Word: broker
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Dates: during 1980-1989
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...investors are determined to panic, computers can sure help. A few keystrokes into a broker's desktop computer can trigger the sale of thousands of shares of, say, 500 different companies. Such "program trades" may have played a role in making Black Monday the worst day in Wall Street history. As one Chicago broker joked, the difference between 1929 and 1987 is that last week, it was the computers that jumped out the windows...
...Michael Becker's woes won't bring tears to your eyes, but there's no need to snicker. Becker, 29 and single, works as a broker for Kidder Peabody on Wall Street. He earns a six-figure salary, likes his restaurants expensive and vacations in Africa, French Polynesia, Australia and London. This week he was scheduled to close on a loft apartment, but last week found him on the phone, pleading with his lawyer to extricate him from the contract. "I even told the shoeshine boy, 'I can't afford a shine today,' " he laments...
Gloating was inevitable, from the bad jokes making the rounds in San Francisco's financial district (What do you call a 28-year-old trader in suspenders? Hey, waiter!) to the hand-lettered sign in the window of Cafe Chameleon, a Manhattan nightclub: SO YOUR BROKER'S A LITTLE BROKER? Says Edward Singer, 62, a Portland, Ore., broker: "These younger money managers had become godlike in giving advice...
...made trading options last year to pay his tuition and room and board. But now, he says, "I'll look harder at marketing." For Neil Donnenfeld, 25, the panic only confirmed a decision last year to aim for a corporate career. Before he entered Wharton, he had been a broker at Evans & Co., making $75,000 a year. "I found the life-style absolutely unrealistic," he says. "I mean, how much champagne...
Visions of Champale haunted young financial types as they mentally prepared themselves for a world with less Taittinger. "I used to shop at Chanel," says M.J. Caldwell, a Wall Street broker in her mid-20s. "Now I'll be doing my shopping at Labels for Less." Caldwell, who majored in art history at Barnard, earns a salary in the low six figures and she spends accordingly. "I have every credit card known to man, but this morning I cut some up," she admits. Caldwell plans to keep the mink coat she bought last month, but forget about those $100 dinners...