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Ear to the Ground

A Wall Street Man Owns Up to His Wealth Addiction

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Posted on Jan 19, 2014

AMagill (CC BY 2.0)

“In my last year on Wall Street my bonus was $3.6 million—and I was angry because it wasn’t big enough,” former hedge-fund trader Sam Polk wrote over the weekend in The New York Times.

“I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind,” Polk continues. “I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted.

“Eight years earlier, I’d walked onto the trading floor at Credit Suisse First Boston to begin my summer internship. I already knew I wanted to be rich, but when I started out I had a different idea about what wealth meant. I’d come to Wall Street after reading in the book ‘Liar’s Poker’ how Michael Lewis earned a $225,000 bonus after just two years of work on a trading floor. That seemed like a fortune. Every January and February, I think about that time, because these are the months when bonuses are decided and distributed, when fortunes are made.

“I’d learned about the importance of being rich from my dad. He was a modern-day Willy Loman, a salesman with huge dreams that never seemed to materialize. ‘Imagine what life will be like,’ he’d say, ‘when I make a million dollars.’ While he dreamed of selling a screenplay, in reality he sold kitchen cabinets. And not that well. We sometimes lived paycheck to paycheck off my mom’s nurse-practitioner salary.

“Dad believed money would solve all his problems. At 22, so did I. When I walked onto that trading floor for the first time and saw the glowing flat-screen TVs, high-tech computer monitors and phone turrets with enough dials, knobs and buttons to make it seem like the cockpit of a fighter plane, I knew exactly what I wanted to do with the rest of my life. It looked as if the traders were playing a video game inside a spaceship; if you won this video game, you became what I most wanted to be—rich.”

Read the rest here.

—Posted by Alexander Reed Kelly.

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