[Professor_Leonide]

These so called exexcs now working at janitorial services sounds pretty much like media invented nonsense. Really? An exec who was highly prized is now cleaning doorways for a living? Sounds hokey. Either he was monstrously overpaid as an exec or the story is false. Execs are snatched up by other companies long before they are fired. And even if fired, they usually find good work pretty easily.

[Red in Blue PA]

“An exec who was highly prized is now cleaning doorways for a living?”

Honestly, that sounds like something the Wall Street execs would be incapable of.

[penelopesire]

What is sad is that some posters here seem to be falling into the ‘class envy’ that Obama is counting on to destroy this country and capitalism!

[Cletus.D.Yokel]

Either he was monstrously overpaid as an exec or the story is false.

?? $70K in Tempe AZ isn't monstrous, it's solidly middle class wages.

[ottbmare]

Execs are snatched up by other companies long before they are fired. And even if fired, they usually find good work pretty easily.

Let me ask you something: do you hold an executive position? No? Then how would you know how easy it is for an executive to get a new job?

I was married to a Fortune 100 executive. He had done wonderful work for the company and was very highly regarded in his field. When his division was closed it took nearly a year for him to find a new job. And this was in normal times, not during a recession, depression, or even an economic downturn.

I have a cousin who was highly placed in the corporate world. When his company was taken over, it took him years to find more work. He tried everything; I have never seen anyone try so hard to find a job. Meanwhile he was secretly working at menial jobs (like a $9 an hour stock boy at Office Depot) to buy food and pay child support. At last he gave up looking for a good job and started a business. It went very well for several years, because it used to be that when you had talent, a great idea, and were willing to work 18-hour days seven days a week, you could succeed. But that was then, this is now.

I could tell you about several other executives in my immediate circle of acquaintance who were very competent, but lost jobs in their late forties and early fifties and could not get another. I would bet my next house payment that the story is true.