Chapter 1 - III PDF

Mastering the Moneyed
Mind, Volume III

Mastering the Moneyed
Mind, Volume III
Body and Mind—The Effects
of Money Problems
Dr. Christopher Bayer

Mastering the Moneyed Mind, Volume III: Body and Mind—The Effects of
Money Problems
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Abstract
This volume, “Body and Mind: The Effects of Money Problems,” ad-
vances readers into an examination of the effect of money problems on
the body and mind. This volume presents research that supports solutions
offered throughout the series to fix maladjustments of the mind, and de-
velop a sound grasp of the mind-body connection to ensure there is an
unbreakable bond at all levels. Readers are guided into a psychological
examination of the overexcited mind of a gambler or bettor or broker/
trader, as a way of demonstrating how difficult it is to stop the runaway
feedback mechanism that the brain’s reward system often is.
The reader is presented with the effects of the hyperactive mind and
of Type A personalities who believe the hype about themselves—on the
brain, on stress hormone levels, on the immune system, on the heart—
with sleep deprivation and insomnia rounded up as the usual symptoms
in the vicious cycle of never having enough. A comprehensive diagram
that charts the parts of the body that can be affected by stress is presented
with key strategies for managing stress. The volume begins with an evoca-
tion of the relentless pace of many high-strung professionals, with little
socialization or emotional relief, and much in the way of mood and per-
sonality disorders.
Strategies for developing stress-free solutions for avoiding depression,
in addition to detailed data that point to high recovery rates from depres-
sion offer readers practical, tangible tools for managing real life, money
problems. Pointers on how to avoid The Triggers that Produce Multiple
Wounds will play a critical role in helping readers to equip their gyroscope
to cope with stress. Among other helpful concepts, the book encourages
the reader to examine the ways in which “fear,” for example, is an effective
way to battle unhealthy behavior that can lead to psychosomatic symp-
toms, and if unchecked, to disorders.
Money-strewn professions, such as finance, are littered with those
who want it all—many of them high-functioning addicts to stress, al-
cohol, drugs, sex, gambling, and the accumulation of money in its pure
state. Volume III offers plenty of stories of excess, most of which, fortun-
ately, include the often painful road back to balance and health. It closes
with a meaningful invitation to the reader: Envision Your Own Eden and
vi ABSTRACT
the Good Life—words of encouragement to help them keep their eyes

open to considering how much money is enough.
Keywords
psychology; immune system; gambling; addictions; sexual misbehavior;
sleep deprivation and insomnia; depression and mood disorders; finance;
neuroeconomics; behavioral finance; money; morality; Wall Street;
increasing consumption; commerce; financial; economics; disbalancing;
wealth versus money; corruption; materialism
Table of Contents
Foreword................................................................................................ix
Chapter 1 Money Problems—The Effects on the Mind......................1

Chapter 2 Money Problems—The Effects on the Body.....................37
Chapter 3 The Money Muscle—Effects on the Heart.......................57
Chapter 4 Your Autopsy: What Would We Find?..............................79
References..............................................................................................85
A Peek at Volume IV..............................................................................87
About the Author...................................................................................91
Index....................................................................................................95
Foreword
In the previous volumes, Dr. Bayer provided a historical look at our rela-
tionship with money, and discussed the psychology of commerce and the
human evolution of economic theory juxtaposed with concepts in ethics,
virtue, and morality. We learned strategies for embracing integrity and
rediscovering virtue, and explored lessons in character exemplified by sto-
ries about codependency and deceptions on Wall Street. In this volume,
the author examines the effects of “money problems” on the mind and
the body, and offers deeper discussions and examples that build on the
concepts introduced in the previous volumes.
For example, Dr. Bayer’s compelling descriptions of the insane, des-
perate pursuit of a life of money on Wall Street, and the uninhibited love
for money reveal what looks clearly like a pathological drive, in finan-
cial professionals, to seek and want more and more of it—often to their
physical and psychological detriment. Through his lens and credibility,
having witnessed the pathology of “money problems” among people who
everybody would consider to be “The Haves,” we are able to explore man-
ifestations of excess galore, and the corresponding troubles that, invari-
ably, accompany it: from chemical dependency and sexual misbehavior to
gambling and marital infidelity.
Of course, no one sets out to become a drug addict or pathological
gambler, and they certainly do not aspire to destroy their careers, devas-
tate their marriages, and hurt the ones they love: (but) as we see from the
examples in this book, that is, sadly the invariable outcome when the un-
adulterated pursuit of riches, without considerations for the importance
of good character or the need for mind and body balance, drives behavior
on Wall Street.
This volume, indeed, offers good lessons for all of us who seek money
without complementing our pursuit of it with a personal sense of balance.
Through each and every page in the book, we are reminded that there are
so many circumstances and influences to lure the Wall Street professional
from a direction of success and wellness down a path to perdition. Indeed,
x FOREWORD
the siren song of greed and excess is deafening, and in reading the stories
we are invited to envision for our own selves, as key question: what does
having a good life mean, and what is the role of money in our equation?
In many ways, the book helps us to examine our own motives, even
though the stories are those of financial professionals on Wall Street. For
example, we see that Wall Street professionals like to kick up their heels—
after all, Work hard, play hard is their favorite cliché. They like money and
what can be done with it. They understand money as a tool, more specif-
ically, as an instrument of power, and as the backstory of human experi-
ence. They also like “nice things.” As soon as young financial professionals
start to make significant money, they become enchanted with brands;
they are supposed to; after all, we are a culture of desire.
From this, we learn that, like everyone else, financial professionals
enjoy making money and spending it—the more lavishly, the better.
This is how the Street’s culture measures success, power, status, stature,
reputation, and, ultimately, value or worth. For some, on Wall Street,
$25 million is considered small change, especially so during the dot-com
boom, or if one was not on the wrong end of the subprime meltdown.
For others, “living the good life” means spending $1,500 a night at luxury
hotels on the French Riviera, or impulsively buying a Rolls Royce for a
lover who is a car buff, or enjoying exotic sex on demand.
With decades of interaction with Wall Street professionals, Dr. Bayer
has heard it all—outlandish tales of debauchery, depravity, and decadence.
He shares with us stories he has learned and witnessed both in and out of
the office—stories from Street people who felt the need to brag about their
ability to overspend and live extravagantly. Bragging about over-the-top
vacations, high-priced designer clothing, elaborate parties, in-house chefs,
personal travel guides, and more—this kind of talk, conspicuously detailing
one’s consumption of luxuries, is ultimately about power, status, reputation,
and, of course, about image and control. This volume is, literally, bursting
with stories and strategies, including solutions for identifying life’s goals, with
an aim to manage internal and external expectations that keep us all on guard.
Dr. Anestine Hector-Mason,

Managing Director, The Conscious Press, LLC.
CHAPTER 1
Money Problems—
The Effects on the Mind
There is nothing better and quicker than a huge economic crisis to sober
up Wall Street, as well as the rest of us trying to survive and prosper on
Main Street. An economic crisis precipitated by much bad, even evil,
behavior within the financial industry itself—where people fall easily
into a culture of arrogance, betrayal, entitlement, deception; in short,
corruption—is especially sobering. An economic downturn forces one
to adopt new money-management strategies both personally and profes-
sionally, to become more practical and sensible.
Virtually everyone’s sense of valuation changes: very few people brag
about expensive hotel rooms or Ferraris anymore—even if they can afford
them—and for some “the good life” sounds like a thing of the past. When
suddenly there is a lot less money to be had, its accumulation and expen-
diture are exposed as having created false senses of self and of security—an
artificial superiority that only serves to numb us to feelings of inadequacy
and perpetuate a sense of emptiness. The ability to envision and interpret
signs of a looming crisis is also impaired when irrational exuberance col-
ors the human psyche. Our minds become affected and infected!
Severe economic downturns and financial disasters take their emotional
toll on financial professionals and clients alike. If we are emotion-
ally depressed, our cognitive functioning suffers, and we are less care-
ful, less precise with the data analysis that is required to manage and
hedge risk. Still, economic downturns and living well need not be mu-
tually exclusive. The good life can be affordable regardless of economic
conditions—you just need to adjust your personal definition of “the good
life” by shifting the utilization of your inner resources. People can recon-
figure their understanding of what is truly important and see that they
2 MASTERING THE MONEYED MIND, VOLUME III
are wealthy within themselves. After all, a Presidential Diamond Rolex

