Shots In The Dark: The Money Culture, Part 2

Tuesday, January 23, 2024

The Money Culture, Part 2

Some random observations on the money culture in Manhattan...

I shared the debate about Wall Street and its social value with a friend who works at Goldman, Sachs. That firm, she assured me, emphasized to its employees that they should do something useful with their money; there was a genuine focus on civic involvement, donations of money and time. One example: One of her co-workers sent out dozens of Christmas cards, all of which contained the information that she had a made a contribution to a homeless shelter in their names.

But here are two other less positive developments.

My friend was also looking for an apartment to buy downtown, something to buy as an investment. Nothing huge, but there are lots of new buildings popping up in New York. They are all "luxury" apartments, she said, catering to the sensual desires of the Wall Street rich. One had a bowling alley; another had a fantasy golf room, in which hackers took their swings while surrounded by video projections of famous golf courses. The downside? $800,000 for a studio apartment.....

Meanwhile, another friend recently overheard a conversation in an East Side playground between two young men, both about 30, who worked for hedge funds. One of the men expects to be worth $100 million in the next couple of years.

The conversation? The two of them were mocking a third friend, not there, because he was making only $500,000 a year....

¶ 8:05 AM

Comments:

The issue you're failing to grasp is that we all live and work within particular sub-cultures, Wall Street being one example, and the things we say and standards we judge ourselves by should be assessed in context. Money is the coin of the realm on Wall Street. Hence, the comment you cited. In the realm of media/intelligentsia (yours?), the coin of the realm is presumably the ability to be heard, to be an opinionmaker. Have you not heard one writer disparage another for lack of sales? For being "only a blogger"? I have. What we're talking about here, then, is not some defective gene that only Wall Streeters possess, but rather the very old problem of human fallibility. Perhaps we should all go to church a little more, instead of framing the debate in terms of how one profession is somehow less godly than the rest.

# posted by Anonymous : 10:09 AM

Actually, I've never heard one writer slam another for lack of sales, or for being "only a blogger." In fact, that doesn't sound like any writer I know. We tend to understand that how many books you sell is something of a crapshoot and often/usually has little to do with the quality of the book.

I'm very curious to hear your examples, if you'd care to provide them, because that certainly doesn't sound like any writer "subculture" I know.....

So, no, what we're talking about is not the problem of human fallibility. What *I'm* talking about is the changes in our culture effected by the growing inequity of wealth in this country. That's a particular issue that has nothing much to do with going to church.

# posted by richard : 10:17 AM

You're letting yourself off the hook by describing the subject of the debate as changes in our culture wrought by the growing inequity of wealth. Your posts have been focused on Wall Streeters.

I have personally heard writers disparage other writers - albeit subtly - re numbers of sales. Do you really think the writing community is one big lovefest?

# posted by Anonymous : 10:34 AM

And you are letting yourself off the hook by posting anonymously.

As for whether I think the literary world is a "lovefest"? You're putting words in my mouth now....
Since I never said any such thing, your question is pointless.

But I notice these writerly disparagements are now "subtle." I'd still like to hear 'em. Perhaps they really did happen, but I can assure you, of the many things that writers fault writers for, lack of sales ain't one....

In any case, I'm sure there are people happy to write about the culture of the literary world. (In fact, there seems no shortage of that.) That's not particularly my interest. Perhaps your own blog?

# posted by richard : 10:41 AM

Richard is right. There is a huge cultural shift taking place in America, particularly among young people. It appears that Colleges are fostering this, rather than equipping the young with a broader set of values. See this:

http://www.cnn.com/2007/EDUCATION/01/22/materialistic.youth.ap/index.html

# posted by Anonymous : 10:41 AM

I'm one of those that has frequently disagreed with you on your attacks on Wall Street and the "money culture." However, I think it is important to note that you should not make too much of the fact of what your friend at Goldman said.

Goldman is an exceptional firm that emphasizes giving back. It is part of their culture. (For the record, I don't work at GS, although I do work in the financial industry.) Among other things, that is why you've had a series of Goldman officials who entered public service -- Robert Rubin, Jon Corzine, Henry Paulson. Other firms -- Morgan Stanley, UBS come to mind -- do not have that culture. It is one reason why Goldman is so highly regarded in the industry, even by its competitors.

So just as it is a mistake to paint all Wall Streeters as greedy jerks, it is a mistake to use Goldman as an example of all the good wall streeters do. Instead, they are an example of what wall streeters should do.

# posted by Anonymous : 12:57 PM

Okay, good point....

# posted by richard : 1:04 PM

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