Even when they make tremendous profits, they’re still worried

Wall Street’s push for record profits is ruining careers, tearing apart families and keeping drug dealers busy, mental health experts say. While record bonuses make some Wall Street bankers feel invincible, others become emotional wrecks from pressure to perform and some hit rock bottom. Harris Stratyner, a psychologist at Caron’s New York Recovery Center, said some executives he treats are experimenting with cocaine, opiate-based drugs, Ecstasy and marijuana, as well as abusing alcohol. Alden Cass, a clinical psychologist who counsels Wall Streeters with drug addictions, said drug abuse and high anxiety are undercurrents to the current boom.“When things are really good, they feel invulnerable,” Cass said. “That can lead to adultery, substance abuse, problems with the law.” Six of the largest U.S. investment banks — Goldman Sachs, Lehman Brothers, Citigroup, JPMorgan & Chase Co., Morgan Stanley and Bear Stearns — combined for $17.6 billion in first-quarter profit this year. That’s after shelling out $28.8 billion for pay and benefits, financial statements show. Cass and Stratyner said their clients sometimes conceal their habits by taking prescription drugs they get for back surgery or sports-related injuries. The Internet has also expanded the black market for drugs.

Wall Street professionals in their 20s use Ritalin and Adderall, prescription drugs used to treat attention-deficit disorder and hyperactivity, to enhance their performance as they grind out 100-hour weeks.

This entry was posted on Monday, June 18th, 2007 at 2:32 pm and is filed under Business, My Life At Work. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.