chronometer “doth not a person truly make.”
Money Is Only Part of the Equation

If you can cultivate a sense of well-being and “the good life” as being not
merely measured by how much money you make, then you can live that
good life by relying on your internal creative resources—your skills, your
talents—even when your production suffers and the money meter dips.
Having meaningful passions and relationships independent of worldly
goods will allow you to survive the Wall Street storms: the chaos, the
brutality, the pain. You can write that novel or play that you have always
wanted to write, or go to art school; or culinary school; or become a
farmer; or sommelier. I am serious.
Fortunes are made and lost in what seems like nanoseconds, but if you
can identify ways of staying centered, in other words, of maintaining a
sense of emotional equilibrium and of self-worth, then you will ride out
these drops and surges without them affecting the quality of your life.
Sometimes in life you need to sidestep everyday reality; that is not always
a bad thing. Happiness and contentment are emotional commodities that
have no price. This is why financial professionals must create an inner
world bathed in their own core values, passions, and close relationships.
Before we can talk in more detail about how greater happiness might
be achieved, let us identify the symptoms affecting many Wall Street pro-
fessionals, and try to understand how they can be exacerbated in times of
both public and personal crisis. Ultimately, what some consider “the good
life” is a mirage born of vulgar materialism, thickly coated deep-seated
psychological issues, and unhappiness. The section ahead will explore this
irony so as to prepare readers who are developing their gyroscopes.
High-Functioning Addicts
Substance abuse is a tragic reality on Wall Street. Many of the clients I
treat are or have been addicted to some form of drug, either prescribed or
illicit. These are not your typical alcoholics and narcotics addicts. More
often than not, these are what are clinically referred to as High-Functioning
Money Problems—The Effects on the Mind 3
Alcoholics or High-Functioning Addicts (HFAs). They defy many of the ste-

reotypes associated with substance abusers, seeming to sustain successful
careers, personal lives, and relationships, while feeding a growing addic-
tion. In many ways, this type of addiction is more serious, because it is
not obvious and we tend to overlook the behavior when it does infre-
quently emerge, excusing its manifestations as isolated incidents. Thus,
we inadvertently enable our colleague. We make excuses for him or her.
We cover for him or her.
Ironically, the ability to function actually reinforces the denial, lead-
ing to increasingly reckless behavior and furthering one’s descent into a
form of personal hell. Plus, it reinforces a burgeoning sense of grandiosity
and arrogance. Even when those close to the addict suspect a problem,
they seldom know the extent to which the substance abuse has taken over
the person’s life. Inevitably, if the addict excels at everything else, he or she
will surely master the art of manipulation and will be able to effectively
hide his or her consumption.
Meanwhile, overachievers often have a propensity for addictive be-
havior. In my experience, law and business are two professions where you
find high concentrations of overachievers prone to substance abuse as a
channel for relieving stressors produced by excessive workloads and other
job-related pressures. Stimulants are especially abused in this industry.
Chasing a Different Type of Personal High
One client I counseled had a sizable client base and was constantly sought
out for his expertise. Oh, how shocked his conservatively minded clients
would have been upon finding out that he led a secret life in which he was
heavaddicted to drugs and alcohol! How aghast they would have been to
learn of his twin gambling and sex addictions, particularly of his danger-
ous obsession with high-end prostitutes.
As his star rose, the gorilla on his back grew bolder. Firmly rooted in
denial, he convinced himself that he could cope with this endless cycle of
addiction, to the point where he made the disastrous decision to seek a
new highs, pretty much experimenting with all drugs, mainlining some
directly into his bloodstream, which caused required that he wore long
sleeves and turtle necks to hide them. This was madness! He had to wear
turtlenecks, even in the summer, to hide the scarring—sheer, unadulter-

ated madness.
His meteoric professional rise and his personal addictions fed each
other in the constant quest for new experiences, each more and more
intense. It was almost as if his professional persona were in competition
with his psychotic self. Actually, their tandem play was literally driving
him crazy. There was a very good reason for that anxiety—being discov-
ered by his superiors and losing everything.
Unlike addicts in other walks of life, HFAs on the Street are under the
constant scrutiny of a heavily regulated and regimented professional environ-
ment. It is that much more difficult to hide the revolting effects of drug ad-
diction if you are working on Wall Street. Of course, this was not your typical
addict—or so he thought; so they all think. Still, he fell into the same traps.
No one is immune to the consequences of addiction—simply no one.
His relationship with his wife and two children deteriorated. In the end,
he sacrificed his standing at his firm, because when you enter an advanced
phase of substance abuse, it is only a matter of time before your behavior be-
comes your undoing. Fortunately, he eventually agreed to enter a quality rehab
in Arizona. Today, remaining drug-free is a constant struggle, one he will wage
for the rest of his life, but at least he has finally committed to recovery.
Alcohol Most Commonly Abused Substance

Based on my practice, I believe it safe to say that the most commonly
abused substance—the drug of choice—is alcohol. The favorite poison on
the Street, by far, is vodka: high-quality French, Russian, Polish spirit—
the real deal—crystal-clear, quintuple-filtered, and pure as the tears of
St. Matthew himself.1 Money, clearly, is no object—thousand-dollar,
limited-edition bottles fly off the shelves of the city’s high-end liquor
stores during the week before Christmas.
Vodka is ideal for the HFA. Colorless, odorless, with relatively few cal-
ories, it comes in an endless number of flavors, is easily masked by mixers,
and is readily accessible. It also has an oil base and, as such, does not cross
1
As he was a tax collector, St. Matthew has been co-opted as the patron saint of ac-
countants, bankers, and others working in finance.
the blood-brain barrier until there is a quantity of it built up, at which

point it roars across that barrier in full force, the imbiber feeling what is
known as hammered (or, in more polite parlance, anesthetized). Thus, the
vodka-friendly HFA can get through the day on a relatively sober note,
and then, timing it just right, get clobbered right after the close of market.
You see, he wants to get clobbered, he needs to get clobbered; he cannot
take the pain and the anguish. Being anesthetized is better than feeling.
The alcoholic haze soothes wounds and coddles the raw ego.
Unfortunately, this is many a Wall Street professional’s goal after a
killer session or a nerve-racking day on the Street, compounded by terri-
fied colleagues, anxious clients, abusive managers, and a corporate struc-
ture they can barely trust. The old standby, life-giving liquid, aquavit,
clear dose of haze in a frosted shot glass—it packs a powerful punch and
serves as a coping mechanism: an emotional crutch, a conduit for power
fantasies, an artificial sense of well-being. Yes, a modicum of well-being, a
quantum of solace—even if artificial and numbing—the clear sap of grain
that saps your strength and betrays your clarity; yet, for a small opening
in time, makes all your troubles go away.
Money-Mind Problems: The Disease With No Known Cure
Most financial-industry HFAs I have treated have multiple substance-abuse

problems, many capping off chaotic trading sessions with cocaine- and
vodka-fueled binges. Some of my clients, when arriving at my doorstep,
were so uptight and trapped in cycles of dependency and depression, that
they would be hitting the massage parlors during the workday, doing
several lines of cocaine after the market closed. Often, they would then be
so depressed that they would drown themselves in vodka to head off the
crash of coming out of the cocaine high. Yes, they would drink vodka in
order to sober up.
As it impairs judgment, substance abuse also leads to other types of
irresponsible behavior. Cognitive functioning is compromised. Many of
my clients report concentration and memory problems, actual memory
loss, vivid, terrifying tales of genuine blackouts (as observed by spouses,
friends, children), loss of libido, severe fatigue, work-avoidance tactics,
and so on. There are personal problems that you can work through by
yourself, and then there are pending disasters that have the power to jeop-
ardize the smooth flow of the rest of your life.
It is nearly impossible to free yourselves of the shackles of serious sub-
stance abuse without professional help. It is also uncommonly rare to see
someone actively seeking treatment before they have a major traumatic
experience. Unfortunately, treatment is usually a measure of last resort.
In most instances, control obsessions or fear of embarrassment prevent
people from seeking the intensive, immersive rehabilitation treatment
that is required to break the cycles of addiction. Even when someone is
able to address his or her addiction, he or she is often plunges right back
into the fire of enablement and temptation.
Unlike other aspects of the gyroscope, when it comes to substance
abuse, I do not offer a technique or tactic for incremental improvement.
This is a disease, and I would venture to argue that it is one with no cure!
It is, simply, but seriously, a matter of life and death: Your life—or your
death. The decision and solution must come from within.
Sexual Misbehavior and Promiscuity

