Because they are about to be filthy rich!
For New York divorce lawyers this recession is about to be a gold mine. Between the stressed out/newly unemployed bankers and their grossly overprivileged wives/girlfriends/mistresses, it doesn't feel so good to be a banker. Sparks are flying and they'll keep flying, and at the end of the day the divorce lawyers will be the only ones who don't get burned.
How do I know all this? Well, last week I (and tons of other New York Times readers) learned about DABA. Dating A Banker Anonymous is an online blog and support group for the poor women whose love lives have been forever changed by the financial crisis. In it they share stories of woe and loss anonymously—"free from the scrutiny of feminists." In all fairness many of them are 20-something women whose boyfriends (not husbands) are bankers, but the Times article does note that "[divorce] cases involving financiers always stack up as the economy starts to slip." And those guys can afford to pay. Just ask their wives/girlfriends/mistresses—and any econ major.
I have to admit that when I've read the blog, it's been with a bit of schadenfreude as a pretty average American (economically). And of course there's a twinge of envy because of all the money the FBFs (Finance Boyfriends) can throw around. Generally the complaints have been restricted to bankers who've been laid off, but soon it might get even harder for the few who still have jobs on Wall Street.
On Wednesday President Barack Obama announced executive pay limits for banks that accept TARP (Troubled Assets Relief Program—i.e. bailout) Funds. Any future banks seeking bailout funds will only be able to provide their executives with a max of $500,000 in compensation yearly. According to the Times it doesn't necessarily apply to lower-level executives, but I doubt the big guys will be eager to pay their subordinates more than they pay themselves. And Wall Street salaries are headed down regardless. This is going to be bad for the FGFs out there. As one put it, they "ain’t messin’ with no broke banker."
But it'll be good for the divorce lawyers. I guess it's time to become DLGFs...
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