I have absolutely nothing against these guys. To the contrary, I respect the fact they take advantage of how easy their jobs are, rather than attempting to portray themselves as hard-working, Galtian products of our awesome meritocracy. But it says something funny about our system that you can make a million a year doing this:
Briargate, a proprietary-trading firm that the two former NYSE floor “specialist” traders started in 2008, is mostly active at the stock market’s open and close.
In between, when market activity typically drops, the Wall Street veterans play tennis in Central Park, take leisurely lunches, visit their children’s schools and work out at the gym. Dress shoes have been replaced with flip-flops, slacks with cargo shorts. Once during market hours, they walked about five miles and crossed the Brooklyn Bridge to try Grimaldi’s pizza.[….]
Mr. Oscher says their compensation is “in line” with what they formerly made as specialists. Successful specialists could make upward of $500,000 at the industry’s peak, while partners could bring home more than $1 million.