Jobless Execs Face Tough Lifestyle Changes

CBS Evening News: With 88,000 Finance And Insurance Jobs Cut Since April, It's A Buyer's Market

(CBS)  He once analyzed multi-billion dollar deals; now Russ Long evaluates: "whites" or "colors."

His work was once "Dealing with customers, clients having problem... resolving problems," Russ tells CBS News correspondent Seth Doane.

"Now I'm doing the laundry!" Russ says, sorting clothes.

Eight-eight thousand finance and insurance jobs have vanished since April - like Russ's. For 21 years, he worked at Standard & Poor's, most recently in mortgage-backed securities - at the very center of the meltdown.

"I'd like to think that there were mistakes made," says Russ, "but I don't think that I took down the economy single-handedly."

The good years were really good - a sprawling suburban New Jersey home and the chance for wife Laura to be a full-time mom. Now, there's uncertainty everywhere.

"Do I stay home with him all day with him?" Laura wonders. "Or is he going to be depressed if I don't stay home with him? Should I go do my stuff?"

"Did you worry about that - him being depressed?" Doane asks.

"I did worry about that - yeah… because I just felt like - that was his livelihood," Laura says.

Along with his livelihood, Russ' severance is almost gone too. So, Laura now trudges off to work as a surgical nurse - making a fraction of what he did.

Russ admits it's all very deflating - driving the car pool and doing the dishes. He wonders when he'll be the provider again.

He says he's sent his resume and applied to couple hundred jobs - and only had five or six interviews.

"Internet postings are almost a total waste of time," says Matt Bud, who heads a group that coaches white-collar workers just like Russ.

He says in-person networking is the key - four out of five jobs are found that way.

In meetings across the country, Bud's group teaches the fine art of the "elevator speech."

"If you think about going down an elevator - you've got about 90 seconds - where you just have a brief amount of time to tell people what it is you do - to sell yourself," Budd says.

But it's a buyer's market. At one New York job fair, 2,400 people swarmed recruiters trying to sell themselves - four times more than the year before. The average job search drags on for more than four months now.

For Russ, it's nine months and counting. Missing the camaraderie as much as the work itself, he regularly meets up with other out-of-work execs.

"Hopefully I'll look back at it with fond memories - of a time that I had to, you know, be closer to my family," he says, sorting laundry. "But, you know, right now there are economic situations that make things, you know, cause me concern."

Another American trying to sort-out the future.

[scapato]

Your right of course, but don''t you have anything better to do? Get a life.

[roghil]

While you''re correcting yourself, it is Ivy League not Ivory League. Unless you''re an elephant hunter.

[scapato]

I can''t believe how stupid some of these bloggers are. I know that Russells severance package was not in the millions and that his job at S&P had nothing to do with the financial mess we now face. I know Russ would rather be working then appearing on the CBS News. It takes a lot of courage and chutzpah to appear on a broadcast about losing ones job. Some of you people are real idiots. I would also like to correct my previous blog ( it should read ladder not latter as stated twice)just goes to show my lack of Ivory League education.I bet most of you who ripped Russell didn''t live in an attic apartment for 5 years as you worked your way through Grad School.

[scapato]

I would like to comment on this story as I have been a personal friend on Russ Long for 30 years. He is not some spoiled executive. Russ and I both came to Wall Street straight out of college in 1982 at a salary of less then 12 thousand dollars. Neither of us were rich kids who went to Ivory League schools but from average middle class roots. Russell worked his way through grad school while working at various back office clerical jobs on the street. We were roommates for several years sharing a small apartment on the the third floor of a house in Bayonne NJ. He put in his time working his way up the latter at S&P. He is not responcible for this financial mess and neither is he looking for any sympathy. Anybody who knows him could speak for his integrity and honesty. This piece is simply showing that these problems can hit anyone at anytime no matter what level one occupies on the economic latter. I wish him and anyone who''s lost their job all the luck in the world

[mytoosense]

Sorry, I have more sympathy for the guy laid off worrying about feeding and sheltering his family and worrrying about losing his calluses.

