Aired on American Public Media’s Marketplace on February 26th, 2010. Lauren's commentary is part of a three-part Youth Media International series for Marketplace. Has the economic downturn changed the way college graduates feel about Wall Street?
By Lauren Silverman
A few years ago I secretly dreamed about working on Wall Street. I used to picture myself in a pinstripe business suit strutting past the Charging Bull before the opening bell.
Working there seemed cool. It was like working for the company that makes the blackberry – before the iphone…or working for Enron – before the bankruptcy.
I remember one day. It was August of 2009 right before the crash. I was interning for a big non profit. I went out to meet up with some friends who all worked in the same field as I did…and then I met a girl who was working in a whole other world…She had an internship with Goldman Sachs.
I tried not to choke on my coffee. Goldman Sachs was my Lady Gaga. She was working on some big corporate buyout --- but of course, she couldn’t say much – the information was “classified.” She got to work at 7:00 AM each day, and from the way she talked about stock analysis I imagined she knew how to use Bloomberg analytics like an elementary school calculator. To me, she was the queen bee, and I was just one of her workers.
Then the bailouts happened… And I changed my mind about Wall Street like that.
I remember watching the bailouts and bonuses fiasco from my desk with the other interns on TV and yelling at the screen. We were furious – I mean red in the face. Those companies seemed to throw around money like paper airplanes. Employees got their bonuses for losing big. And they didn’t seem to care about the risks they took.
Now, I know things are getting a bit better for the finance industry. I know banks have paid back some of the government bailout money. I know some investment firms are hiring again. But there’s a permanent cloud lurking over Wall Street and a bad taste that’s still in my mouth. I don’t feel envious about those queen bees anymore. Chasing the Wall Street dream left plenty of those workers without a hive.
So you won’t find me dreaming about a job on Wall Street. Most my friends feel the same way. The big financial institutions need to work on their reputation before my generation signs over ours.
UC Berkeley students and workers began a three-day strike today to protest against fee hikes and layoffs. Protestors chanted "no cuts, no peace," while union workers brought signs to Sproul Plaza as early as 5 a.m.
The union members were mostly workers from the local chapters of University Professional and Technical Employees (UPTE), Coalition of University Employees (CUE) and American Federation of State, County and Municipal Employees (AFSCME). Protests took place at North Gate, West Gate, East Gate and five university construction sites. Protestors formed a picket line around the perimeter of the campus.
(via The Daily Californian)
Youth Radio's Denise Tejada was in Berkeley today. Check out her video of the protests:
Previously:
- UC Students Energized By Diversity, Turnout at Budget Cut Protest ...
- UCs Walkout Against Budget Cuts
- Budget Cuts Spark Protest at UC Irvine