Dangerous, sexually addictive behavior and sex-related disorders are
among the most prevalent issues I deal with when treating and working
with Wall Street professionals. In a world where values are distorted, sex
can become a commodity to be leveraged. At other times, it is just one
of many manifestations of extremely unhealthy behavior, often coupled
with chemical abuse, fueled by a decadence-driven lifestyle.
There is a vile underbelly to the financial services industry, peppered
with myriad massage parlors, sex traffickers, fetish specialists who cater
to the most outrageous whims—at exorbitant rates, of course. The com-
modity being exploited is severe stress, coupled with fear, even terror.
When depression and self-loathing are thrown into the mix, troubled
brokers are ripe for the flesh trade.
Many of my clients find themselves extremely anxious and tightly
wound; not surprisingly, they became habitual regulars at elaborate massage
parlors geared toward the Wall Street set. This behavior continues with the
patronage of high-end prostitution services and invariably involves cocaine
or other stimulants. Clients drown themselves in sex, cocaine, and vodka,
heading into a daily cycle of insanity, always crashing into a hard depres-
sion. Of course, these behaviors are likely to provoke hell on the home
front. Infidelity is common, both in and out of the office.
Trading in Infamy:
Wall Street Sex Scandals
2009—As per the madam who ran one of New York’s largest, most
expensive escort services (until it was busted in 2008) Wall Street law-
yers, investment bankers, CEOs, and media executives often used cor-
porate credit cards to pay for $2,000-an-hour prostitutes.
2008—Steven Rattner, formerly managing director and head of
DLJ Merchant Banking Partners, resigned in July 2008 to spend more
time with his family, as per a spokesman. The New York Times reported
in August 2008 that Rattner stepped down after an Internet campaign
by Tommi Cosgrove, the husband of Kelly Cosgrove, a woman Rattner
had an affair with 5 years earlier. In a series of website posts and e-mails,
Cosgrove accused Rattner of paying his wife $500,000 to leave him.
2007—BP Chief Executive Lord John Browne left his post at the oil
giant and his directorship at Goldman Sachs Group after it was re-
vealed that he had lied in court about his young male lover, whom he
had met through an escort-service website.
2007—Canadian hedge fund manager, Paul Eustace, as per his own
admission in a deposition filed in court, lied to investors and cheated
on his wife with a stripper. Eustace also used investors’ money to buy
gifts for his mistress. One of the items paid for with investor funds:
breast augmentation. Eustace also admitted to stealing $2 million in
client cash and losing $208 million for his hedge funds.
2006—Dresdner Kleinwort, investment banking arm of Allianz: strip
clubs and prostitutes in the office. In 2006, six female employees filed
suit against the company for creating an atmosphere hostile toward
women. Among the charges: men asked female colleagues to leave
while they entertained clients at strip clubs; some brought strippers
to the company’s offices. The $1.4 billion lawsuit was settled for an
undisclosed sum.
2000—Former Keefe Bruyette & Woods Chief Executive, James

McDermott, was found guilty on six of seven counts of insider trading
for allegedly tipping off an exotic dancer, Kathryn Gannon—stage name
‘Marilyn Star’—to upcoming bank mergers. Gannon, who reaped
$88,000 in profit from the information, was also found guilty.
1987—Peter Detwiler, Vice Chairman of E.F. Hutton & Co., was, as
per court testimony, instructed by his client, Robert V. West, Chair-
man of Tesoro Petroleum, to hire a blonde prostitute for the Finance
Minister of Trinidad & Tobago, whose fiscal stance at the time could
hurt Tesoro’s profits.
Some of my clients maintain apartments in the city, and several even

have special deals with boutique hotels. Many FPs become masters of
telecom sex by assuming false identities in a variety of sordid chat rooms.
Day after day, they engage in all sorts of behaviors; they just pick them-
selves back up and do it all over again. You see, the more successful they
become, the more autonomy and the more resources they have at their
disposal to fuel this self-destructive cycle.
More money and more freedom beget even more of everything. Sex,
for example, is not just something that happens outside the office. Work-
ing in a profession requiring long, intense hours of collaborative inter-
action, it is not surprising that FPs commonly engage in in-office sex.
Sexual predators abound and office assistants of all types, all too eager to
get an edge, become willing participants in trysts at the actual office, after
hours, at nearby hotels, motels, in cars, boats, parks—you name it.
Sex in the City
It is not only the men I counsel that report such damaging routines. A fe-
male broker I worked with settled a major law suit with her firm. She was
afflicted with multiple disorders. For instance, she often went on shop-
ping binges at high-end retail shops, such as Saks and Bloomingdale’s
(burning through some $30,000 in a typical afternoon). She consistently
asserted that she was insatiable with her lover du jour.
She claimed that these types of financial highs helped her survive, and
that she was then able to engage in heavy-duty oral sex (both ways), which
she was usually ambivalent about. She consistently preferred younger

men (5–10 years younger), was very beautiful, vain, and thoroughly
narcissistic. Often, while being penetrated, she insisted that her lover
slap her face, which “enabled” her to have vaginal orgasms. After several
“ear-shattering” orgasms, she would reportedly pass out. The pummel-
ing she endured had a vague, never-defined association with her hillbilly
brother, back home in Pittsburgh.
I have also worked with a few gay brokers (both male and female),
and several reported that after very stressful days the men would cruise the
bars in the West Village and frequently engage in random, binge sex as a
way of soothing their stress, fear, loneliness, and anxiety.
Indecent Proposals
Sex is everywhere on Wall Street. In recent memory, a scandal emerged

involving Wall Street lawyers, investment bankers, CEOs, and media
executives using corporate credit cards to pay for $2,000-an-hour
prostitutes, according to the madam (Kristin Davis) who ran one of
New York’s biggest and most expensive escort services until its demise in
2008. “Some of these guys, I was invoicing on corporate credit cards,” she
said. “I was writing up monthly bills for computer consulting, construction
expenses, all of these things; I was invoicing them monthly so they could get
it by their accountants,” Davis said. As reported by ABC News at the time,
Davis’ stable of 100 prostitutes serviced a client base of 10,000, including:
• A vice president at NBC Universal;

• The CEO of one of the country’s largest private equity firms, who
met “Cameron” at the Peninsula Hotel;
• A major New York City real estate developer who, according to
the list, “will come to the door wearing women’s panties,” and who
spent nearly $100,000;
• A partner at the Wall Street law firm Cravath, Swaine & Moore
“looking for a party girl to come fully equipped” and spent a total
of $20,000;
• An investment banker from Lehman Brothers who saw “Kelsey and
Keely together” and later saw “Aria and Skylar at the same time”;
• An investment banker at JP Morgan who “loves Brooke” and spent

$41,600;
• An investment banker at Goldman Sachs who “only wanted
all-American girls” and spent $27,000;
• A managing director at Merrill Lynch who saw “Lana” using the
name “Nataly”;
• A managing director at Deutsche Bank “who called about seeing
Nataly again.”
While Davis is certainly a notorious example, based on discussions

in the news at the time, she is just one of many sex-industry entrepre-
neurs servicthe insatiable collective lust of Wall Street. Interestingly, one
of my clients actually bragged about having a friend who “snagged” Eliot
Spitzer’s call girl, Ashley Dupre, before Mr. Spitzer indulged himself. My
client was very, very happy to know someone who claimed to do that.
In fact, not long after Davis’ operation was shuttered (she ran three es-
cort services in New York: Wicked Models, Maison de L’Amour, and New
York Body Miracle), Mary Jane Winkler was arrested and charged with
running a brothel not too far away, (on Greenwich Street, in the financial
district) that allegedly provided services to four to five clients daily. Ap-
parently, Winkler’s chic art gallery was doubling as a lunchtime sexual pit
stop for Wall Street brokers.
Another Type of Wall Street Index
In addition to spending lavishly on call girls, Wall Streeters are also noto-
rious for splurging obscenely on the lewd scenery at strip clubs. In fact,
Bronx defense lawyer Edward W. Hayes garnered significant media atten-
tion for coining two measurements useful in determining Wall Street’s
prospects, The HEGI and the HESI: The High-End Girlfriend Index and
the High-End Stripper Index.
Apparently, based on evidence Hayes gathers from the women who are
his clients, when the outlook for the financial-services industry is bright,
traders spend large sums freely on high-end girlfriends and on the sirens at
Manhattan strip clubs. And if an economic downturn drives some traders
from the strip pits—well, they simply seek out sex workers elsewhere.
The Happy Ending?
Based on discussions with my clients, it is apparent that more and more

