The MBA class of 2004-2007 are probably the worst affected by what is happening. They finished college between 1995 and 2000 and were the lucky ones who survived the dotcom collapse. The guys who have just entered school are the lucky ones as they get to wait out the storm. For those who have been given the boot, they can kiss their high paying jobs and Wall Street careers goodbye. Those who were smart saved up and paid off their student loans. Those who were dumb bought co-opts at inflated prices and deferred payment on their loans because they did not think it would ever happen to them. People who gets MBAs from places like Harvard and Wharton probably never imagined that bankruptcy would touch them; but under the present circumstances, we will hear more about how MBAs are ending up unemployed and penniless. Now does that not put a smile to your face?
On the one hand, I can sympathize with them or anyone who loses a well-paying job. However, they SHOULD have been more responsible with their money when things were good. They know they're in a volatile job... when the economy goes through rough patches, many of them get downsized. They should have paid down their debts and started building capital as soon as they started making good money instead of living the high life right away.
It isn't exactly fair to say that they "should have known" ... when they couldn't really have known anything, to be honest with you. And as far as getting a co-op etc., NYC is very segregated in its domiciles and locations where people can find decent housing, not to mention that the job requirements are often 20 hour days, 8 days a week, so they needed to live in a decent area just to deal with the job. You never really see the axe when it's coming for your head.
Hard to sympathize. If they wanted job security they should have gotten a job in the gubmint. Seriously, people are such idiots.
Oh for fuck sake. Like a one bedroom isn't good enough for ya? Huh? All the muthafuckers who bought co-opts and now find themselves unemployed, deep in debt and in negative equity got what is coming to them. The real estate market is like any market. Becareful about the leverage you use and if you get it wrong, you get creamed. These cocksuckers are going to learn a lesson about the market that their MBA program couldn't hope to teach them.
I think that many, though not all, MBAs major in ego and minor in unrealistic expectations. I have one (1984), but not from a top school, and it was tough sledding for me from the get-go. I've worked with a number of MBAs in my banking career and I can tell you that a fair number suffered from a high confidence-to-competence ratio. I'm guessing that those well-paid people who were recently caught unawares with a job loss and financial distress probably knew about fiscal responsibility but felt that it didn't apply to them.