[schoolmarm22]

Didn''t Standard and Poor pay their executives handsome salaries and bonuses that were more than most American''s earn in a year? Why not save some of that income back, just in case of job loss, catastrophic illness, or some other emergency? Whining about doing laundry while his wife resumes working isn''t really going to illicit any tears from me. My husband''s job was outsourced and I work 2 jobs as well as attending college part-time. My husband is in a retraining program and manages many of the household chores as well as helping to make sure the needs of our children are met. Reality sucks, and the reality is that he should thank his lucky stars that his wife has marketable skills that enable her to return to the workforce in a relatively high paying field.

[tngreen]

Reading this article made me feel even better about being single and working class. I can survive by working two jobs if I have to, because I''ve done it before, and because I live a simple life, within my means. And I don''t have to put up with any man''s *** about how degrading it is to do laundry, because my house is my own and is completely male-ego free. I''m living the sweet life, one that Russ will never know and could never appreciate. What a chump.

[lloydbest1]

"She seems to be having the hardest time adjusting to this life altering change, since it seems her lifestyle has been affected the most, but if she realizes that what matters most isnt status, the size of her house, the cars she drives, or the size of her ring but FAMILY, then maybe she will find good things will come her way..........."
Also Posted by smokey1weim at 10:16 AM : Jan 24, 2009

The wisdom expressed in the last sentence of your post can not be over emphasized so I am repeating it. If both "Russ" and "Laura" focus on those things that are truly important - such as family - they both will make out O.K. In fact they could easily emerge from this disaster stronger and better off where it counts than before.
However P.O''d I may be now, I hope they not only survive, but learn some important lessons and thrive again.

[lloydbest1]

"..Let''s remember these people have a family to support and a life style they have become accustom to..."
Posted by smokey1weim at 10:16 AM : Jan 24, 2009

That''s part of the problem and the reason for the resounding absence of sympathy. A lifestyle that is way out of bounds considering how many nationwide do not have enough to meet basic needs tho'' they work as hard as "Russ" did. And "Russ" is nowhere nearly as ostentatious or as blatant as so many are (or were), nor does he and his family live anywhere nearly as "large".
The malefeasance of so many who practise his profession is a primary driver of our collapsing economy. "Russ" and people who do what he does for a living own a disproportionate onus of liability for that collapse.
I am fully aware he, himself, might be completely innocent and as such, I don''t want this man to go to jail or stand naked in the town square begging forgiveness. But he IS going to have to continue feeling some pain. He IS going to have to undergo massive material downsizing. He IS going to have to understand that he will almost certainly not live long enough to see our economy bounce back to the point that he can enjoy the prosperity his family once had. And he WILL need to learn to live at a standard that is much more austere than what he is accustomed to now.
So will I for that matter. (continued)

[indamiddle]

a lot of these fu(kers needs to be executed

[smokey1weim]

I think it is extremely unfair to judge Russ or his situation, especially those not in it or familiar with a situation of this nature. It is easy to judge someone when you see all they have acheived but success like his is not acheived overnight. It takes years of education, dedication, pursuit, drive and intelligence to acquire Russ''s and any other executives position in life. It''s a shame that with the malintentions of many, the few good out there truly suffered on their behalf. Let''s remember these people have a family to support and a life style they have become accustom to. It is a huge life change to adjust to and one I hope can change in the near future for all affected by this. I am just happy to see that Russ''s wife realized she wasn''t better than any other working woman out there and decided to go back to work tohelp her family out in a time of need. She seems to be having the hardest time adjusting to this life altering change, since it seems her lifestyle has been affected the most, but if she realizes that what matters most isnt status, the size of her house, the cars she drives, or the size of her ring but FAMILY, then maybe she will find good things will come her way...........

[piercetheval]

...Your 90 seconds are up...

...I''m squinting a tear here...Oh yeah, and please don''t ''Cut In'' in the soup line...you''ll get your sorry a$$ kicked!

[babooph]

No more corporate teat to suck dry-I feel so bad for them.

[lloydbest1]

"The insinuation was that the only way he can feel good about himself again is to become the ''provide that he once was.'' This completely devalues the work that his wife was doing. Are we EVER going to get away from the expectation that men should provide while women take care of the house??"
Posted by rachelmad23 at 07:32 AM : Jan 24, 2009

Probably not....And that''s unfortunate. Puts a lot of unneccessary stress on us men; particularly some who, like me, were born in the 40''s or earlier. I have had the paradigm of "man the provider" so thoroughly drilled into my skull throughout my childhood and adolescence that even today I am nervous about the strong likelihood I won''t be able to continue to do my share. It''s a cultural thing and breaking that culture continues to be a work in progress.
Still and all, I am dam'' grateful that I have a spouse who earns an income because I, too, will lose my job. I intend to find another because, old fossil that I may be; I am still too young for Social Security and her income will not be quite enough. The job search will also likely take a great deal longer than the 9 months "Russ" was yipping about and I''m not going to be anywhere nearly as choosy about what I''ll take as he appears to be.
I truly appreciate the contribution to our future (diminished) cash flow my wife will provide - and I make sure she knows it.