FPs are eschewing the risk and expense of frequenting escort services and
strippers for the convenience of visiting with a different type of sex worker.
In fact, by 2008, Page Six Magazine reported that Korean massage parlors
had replaced strip clubs as Wall Street’s favorite sex-associated diversion.
Much less expensive than an escort and more discreet than a strip club,
the massage parlor charges a fee for the initial massage, then a premium
for “the happy ending,” negotiated privately with the masseuse. Literally
hundreds of these small shops have sprung up throughout the city, in-
cluding concentrations all over the financial district. Time Out New York
even has a section dedicated to the best happy-ending parlors, featuring
information on “top rub-n-tug joints” where “your spa visit will end with
a smile.” Most notoriously, Bernie Madoff’s longtime administrative assis-
tant, Eleanor Squillari, testified that the Ponzi schemer frequently sought
relief from the pressure at such massage parlors.
Sex Trade Linked to Wall Street Performance
I have yet to come across a comprehensive study on the subject, but,

based on my practice in this area, the rapid proliferation of these types of
sex workers underscores the relationship between money and the mind.
Consider the cyclicality of Wall Street, where sex workers have long plied
their trade, since the brothels of the seventeenth century were located
near the wall that formed the northern boundary of the New Amsterdam
settlement. Since 1854, the United States has been through 32 significant
cycles of expansion and contraction.
Having treated clients throughout many of these boom-and-bust
cycles, I have noticed a substantial uptick in clients seeking assistance for
sex addictions during the downturns. This would seem to run contrary
to Mr. Hayes’ HESI, which spikes during times of prosperity; however,
given the oceans of pornography now available online, escorts that come
to you, and the near-instant release available at the local massage parlor,
only a short walk away, sex on the Street is as prevalent as ever.
Sex is a coping mechanism to relieve the stress caused by various
money-related issues—how to make it, spend it, keep it, have the right
attitude toward it, and so on. In counseling, we need to first unravel these
issues and then address the sexual addictions and disorders that are all too
consuming and compulsive. I noticed that the common denominator, for
many people dealing with these issues, is sexual promiscuity, which is seen
as a channel for soothing their underlying depression, as a modulator of
their stress.
Extreme Lifestyles of The Rich & Famous
Individuals who thrive in the financial-services industry tend to have in-

tense personalities. They also want to and feel entitled to play as hard as
they work. These are people who are driven to take risks, expand their ho-
rizons, stake out new territory. For some, this involves not only expanding
their portfolio, but pushing the limits of their sexuality. As with ventur-
ing into a new area of investment, crossing personal boundaries tends to
involve issues of identity and relationships. In the shallow, materialistic
world of financial services, these challenges are often underappreciated.
For instance, I knew of a young man in his late 20s who came from a
rich family. He is a trust fund baby, and a successful small business man,
married, gifted, charismatic, politically savvy, took home seven-figures an-
nually, and spends considerable time trading. What many people didn’t
know about this man is that he was miserable. Why? He is a transvestite
who has been cross-dressing since the age of six, behavior he feels was initi-
ated via the influence of their neighbor’s daughter and female cousin. He
is addicted to his cross-dressing rituals, and masturbates chronically, at the
end of every single day, regardless of what happened that day.
Ten years ago, he revealed his cross-dressing obsession and, in-
deed, lifestyle to his wife. Although she adores him as a person, she is
openly repulsed by his behavior and it has taken its toll on the mar-
riage. They now have sex very rarely; in effect, she has gone dormant
sexually. He is very lonely and frightened about his future, and cannot
understand why his wife refuses to accept him for who he is. They are
at many painful crossroads. No one else knows about their true situ-
ation except me and the two of them. They are a very popular couple
in their social network; they play very effective roles in their culture.
Deep down, however, they are depressed, lonely, and scared. Their
lack of authenticity and genuineness has destroyed them collectively

and individually.
When I advocate self-awareness, I urge my clients to ask themselves
the hard questions, to no longer repress their emotions and fears. They
need to see themselves for who they are and not through the lens of oth-
ers’ expectations. They need to be comfortable in their own skin.
That, to be sure, is all well and good, but to attain total psychological
well-being, people need to command true acceptance and respect from
the people in their lives on whom they rely for emotional support. No
matter how secure you are in your sexuality, you will always be unsatisfied
if those emotionally and physically closest to you are unwilling to come
to terms with your personal decisions about lifestyle.
This is not an easy dynamic to overcome. When it comes to love re-
lationships, it is very difficult to issue ultimatums or to force someone to
accept you for who you are. Some bridges can be burned. Others cannot.
Some people we can live without and some we cannot.
Getting a Grip on Masturbation
I am constantly amazed at the level of anxiety and insecurity among my

clients regarding masturbation. Masturbation, after all, is a healthy sex-
ual activity. True, among financial professionals there may be a tendency
toward somewhat excessive masturbation behavior. Still, it is extremely
rare that you will find a chronic masturbator suffering from any nega-
tive physiological consequences. Excessive stimulation of the acetylcho-
line neurotransmitter/parasympathetic nervous system may make the
body overproduce sex hormones and neurotransmitters and result in
body-chemistry issues, but again, this is rare.
More likely, most people are more anxious because they feel they are
masturbating too much, and there must be consequences. Sure, there
may be some desensitizing, especially if you require increasingly intense
pornographic materials to orgasm during masturbation. Still, excessive
masturbation itself is usually not an issue, but rather a potential symptom
of another sexual disorder—also, depending on the nature of the subject
matter required for arousal. Excessive masturbation may become a prob-
lem if it is interfering with regular sexual activity with a partner, or if it is
done in public. If it becomes a source of distress or interferes with your

life, you are not necessarily suffering from a serious psychological disor-
der. All that is required is some discipline and behavioral modification
aimed at setting limits.
It is crucial to maintain a healthy attitude toward what you are
doing. Unlike other examples of excess, such as substance abuse and
sexual promiscuity, heavy-duty masturbation is not especially harmful.
It is a release mechanism for the body, physically and spiritually—that
is all. Set some limits, eschew guilt, and establish a routine that works
for your schedule.
For some, this is the essence of treatment: to regain control over
your sexuality and eliminate or minimize dangerous or unhealthy sexual
behaviors.
Marital Infidelity
How prevalent is cheating? According to the infidelity researchers at

“Truth About Deception”2 anywhere from 30 to 60 percent of “all mar-
ried individuals (in the United States) will engage in infidelity at some
point during their marriage … And these numbers are probably on the
conservative side, when you consider that close to half of all marriages
end in divorce.”
I could cite numerous additional sources, surveys, studies, and more.
Yet I have always had an issue with the validity of such findings, simply
because data on infidelity are dependent on the truthfulness of those being
surveyed to admit what few want to admit. In the financial services sector,
and in other professional arenas, where reputation is paramount, I think it
is even more difficult to derive accurate data on the prevalence of infidelity.
An Ideal Incubator for Infidelity
Based on my general practice, in addition to my extensive work with

financial sector professionals, I would venture to say that Truth About
Deception’s statistics are gross underestimates. From my perspective,
2
See http://www.truthaboutdeception.com.
infidelity in our culture is rampant, even celebrated. With the advent of

such websites as Cheaters.com and AshleyMadison.com, the Internet has
fueled sexual obsessions and facilitated related addictions like no other
medium in the history of human sexuality.
This industry is an ideal incubator for infidelity. Financial profession-
als typically work 60-80-plus-hour weeks in a highly competitive envi-
ronment rampant with sexual innuendo, and are certainly full of feelings
of entitlement. It is too logical that one of the more frequent casualties of
such a lifestyle is, unfortunately, marital fidelity.
Pressure breeds frustration and erodes responsible behavior. Many are
chained to their desks before the market opens and feel compelled to
stay hours after the close. These FPs are relentlessly “sharpening the axe,”
endlessly cold-calling prospects. They take clients out to dinner, bar hop,
conduct after-hours seminars—well, you get the idea. The schmoozing,
the selling, the marketing never stops; you are always “on.”
In many instances, senior members of a firm stray from the straight
and narrow quite publicly, which encourages an air of eye-winking per-
missiveness, even if it is contrary to formal company policy.
Success Fueling Insatiable Excess
One of my clients garnered several hundred thousand dollars in profit on

