The Wall Street Journal has an interesting article about former Wall Street employee Carlos Araya. Mr. Araya lost his job as a crude oil trader on the New York Mercantile Exchange in 2007. He now works at the Palm Restuarant in the Tribeca neighborhood of Manhattan.
By MARY PILON
Carlos Araya used to order lobster, filet mignon and $200 bottles of red wine at the Palm Restaurant in midtown Manhattan.
Now, he seats customers at its Tribeca branch.
Mr. Araya, 38 years old, lost his job in 2007 as a crude oil trader on the New York Mercantile Exchange. After visiting dozens of headhunters with no luck, he applied in August 2008 to be a host at the Palm to support his wife, two young daughters and mortgage payments. His salary has plunged from $200,000 to $25,000.
In Carlos Araya’s new job as a host at New York City’s Palm Restaurant, he sometimes seats colleagues from his former life on Wall Street.
If the financial crisis was the flood, then the Arayas are one of the families standing in the stagnant waters left behind. Some former Wall Street employees, highly trained and accustomed to comfortable salaries, are having trouble translating their specialized skills to other fields that pay well, and instead find themselves forced to accept low-wage work. Now, Mr. Araya is on the brink of losing it all and is doubtful that he will ever return to Wall Street.