sometimes you realize later in life, why would these people work for the better part of their professional careers doing something besides what they wanted? Are we (present company excepted, natch) all that fucked up?
Hey Gordon Ghetto (#49): these so-called “weaklings” will be the creators are real wealth, not imagined.
@55, Personally, I find it a genial enough way to pass the time. Don’t you feel it’s a bit narcissistic to believe that it matters what you do, or even what you want to do?
All the more so if, like Gil, you’re willing to take food out of your own daughter’s mouth to do it.
Hey, 49, maybe, but only if they can line up the financing.
I applaud the guy for turning around and starting his own business. Who cares what the journalist wrote? The journalists normally do not know the difference between a trader and a banker. He has a vision for a green service (also likely lowering his costs in the process), AND he sees himself as a transportation business owner. I am sure he’s not one of the typical smelly, rude types in the biz, which is good.
Most, but not all, finance “professionals” (and I am one) that I know see the world in the form of excel tables and bloomberg shortcuts, and have been so coddled since childhood that they will never, ever make it in the real business world if they had to start something from scratch without relying on their fathers’ connections and capital. Of course, plenty of successful businesses have been created by dropouts that the in-crowd despises to no end.
I also found his explanation to the kid very touching.
Best of luck to him.
~not Gil, not his relative, not his friend, not his client, not even living in the county
@56- Not sure I understand exactly what you are saying (by “are” do you mean “of”?). For the record, however, I applaud the taxi entrepreneur’s decision to start a business. I was referring more to those in the article like the MIT student who said, “Now I won’t make as much money, but I can go home at night and feel good about what I do.” I feel great about what I do, in the day and the night, at home and elsewhere. Especially when I hear about someone flogging some pipe dream of solar power replacing oil.
@gil- take it easy. bess clearly was not making fun of you, but rather the kid for “cutting” you down. if you’re new to DB, Bess wasn’t not giving it to you in anyway whatsoever.
@57
hey, shit-for-brains, I guess you think there are finance jobs for everybody and all you need do is ask. You’ll likely never get to the point where any family would want you to support them, because you deserve that six-figure salary and will sit around doing fuck nothing until someone gives it to you.
Mr. Green World, think nothing of these lesser souls. It’s too bad you don’t have any receivables otherwise we could securitize them.
Should have told the snot-nosed little brat: “Yeah, and you used to be a banker’s daughter and now you’re a cab driver’s daughter.”
If the daughter is lets say 16 or over she has many lessons to learn in life, to most daughters dad could do no wrong and they have pride in him no matter what.
The daughter is truly harsh no matter what age she is and has many lessons to learn in life. To most daughters dad is everything as they are proud of their dads no matter what and their dad could do no wrong. If this guy was a supportive and caring dad to his daughter I hope she comes around and sees the light soon.
I have known Gill for over 26 years and he has ALWAYS had an entrepreneurial spirit and knows how to truly enjoy life and the company of others in spite of the circumstances he is under. He was intelligent enough to see the playing field in his industry and be proactive about getting something to feed his family off the ground. In spite of all of the hurdles against him,including the sarcastic and demeaning comments above, he maintains the attitude that the business will inevitably thrive and eventually franchise. My wife was an analyst in the hedge fund industry until her fund went belly up a few years back. The egos and attitudes of many of her colleagues mirrored many of the comments posted above. These comments come from the naivete of people who have never built a business from the ground up: the same ‘big hat, no cattle’ pricks that make great money but spend everything they have to impress their neighbors and co-workers but have no net worth! I started my business when I was 26, just married with no kid yet. It was long hours, demeaning at times and demoralizing in the first 3-5 years until things got off the ground and eventually turned into a thriving business. I can’t imagine the added stress of starting up at 44 with a college tuition bill for my kid only a few years away. I can’t have anything but respect and support for someone willing to take on such risk at that stage of their life. As for the detractors fixated on job titles and knocking down a $200K salary: you are the reason I manage my own portfolio!!!
@66 (RUN), Gill seems to have made some intelligent choices, including funding his business with cash and doing a lot of the work himself. Good luck, Gill.
Gill also seems to have imposed a cost on his daughter without first obtaining her informed consent. I don’t doubt he has compelling reasons for doing so. Probably related to the importance of doing something, himself, that he finds meaningful and worthwhile.
Bearing in mind, that Gill the entrepreneur may have chosen to strike out on his own at some time in the past, rather than waiting for Natixis to incite him to action.
Now as for you, I wonder, since you brought it up: why doesn’t your wife manage your portfolio? Why doesn’t Gill? Does your contempt for financial professionals really run so deep?
No, no, sorry, I meant ‘Courtesan’…
A. A. Dupre
31-34, go back to your high school library and find something to read that wasn’t written by Ayn Rand.