the trading floor one morning. She described the euphoria that enveloped
her, and compelled her to engage in massive sex binges, first with her boy-
friend, then her husband later that evening, and she said it was not even
enough. Insatiable, she left home early the next morning only to head to
her boyfriend’s office to have more sex. This type of market-driven sexual
promiscuity appears to be common for some people.
In this case, the secret lovers established a pattern of engaging in regus-
cheduled illicit trysts at an hourly rate motel. Her routine eventually devolved
into a general weekly pattern, where she would work herself to the extreme in
pursuit of the next big “score,” then would indulge in more binges after the
score. Yet, even as she was successful in eluding detection at home, she eventu-
ally was overcome with deep-seated feelings of depression and guilt. It was a
vicious cycle with a crash she could only temporarily stave off, through great
effort, and one she has yet to conquer.
For, even if you are not caught, there are often severe psychological
consequences to infidelity. Although being discovered in flagrante delicto
(Latin for “in blazing offence”) by your spouse brings with it a whole new
set of devastating corollaries, those in finance often have the most to lose,
as they are driven to accumulate so much.
I recall a trader on the New York Stock Exchange. When he came to
me, he was married with two children, and had a third one on the way by
a young lady he met online. Of the various allures he found in the arms of
his paramour chief was her eagerness to perform fellatio—a gift his wife
had long since stopped giving him. Inevitably, he grew careless and one
evening while he was taking a shower, his wife searched his telephone,
and found encyclopedic texts between he and his pregnant girlfriend. She
broke a 375 mil of Grey Goose on the bathroom door, and chased him
with the broken bottle until he flew out the door to the neighbor’s home
with his towel around his waist. She eventually filed for divorce, and he
ended up moving in with his girlfriend. It may seem a tad amusing, until
you delve a bit deeper into the after math of this little incident, into
the shattered lives, and into the psychology of infidelity. Then, the pain,
anger, rage, and loss simply explode.
The Work Spouse
The relationships at the office continue to evolve, or at least our under-

standing of them does. According to infidelity expert Ruth Houston,
we can expect to see a significant increase in “work spouse infidelity–
workplace affairs which are an outgrowth of the work husband/work wife
relationships which many people consider harmless.”3
This term work spouse is a relatively new concept, used to describe
two colleagues that work closely together and usually spend more time
with each other than with their actual spouses. When people spend time
together, they get close, share much about themselves, expose their vul-
nerabilities, their sensitivities and preferences, and ultimately their inner
secrets. Trouble is often a natural consequence.
3
Ruth Houston. September 1, 2002. “Is He Cheating on You? 829 Telltale Signs,”
Lifestyle Publications.
Houston asserts: “I’ve been sounding the alarm for two years that
work spouse relationships are not as benign as they may seem. Research
in this area is still relatively new, but as more studies are conducted on the
long-term effects of work spouse relationships, it will become apparent
that they’re not so harmless after all. Unless certain precautions are put
into place, today’s work spouse relationship will quickly become tomor-
row’s workplace affair.”4
Houston adds: “If a work spouse relationship is characterized by sex-
ual attraction and secrecy, opportunity is the catalyst that will take it to
the next level. That opportunity can take the form of business travel,
working late, company-sponsored social events, or work spouses social-
izing with each other without the presence of their respective mates.”
Sexual Indiscrimination
As they have begun to make more money, female FPs have become much
more aggressive and outwardly sexual; their libido has increased in di-
rect proportion to their production. It has become quite apparent that
Wall Street professionals, women included, feel that since they work very
hard, they therefore have entitlements that come with the territory. If
they are bored at home, filled with resentment, unfulfilled sexually, then
they seek adventure and fulfillment elsewhere. It is a clear formula in the
fast-moving, moneyed world of the Street.
A high-producing female broker put it to me this way: “I make mil-
lions a year. I can do whoever and whatever I want.” Her husband was a
high school principal, grinding out a living. She feels entitled to exercise
her “sexual prerogatives” as she referred to her lustful needs and active
fantasy life, and claims that her production soars when she does whatever
she wants.
Ultimately, whether it is marital infidelity with a colleague, a superior, a
client, or even a neighbor, you should plan to deal with severe psychologi-
cal, personal, financial, and perhaps even physical consequences. The gyro-
scope is a model for preparedness. You may not be able to resist temptation
4
“Infidelity Trends to Watch in 2009,” a publicity statement released by Houston,
January 10, 2009.
yourself, but at a minimum you can avoid or minimize collateral damage.

And you can plan to extricate yourself from a bad relationship.
Gambling Addictions
Compulsive gambling is a pervasive issue on Wall Street. The ability to
understand and avoid this common pitfall is the key to maintaining a
functioning gyroscope. Ultimately, nothing can unwind the progress you
have made in other aspects of your gyroscope faster than a crushing epi-
sode at the casino.
Gambling—the pathological kind—is a mental health disorder in
which the individual has a psychologically uncontrollable preoccupation
with the urge to gamble, ultimately resulting in damage to professional,
family, and social relationships. Pathological gambling is evident in the
chronic and progressive inability to resist the impulse to gamble. It was
first diagnosed and recognized by the American Psychiatric Association
in 1980 and was subsequently included in the Diagnostic and Statistical
Manual (DSM-IV).
According to the National Council on Problem Gambling, an esti-
mated three million adults in the United States meet the criteria to be
considered pathological gamblers, while another 2 to 3 percent have less
intense, yet still significant issues with gambling, and are thus classified as
problem gamblers.5
Based on the high number of problem gamblers I have treated, I can
assert with confidence that gambling addictions are manifested in much
higher numbers on Wall Street than in the general population. Many on
Main Street perceive Wall Street as one giant, lightning-quick, casino/
roulette, blackjack table. Those in the know are confident that there is a
method to the madness.
Gambling Away Your Inadequacies
I recall a middle-aged broker who was addicted to work. He actually uti-

lizes work as antidepressant therapy.
5
www.ncpgambling.org/
At the same time, this client reported always having suffered from a
massive sense of inferiority. This is a common theme I see with people
who come from humble beginnings. They actually tend to be more intel-
ligent, competent, and driven than their more privileged counterparts,
and yet they also tend to have that nagging feeling of being an outsider.
As they seek to compensate, they sometimes overcompensate, or experi-
ence peripheral psychological issues until they come to terms with these
deep-seated feelings of inadequacy.
This man excelled in college, majoring in accounting, and later be-
came stockbroker at Wall Street firm. Though he rose through the ranks
and reached the million-dollar producer level, his sense of inadequacy was
never dealt with successfully. He became a perfect target for casino hosts,
expert predators, preying on the vulnerable, the depressed, the lonely, the
needy, and the empty souls of our society who dream of hitting it big. He
almost got swept up in the world of internet gambling.
Ultimately, this man was caught by a family member after gambling
away hundreds of thousands of dollars later determined as coming from
one of his many hidden bank accounts. His treatment involved religious
observance of Gamblers Anonymous meetings and regimens, as well as
intensive psychotherapy two to three times per week. What many people
do not understand is that gambling is such a powerful addiction that it
requires a very radical treatment plan to bring someone back from the
brink of destruction.
Today, he is sober and is slowly building back his asset base. He has
faced his demons, but they never quite do go away. He will be wrestling
with them for the rest of his life. We are working on the question of
retirement and the pursuit of his passions, which include horticulture
and collecting Art Nouveau French vintage posters. Mucha, Cheret, and
Steinlen are his favorites.
Gambling Rampant on Wall Street
I would estimate that nearly one-third of the hundreds of finance profes-

sionals I have treated over the years had some form of compulsive, or quasi-
compulsive, gambling problem. When you consider the devastating effects
of gambling, that is a pretty powerful statistic. It’s no wonder few are willing
to discuss this near-epidemic, as such disclosures would almost always lead

not just to loss of employment, but a ban from the securities industry.
The American Psychiatric Association (APA) first identified pathologi-
cal gambling as a mental disorder in 1980. They have now labeled it an
impulse-control disorder. The DSM, a manual the APA uses to classify
mental disorders, itemizes the following criteria for a pathological gambler.
• After losing money gambling, the player often returns the next day
to get even.
• The problem gambler lies to family members or others to conceal
the extent of involvement with gambling.
• Problem gamblers commit forgery, fraud, theft, and embezzlement
to finance gambling.
There are no definitive statistics on pathological or problem gam-

blers among the ranks of stockbrokers and investors. However, based on
an article reported in Kiplinger’s Personal Finance Magazine, Edward
Looney, director of the Council on Compulsive Gambling of New Jersey,
estimates that roughly 10 percent of investors become problem gamblers,
and 5 percent more become compulsive gamblers.6 One may argue that
there are as many, if not more, distinctions between gambling and invest-
ing as there are similarities.
Just Do Not Call Them Gamblers
In a September 2009 article in New York magazine, Malcolm Gladwell

