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Wednesday, December 28, 2011

A Problem of Accumulation: An Interview with a Former Lehman Brothers Trader

Posted by on Wed, Dec 28, 2011 at 3:33 PM

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In his memoir, Street Freak, Jared Dillian writes about a mental breakdown he suffered while working as a trader at Lehman Brothers from 9/11 through the financial collapse of 2008. We talked last week about the book, his old job, and what's next.

One of the most surprising things about Street Freak is that Dillian portrays the other traders as hugely status-obsessed. They're practically teenage girls, in the way they fret over the labels on their clothes and, more importantly, the labels on everyone else's clothes. So does the job make the person status-obsessed, or do status-obsessed people come to the job? "I think it does attract a lot of status-minded people, and if you’re there for a while, you start to buy" into the status thing, Dillian says.

Dillian didn't come into writing through the typical MFA route. "I lived in Port Angeles—and as you know, there’s not a lot to do in Port Angeles. There was a bookstore out there and they had all the Best American Short Story collections. I would just buy them and read." He cites John Updike and, especially, Barry Hannah as favorites. "I’m actually writing fiction right now. It is a novel, it’s about financial stuff. I’m almost done with the first chapter and I’m having a blast."

Street Freak was published just as nationwide Occupy protests were heating up. "From a marketing standpoint," Dillian says, "I think it hurt sales of the book. From my standpoint, it was a little bit annoying. I got ambushed a couple times" by Occupy groups at promotional events. "I wanted [Street Freak's publication] to be a happy time," but instead, "I had to talk about political stuff." So, um, what does he think of OWS overall? "Occupy Wall Street is about inequality. I think. You tell me." Ultimately, like the traders he used to work with, he thinks it comes down to perception and status: "I would think Occupy Wall Street wouldn't happen if everyone thought they could get into the top 1% like they used to."

The strongest writing in the book covers Dillian's mental breakdown and institutionalization for bipolar and obsessive compulsive disorders. Dillian has a knack for writing about mental illness; it's not a dramatic, operatic event that happens to him; it's more of a problem of accumulation, building from checking a couple times to make sure the front door of his house is locked before he runs to catch the bus to having to perform the same ritual over and over again for an hour or more before allowing himself to go to work. Dillian says the response to Street Freak from other traders has been good—"Wall Street people like it, because it makes them like Wall Street even more"—but the authenticity is what ultimately matters most to him. "Here’s what I’m most proud of with this book," he says, "not one person has come up to me and said 'that’s not true.'"

 

Comments (9) RSS

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what_now 1
One of the most surprising things about Street Freak is that Dillian portrays the other traders as hugely status-obsessed.


How is that in any way surprising?
Posted by what_now on December 28, 2011 at 3:44 PM
2
Dillian portrays the other traders as hugely status-obsessed. They're practically teenage girls, in the way they fret over the labels on their clothes..

American Psycho, business card scene. Not fiction, but fact!
Posted by MLM on December 28, 2011 at 3:50 PM
3
"I would think Occupy Wall Street wouldn't happen if everyone thought they could get into the top 1% like they used to."

Well, that's the carrot they've always held out there, isn't it? The Amurkan Dream. OWS is happening because people are finally waking up to what a crock this golden promise actually is, and how the whole system is rigged to prevent it from happening.
Posted by Pope Buck I on December 28, 2011 at 3:54 PM
4
@1++. Paul, please respond: in what possible way is that surprising? What, precisely, was your picture of traders that this revelation upended?
Posted by Ancient Sumerian on December 28, 2011 at 4:22 PM
5
That has to be a miscommunication somewhere.

@2 that is one of my favorite scenes in all of cinema.

Sounds like a fairly interesting book but it's extremely difficult to find motivation to read a current-events nonfiction book... especially one about banks.

I'll wait for the 10 page Salon article that condenses the whole thing.
Posted by Swearengen on December 28, 2011 at 5:38 PM
thatsnotright 6
Of course they are status obsessed, they are the very avatars of materialism. Stuff and money are their gods.
Posted by thatsnotright on December 28, 2011 at 6:57 PM
Supreme Ruler Of The Universe 7
Uh...yes, but Tom Wolfe covered that...decades ago.

The brokers who wanted suits with "real buttonholes".

The secret vice! A whole new universe! Buttonholes!


http://books.google.com/books?id=TQFFToL…

None of this stuff is news for people who were paying attention the last 30 years.

Oh.

Yeah.

Right...
Posted by Supreme Ruler Of The Universe http://yrihf.com on December 28, 2011 at 7:30 PM
Max Solomon 8
mental breakdown? bi polar? OCD?

move to PA! the weather will cheer you right up!
Posted by Max Solomon on December 29, 2011 at 7:10 AM
9
Awww, how sad the poor Lehman Brothers trader didn't get his happy time. I guess the Occupy people didn't get the memo about his book deal. They must have been focused on other unimportant things, like wondering where their kid's next meal was coming from. And how about that statement, "I would think Occupy Wall Street wouldn't happen if everyone thought they could get into the top 1% like they used to." Well, Jared, half of our problem is people who've been convinced they need to keep up with the 1%, so they've put their asses into hock trying to play keep-up. Maybe we should focus on reality, like understanding the world outside of Wall Street, rather than piss-moaning about how much love you feel you're entitled to.
Posted by T Pitchford on December 29, 2011 at 3:45 PM

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