[rachelmad23]

What really irked me about this story was the sexism. We are supposed to feel bad for this guy who had to switch roles with his wife and he now finds ''her'' role to be degrading? Why was is not degrading for a woman with medical training to be sorting laundry and driving the car pool?

The insinuation was that the only way he can feel good about himself again is to become the ''provide that he once was.'' This completely devalues the work that women are simply expected to do. Are we EVER going to get away from the expectation that men should provide while women take care of the house??

I also refuse to feel bad about their financial situation when there are so many people who truly live in poverty. Perhaps ''The Other America'' refers to the fact that Russ might now have to learn how the ''Other America'' really lives.

[rachelmad23]

What really irked me about this story was the sexism. We are supposed to feel bad for this guy who had to switch roles with his wife and he now finds ''her'' role to be degrading? Why was is not degrading for a woman with medical training to be sorting laundry and driving the car pool?

The insinuation was that the only way he can feel good about himself again is to become the ''provide that he once was.'' This completely devalues the work that women are simply expected to do. Are we EVER going to get away from the expectation that men should provide while women take care of the house??

I also refuse to feel bad about their financial situation when there are so many people who truly live in poverty. Perhaps ''The Other America'' refers to the fact that Russ might now have to learn how the ''Other America'' really lives.

[rachelmad23]

What really irked me about this story was the sexism. We are supposed to feel bad for this guy who had to switch roles with his wife and he now finds ''her'' role to be degrading? Why was is not degrading for a woman with medical training to be sorting laundry and driving the car pool?

The insinuation was that the only way he can feel good about himself again is to become the ''provide that he once was.'' This completely devalues the work that his wife was doing. Are we EVER going to get away from the expectation that men should provide while women take care of the house??

I also refuse to feel bad about their financial situation when there are so many people who truly live in poverty. Perhaps ''The Other America'' refers to the fact that these financial guys who have lost their jobs will now have to learn how the ''Other America'' actually lives.

[rachelmad23]

What really irked me about this story was the sexism. We are supposed to feel bad for this guy who had to switch roles with his wife and he now finds ''her'' role to be degrading? Why was is not degrading for a woman with medical training to be sorting laundry and driving the car pool?

The insinuation was that the only way he can feel good about himself again is to become the ''provide that he once was.'' This completely devalues the work that his wife was doing. Are we EVER going to get away from the expectation that men should provide while women take care of the house??

I also refuse to feel bad about their financial situation when there are so many people who truly live in poverty. Perhaps ''The Other America'' refers to the fact that these financial guys who have lost their jobs will now have to learn how the ''Other America'' actually lives.

[ramos937]

I, and my employees, have to really count our blessings. We operate in a niche market in aviation maintenance in which our services are almost mandatory and have long term contracts with our clients.

We are going after more work and when we do get it, we do our best to hire new workers from pools of people like Russ.

What grabs me is that the ones that are participating in the stimulus package are using these funds to buy other banks and give perks to their executives. Obama and Congress must do something about that.

I also firmly believe that we have to look towards non cash options. These would be drastic but necessary: (1) get out of Iraq asap, (2) finish our mission in Afrans and get out ASAP. No national building, we are lousy at that. (3) close all unnecessary government/millitary installations overseas, (4) NASA should sell/lease all of its assets to space private companies, (5) we should sublease all excess office space in our embassies/consulates. The new gigantic embassy in Iraq is excess to our needs. Let''s rent what we do not need.
Others suggestions would be welcome.

[rapthrow]

If you think times are bad now, wait until 5 to 10 years from now. There may be so many people unemployed that they will not all be able to collect benefits. There probably won''t be enough shelters for them. A lot of them will be really defenseless against all sorts of crime since they won''t have a roof above their heads. A higher number of them will die or catch disease related to their being unemployed. It will be a mess.