likened Wall Street to games of chance: “Because ability makes a differ-
ence in competitions of skill, we make the mistake of thinking that it must
also make a difference in competitions of pure chance.” This prompted a
negative backlash from the Street. According to a follow-up piece:7
The trading industry is built on the premise that the markets have
a logic. Fund managers judge themselves by ‘benchmarks’ that tell
6
Steven T. Goldberg. August 2001. Kiplinger’s Personal Finance Magazine.
7
“Wall Street’s Gambling Soul Wounded by Malcolm Gladwell,” available at: http://nymag
.com/daily/intel/2009/07/wall_streets_gambling_soul_wou.html#ixzz0eQmE5Kqc
them how close they were to getting the market right. To say that
Wall Street is a game of pure chance, as Gladwell does, is to imply
that the market is a casino, and nothing gets a financier’s blood
boiling like the idea that he’s a glorified croupier. A few months
ago, a prominent bank executive upbraided me because I said his
firm had made a good bet on some securities. ‘Look right there,’
he chided. ‘It’s not a bet! You reporters are always writing about
“bets” in the market! We don’t bet! We’re not out there playing
roulette. These are educated, considered decisions.’ A securities
lawyer pointed out that ‘the odds are always with the house in a
casino.’ If that were so, Bear and Lehman would still exist.
Still, it is estimated that $11 trillion was traded on the various ex-
changes in 2010 alone, but only 5 percent of this amount was for non-
speculative investments.8 Meanwhile, in New York City there exists an
underground Wall Street poker circuit, frequented by bank and hedge
fund traders, with semi-regular games hosted every night of the week.
According to the Council on Compulsive Gambling of New Jersey,
there are certain areas more akin than others to gambling, such as trad-
ing in options, commodities, penny stocks, index investing, new stock
offerings, as well as trading in certain types of bonds and contracts for
government securities.
Compulsive gamblers have different appetites when it comes to

investments. Some like the riskier action that the commodities
and option index allows. Others think of themselves as cautious
long-term investors preferring the blue-chip varieties. But even
the seemingly ultra-safe blue chips dropped in value as much as
riskier-type stocks during Black Monday. Both types of gamblers
enjoy the anticipation of following the daily activity surround-
ing these investments. Newspapers, hourly radio and TV reports
and hundreds of periodicals and magazines add excitement in
seeking the investment edge. ‘Action is their game.’ Investment
goals are unclear, they are in it for the feeling it gives them as
8
Problem Gamblers and Their Finances: A Guide for Treatment Professionals, National
Endowment for Financial Education and National Council on Problem Gambling.
they experience the highs and lows and struggles surrounding the
play. When this activity starts to affect relationships with spouse,
family or employer, or causes financial problems, they have subtly
crossed over the line from ‘investing’ to gambling.
Caught in Gambling’s Grip
I had one particularly troubled, although seemingly oblivious client, who

entered treatment because Gamblers Anonymous (GA) was simply not
helping her effectively control her addiction. Any regimen is only as good
as the commitment to change.
She divulged that she gambled more than two million dollars of hard
earned cash, and it quickly became evident that she had no respect for
money and did not honor her labor in making it; she was self defeating.
Professionally, she was an exceptionally gifted trader, yet she was in-
corrigible, immature, utterly irresponsible, and just could never keep pace
with her losses. I used bibliotherapy techniques—therapy that leverages
books, poetry, and other materials to help foster relationships and in-
crease self-awareness. I had her research the history of money. She came
from a single-parent family and the reading made her “feel part of some-
thing bigger than” herself. Through this technique, she gained respect for
money and her “place in history as a trader.”
We also explored the necessity of hedging and protecting her trades.
We discovered that her early-life paradigm transferred to her current-day
trading practice, which drove her to GA. She got caught up in the gam-
bler’s “magical think” syndrome; she also lacked discipline and consis-
tency. We built in a stop-loss model that had to be applied on every trade,
and slowly she dug herself out of the hole. Still, as other problem gam-
blers, she will wrestle with that demon for as long as she lives.
Obviously, there are many differences between the lives of gamblers
and those of Wall Street professionals, but there are also some similarities.
One major difference is that, whereas problem gambling is universally
viewed as a plague, poor investment decisions are seen as an occupational
hazard. Results in both arenas are rationalized and/or denied almost in-
stantaneously. Yet the process in each job is, at times, similar especially
when times/mood/the market is bad.
Professional gamblers hedge their bets and work on an annual 2 to

3 percent earnings ratio. Their mission is to take as much action as they
can handle (up to $500,000 a year according to gamblers I have treated)
and earn 2 to 3 percent on average, which is no doubt a darn good year
in any field. Compulsive gamblers, by contrast, get high from the action;
winning is not necessarily the big goal.
At open meetings, it is not uncommon for GA members to brag about
how much money they have lost. It is a twisted form of one-upmanship,
for which they earn status and recognition. A client once told me that the
“kiss of death in GA was to be a $20 horseplayer, rather than a bankster
who embezzled millions, and went to Vegas every week.”
The Physiology of Compulsive Gambling
Is gambling a psychological disorder? Is it a physiological defect? Is it a

combination of both? Well, we are not entirely sure. What we do know is
that compulsive gambling is a type of impulse-control disorder. Its exact
causes cannot be specifically determined, though researchers do point to
genetics and dysfunctional chemical relationships in the brain. According
to “Genetics of Pathological Gambling”9 which appeared in the Journal of
Gambling Studies, researchers at University de Alcalá (Madrid), Columbia
University, the New York State Psychiatric Institute, and Universidad
Autónoma de Madrid found that:
Pathological gambling (PG) is an impulse-control disorder and a

model behavioral addiction. Familial factors have been observed
in clinical studies of pathological gamblers, and twin studies have
demonstrated a genetic influence contributing to the develop-
ment of PG. Serotonergic, noradrenergic, and dopaminergic dys-
function have been reported as biological factors contributing to
the pathophysiology of PG.
As the author interprets the findings of various studies, neurotransmit-

ters and the production of serotonin, norepinephrine (or noradrenaline)
9
March 2003. “Genetics of Pathological Gambling,” Journal of Gambling Studies 19,
No. 1, pp. 11–22, DOI: 10.1023/A:1021271029163
and dopamine are what researchers point to when they attempt to

uncover the mystery of gambling-impulse-related brain chemistry. Neu-
rotransmitters serve as chemical conduits that enable communication be-
tween neurons (our nerve cells).
When neurons do not produce certain chemicals in adequate
amounts, communication suffers. One of these chemicals is serotonin,
which governs mood and behavior. Norepinephrine, a hormone released
during episodes of stress or anxiety, also plays a role. Dopamine, the
pleasure-sensation chemical, is also part of the mix. Neurotransmitter
dysfunction is thought to fuel propensity for risk-taking, internal arousal,
and pleasure sensations that collectively lead to compulsive gambling.
Gambling One of Many Woes
Chemical imbalances alone cannot explain all cases of problem gambling.

Research indicates that those suffering from a gambling addiction might
also be wrestling with other issues. One study conducted by the Depart-
ment of Psychiatry at the University of Connecticut Health Center found
that “Pathological gambling is highly comorbid with substance use,
mood, anxiety, and personality disorders, suggesting that treatment for
one condition should involve assessment and possible concomitant treat-
ment for comorbid conditions.”10 According to the study:
The lifetime prevalence rate of pathological gambling was 0.42%.

Almost three-quarters (73.2%) of pathological gamblers had an
alcohol-use disorder, 38.1% had a drug-use disorder, 60.4% had
nicotine dependence, 49.6% had a mood disorder, 41.3% had an
anxiety disorder, and 60.8% had a personality disorder. A large
majority of the associations between pathological gambling and
substance use, mood, anxiety, and personality disorders were
overwhelmingly positive and significant, even after controlling for
socio-demographic and socio-economic characteristics. (p. 5)
10
Department of Psychiatry, University of Connecticut Health Center. May 2005.
“Comorbidity of DSM-IV pathological gambling and other psychiatric disorders: re-
sults from the National Epidemiologic Survey on Alcohol and Related Conditions,”
The Journal of Clinical Psychiatry 66, no. 5, pp. 564–574.
Compulsive gamblers may not be able to control the urge, the impulse to
gamble, even as they know it is damaging them and their relationships with
others. Gambling becomes an obsession that entirely consumes their lives.
Experienced though they may be, even when they know the odds are well be-
yond what they should be to expect a reasonable return, they do not have the
requisite control to stop, and they continue—over the edge, into the abyss.
Many investment bankers, stockbrokers, and traders exhibit similar
characteristics symptomatic of their professional roles. The difference,
however, is that the stakes are much higher and the casualties more nu-
merous. Additionally, collateral damage can be enormous.
Equally troubling is that many of the FPs with severe gambling ad-
dictions whom I have treated, exhibit those same compulsive tendencies
in their professional lives, creating a self-destructive, and eventually even
lethal cycle of obsessive-compulsive behavior. Ultimately, because they
cannot stop, they crash and are completely wiped out, leaving naught but
traumatic wreckage in their wake. It is very difficult for them and their
families to recover financially, emotionally, and sometimes even physi-
cally. Many must go on psychotropic medications, primarily SSRI’s11 and
other anxiety- and depression-management drugs.
Are You a Problem Gambler?
As we have mentioned, gambling addiction, also known as compulsive

gambling, is categorized as an impulse-control disorder. The following
is the diagnostic criteria from the DSM-IV for 312.31 (Pathological
Gambling).12 Persistent and recurrent maladaptive gambling behavior is
indicated by having at least five of the following:
• is preoccupied with gambling (e.g., preoccupied with reliving past

gambling experiences, handicapping or planning the next venture,
or thinking of ways to get money with which to gamble),
11
Selective serotonin re-uptake inhibitors or serotonin-specific reuptake inhibitors
(SSRIs) are a class of drugs typically used as antidepressants in the treatment of major
depressive disorder and anxiety disorders.
12
Source: American Psychiatric Association: Diagnostic and Statistical Manual of
Mental Disorders, Fourth Edition, 1994.
• needs to gamble with increasing amounts of money in order to

achieve the desired excitement,
• has repeated unsuccessful efforts to control, cut back, or stop
gambling;
• is restless or irritable when attempting to cut down or stop gambling;
• gambles as a way of escaping from problems or of relieving a
dysphonic mood (e.g., feelings of helplessness, guilt, anxiety,
depression);
• after losing money gambling, often returns another day in order to
get even (chasing one’s losses);
• lies to family members, therapist, or others to conceal the extent of
involvement with gambling;
• has committed illegal acts, such as forgery, fraud, theft, or em-
bezzlement, in order to finance gambling;
• has jeopardized or lost a significant relationship, job, or educa-
tional or career opportunity because of gambling;
• relies on others to provide money to relieve a desperate financial
situation caused by gambling.
Ironically, Gamblers Anonymous, an international organization

founded in 1957, addressed this type of gambling in literature for their
membership. It states “Don’t tempt or test yourself. Don’t associate with
acquaintances who gamble. Don’t go in or near gambling establish-
ments. Don’t gamble for anything, this includes buying from the stock
market, commodities, and options.” GA lists the following 20 questions
to determine whether or not a person is a compulsive gambler.
1. Did you ever lose time from work or school due to gambling?
2. Has gambling ever made your home life unhappy?
3. Did gambling affect your reputation?
4. Have you ever felt remorse after gambling?
5. Did you ever gamble to get money with which to pay debts or otherwise
solve financial difficulties?
6. Did gambling cause a decrease in your ambition or efficiency?
7. After losing, did you feel you must return as soon as possible and win
back your losses?
8. After a win, did you have a strong urge to return and win more?
9. Did you often gamble until your last dollar was gone?
10. Did you ever borrow to finance your gambling?
11. Have you ever sold anything to finance gambling?
12. Were you reluctant to use “gambling money” for normal expenditures?
13. Did gambling make you careless of the welfare of yourself or your
family?
14. Did you ever gamble longer than you had planned?
15. Have you ever gambled to escape worry or trouble?
16. Have you ever committed, or considered committing, an illegal act
to finance gambling?
17. Did gambling cause you to have difficulty in sleeping?
18. Do arguments, disappointments, or frustrations create within you
an urge to gamble?
19. Did you ever have an urge to celebrate any good fortune by a few
hours of gambling?
20. Have you ever considered self-destruction, or suicide, as a result of
your gambling?
Most compulsive gamblers will respond “yes” to at least seven of these

warning signs. How many questions did you answer with a “yes”?
The Consequences of Successful Deception

Within the nexus of the mind and its relationship with money, when you
are deceptive, you are sometimes the one who is most deceived. In the
long run, material gains rarely outweigh the psychological consequences.
“He who permits himself to tell a lie once, finds it much easier to do it
a second and third time, till at length it becomes habitual; he tells lies
without attending to it, and truth without the world’s believing him.
This falsehood of the tongue leads to that of the heart, and in time
depraves all its good dispositions."
—Thomas Jefferson
Letter to Peter Carr,
August 19, 1785
Not Exactly the Best Policy
I learned of a man who learned the hard way about the psychological
pitfalls of purposefully mismanaging other people’s money. As most
high-profile brokers entrusted with vast sums of money, this man was
exceptionally charismatic and leveraged his affability quite deviously and
maliciously to lure unsuspecting friends and relatives into investing in
projects for which he structured the financing.
There was this one seemingly sure-fire deal (don’t they all seem to be so
at a certain stage?) where he assembled a hotel package designed for an elite
resort in France. He knew all the right things to say and had all the data
he needed to support his claims. In reality, it turned out he was pocketing
the money, cooking the books, in short—abusing everyone he bilked by
stealing from them, lying, and attempting to Madoff them. Eventually, his
scheming began to unravel. One can only trade on the currency of friend-
ship and family relations for so long, especially when money is involved.
Here was a charming, good-looking, charismatic sweet talker, who
went to excellent schools. But there was a darker side to him. He had
never quite lived up to the expectations of his parents, nonetheless, and
fancied expectations himself the black sheep of the family. As a result, he
spent his life underachieving, scamming, stealing—all under the aegis of
seeming gentility and decorum.
Ultimately, he deceived himself into masking his inadequacies with
feelings of superiority, which led to nothing but contempt for his clients
and the investors in his projects. Eventually, everyone grew to despise
him, and he engaged into a series of freaffairs. When you steal from fam-
ily or cheat on your loved ones, deep resentment abounds. Even before
he was found out, his life was alspiraling out of control, descending into
chaos fueled by alcoholism.
In treat we can only seek to stabilize his psyche as he strives to get on
the path to redemption.
The Tangled Web We Weave
Deception, to varying degrees, is part of many economic interactions.

Psychological mind tricks may consist of persuasive communication
techniques to make a person doubt his beliefs and values. This can actu-
ally mislead someone into thinking that what is really right is wrong,
and vice versa.
These tactics involve crafty persuasion and communication skills that
can ultimately influence someone’s thoughts and decisions in strategic
fashion. These types of techniques are very common in the world of fi-
nancial professionals (FPs), who often use them to convince clients to
make certain decisions. Many times, of course, the FP is acting sincerely
in the best interest of the client. Other times, however, the FP can have
other motives for being very persuasive with his clients. Regardless of the
reason, successful deception can be exhausting—more consuming than
one could ever fully realize.
If a person lies and develops a pattern of lying as a way of life, he or she
will continue to slip toward deception, which leads to an entirely new set of
problems. Someone who becomes proficient at lying loses the fear of being
discovered, and can move on to any number of detrimental actions. He
likely will become arrogant, self-assured, or even reckless. As we have seen
time and again, some come to genuinely believe that they are above the law.
You should fear people like this. If such a person is discovered in a
lie and confronted with hard evidence, that individual may be forced to
admit the indiscretion, but will likely seek retribution afterwards. Just as
fear may produce a lie, lies will produce fear and anxiety, leading some to
desperate actions.
Dr. Bayer’s Consequences of Successful Deception
1. The attraction of other deceivers, some pathological, that will ulti-

mately threaten you with their own lies and deceptions.
2. Any success you achieve may be tainted by completely unrelated
deception.
3. You may face litigation and perhaps even harsh fines and imprisonment.
4. You will be shunned by peers and superiors seeking to distance
themselves from your dishonesty.
5. You will lose the respect and trust of loved ones.
6. You will undermine your credibility and ability to perform your job.
7. Relationships will become difficult.
The bottom line with the great majority of financial professionals

whom the author has treated is that doing it right from the start is what
it is all about: staying on the straight and narrow yields infinitely greater
monetary and emotional dividends than any other course of action. This
message cannot be brought home too forcefully or too often.
“Another week, another corporate perp walk. Two former WorldCom

executives were led by government agents to federal court in
Manhattan, where they face charges related to that company’s mis-
statement of billions in expenses. Scott Sullivan, former Chief Finan-
cial Officer, and David Myers, former Controller, join top officers of
Adelphia Communications and Imclone on the list of those recently
arrested in the crackdown on corporate crime.”
– Kurt Eichenwald “Perp Walk,” The New York Times,
August 4, 2002
Avoiding the “Perp Walk”
One of the key concepts of The Wall Street Psychologist’s Gyroscope is disaster
avoidance. As I have found, however, disaster is a relative term on Wall Street.
You see, much of what is done in finance is envisioned in the abstract.
The rise of the Internet and the advent of electronic trading have further
virtualized the industry. I may be giving them too much of a benefit of the
doubt, but it is perhaps for this very reason of being removed from physi-
cal reality that my clients fail to appreciate the potential consequences of
their actions. That is, until law enforcement separates one from the herd
in order to make an example.
Money-Mind Problems: Deer in the Headlights
For instance, there was one unfortunate case of a person who had worked
out a clever scam, by which he would slow down, on a micro level, the
flow of pricing information to the commodities floor of the exchange,
thereby positioning himself to take advantage of the direction in which he
knew investors would be headed. He was not a sinister mastermind, but
he was not exactly innocent either, and knew that what he was doing was
wrong. He just did not really think it was that wrong.
Speaking in psychological terms, he repressed his awareness of the

consequences of his actions. In the blind pursuit of financial gain, he sur-
rendered intellectually and emotionally. In his mind, he convinced him-
self that his actions were not necessarily illegal.
Now, this was not one of the shooting stars of Wall Street who thought
himself impervious to the long arm of the law, who was confident that he
could stall the process, tying up the government in legal proceedings for
years. No—my client was one of the little guys. When his scheme was un
he ended up losing his job. The Street may turn a blind eye to your indis-
crefor a time; until you get caught. Then, you are excommunicated. This
guy was emotionally devastated, shunned by everyone. He was distraught,
could not sleep, and suffered severe anxiety to the point that he could not
even function in key aspects of his life. It was the overwhelming sense of
shame that was so painful to deal with. His identity was wrapped up in his
occupation. When he was found out to be a fraud, it shamed him to his
core and stripped from him everything to which he had moored his life.
He will bear the burden of that shame for as long as he lives.
Eventually, he retooled himself and found a job, but he is not the same
man. He is so frequently reminded of his shame by so many quotidian occur-
rences that he will likely never escape the shadow he has cast on his own life.
I share such cautionary tales to help my clients better understand the
consequences. Many of the exercises I provide in The Wall Street Psy’s
Gyroscope include self-assessments and explorations of key themes, such
as virtue, integrity, honesty. When you have such awareness and regularly
take moral stock of yourself, you are less likely to overlook the conse-
quences of your actions in the heat of the moment.
Money-Mind Problems: Eastern Parallels
The Chinese have an acute appreciation of the psychological potency of

shame. In July 2010, the New York Times reported that:
The Chinese government has called for an end to the public sham-
ing of criminal suspects, a time-honored cudgel of Chinese law
enforcement, but one that has increasingly rattled the public.13
13
A. Jacobs. July 27, 2010. “China Pushes to End Public Shaming.” New York Times.
Public shaming of the accused and the condemned has been a

long tradition in China—one that the Communist Party em-
braced with zeal during episodes of class struggle and anticrime
crusades. Although public executions have been discontinued,
provincial cities still hold mass sentencing rallies, during which
convicts wearing confessional placards are driven through the
streets in open trucks.
These shame parades were as much a deterrent as they were a punish-

ment, since humans have an inherent abhorrence of public humiliation.
Money-Mind Problems: It Will Never Happen to Me
In terms of self-awareness, honesty is essential. Sometimes, focusing on

the consequences helps jar the client into curbing the self-deception
which impedes the creation of a functional gyroscope.
In order to accentuate the urgency of preparing to avoid disaster, we
must first eliminate the “Oh, everybody does that” and “It will never hap-
pen to me” mentality. To do this, we must focus on the consequences—
the more extreme, the better. One particularly jarring mental exercise in
exploring consequences is “The Perp Walk.”
The Perp Walk is a law-enforcement practice of intentionally parad-
ing an arrested suspect (or perpetrator) through a public place so that
the media may observe and record the event. Many people disagree
with this practice, seeing it as a re-staging of the arrest in order to ac-
commodate the media, and a violation of the suspects’ rights. Noto-
rious corporate examples of perp walkers include the former head of
Adelphia, 78-year-old John Rigas, and ex-WorldCom CFO Scott Sullivan,
who turned himself in during the investigation. Despite requests from
their attorneys to minimize the media spectacle, law enforcement still
invited the media, effectively unfolding the drama for the entire world,
in real time.
Not everyone is a John Rigas or Scott Sullivan, though I highly doubt
that either of them thought their nefarious activities would be so promi-
nently publicized, images of their walk of shame now indelibly recorded
as symbols of corporate greed and malfeasance. This speaks to one aspect
of consequences many in the corporate sector fail to contemplate: the
psychological impact caused by the stress of being linked to a corporate

debacle.
In October 2009, billionaire hedge fund founder Raj Rajaratnam and
executives from various prominent US corporations became embroiled in
the largest hedge fund insider-trading scheme on the Street. The scandal was
particularly noteworthy, as it marked the first time investigators had em-
ployed court-approved telephone wire taps in a Wall Street insider-trading
case, propelling shock waves of fear throughout the financial services indus-
try. Apparently, white-collar criminals do not hold up well under question-
ing, as several individuals close to Rajaratnam, then 52 and considered the
richest Sri Lankan in the world, had been cooperating with investigators in
order to avoid penalties of their own. One has to wonder why a tycoon of
Rajaratnam’s ken would resort to such tactics, and, based on the wiretaps,
would be so oblivious to the risks. Comparatively speaking, the $20 million
gained over the course of several years, does not seem worth the risk to a
billionaire, not to mention worth tarnishing the reputation of an individual
considered Sri Lanka’s favorite son.
Those touched by a scandal such as this are irreparably harmed, and
not only in the more obvious ways of fines, financial penalties, and de-
stroyed careers. Once found out, the perpetrator of a financial crime, a
white-collar criminal obsessed with money and success, sacrifices his rep-
utation and the very essence of his being—well, the little they may have
left. Having to cope with such a severe comeuppance is nearly impossible
without bearing heavy emotional scars.
For those who are supposed to be experts in judging risk versus re-
ward, many fail to consider what life would be like should the life they
know fail to continue. For them, the perp walk is more than a pariah mo-
ment, but a parade that never ends.
Money-Mind Problems: The Problem Following a Psychopath
Now, for those who blindly follow the lead of others, I emphasize that
there are some who likely have less fear of the perp walk than others; case
in point—our friend, the financial psychopath.
Perhaps the most widely publicized image in the annals of corporate-
psychopath perp-walking is that showing infamous Ponzi swindler
Bernard Madoff exiting court in December 2008, plowing through a

pack of photographers and shoving one of them, who then suddenly
shoves back. In that brief instance, the instinctual human response is to
feel sorry for Madoff. However, that feeling immediately evaporates when
your brain processes the context of his crimes.
Still, if you freeze that moment, as a hunted man surrounded by
a throng is rudely shoved, a sense of outrage is sparked. That spark is
what separates the human race from the psychopath. In that moment,
the automatic response mechanism within normally functioning hu-
mans prompts a feeling of empathy. Psychopaths do not have that luxury.
True-blue Grade-A psychopaths like Madoff lack the capacity to experi-
ence, or even remotely fathom empathy.
Madoff was ultimately convicted and sentenced to 150 years in
prison. In a shocking jailhouse profile that was a New York magazine
cover story,14 he allegedly demonstrated a jaw-dropping, hard-wired lack
of empathy. This extensive profile detailed his incarceration at the federal
correctional complex in Butner, North Carolina; from his diet and medi-
cation regimen to a list of his notorious neighbors (gangster Carmine
Persico, spy Jonathan Pollard). Yet, what jumped out at me was one al-
leged direct quote:
According to K. C. White, a bank robber and prison artist who

escorted a sick friend that evening, Madoff stopped smiling and
got angry. “Fuck my victims,” he said, loud enough for other in-
mates to hear. “I carried them for twenty years, and now I’m doing
150 years.
Where’s the equity here, Bernie?

Strategic omissions and feigned ignorance are not recognized protec-
tions under US securities law. When you turn a blind eye to malfeasance,
even if everyone else seems to be conceding, you invite consequences.
I encourage my clients to take notice when such public displays
occur, and learn these lessons well. Whether or not he is a financial
14
S. Fishman. June 6, 2010. “Bernie Madoff, Free at Last,” published in a New York
magazine.
psychopath, an FP needs to understand the far-reaching consequences of

his actions, which include possible public humiliation.
Can you handle a perp walk? Or, are you willing to follow a psycho-
pathic CEO into the spotlight? Here is how to avoid the dire experience:
1. Be fiercely honest with yourself and others.

2. Take a fearless inventory of yourself every morning; set your sights
and goals, list your weaknesses and moral vulnerabilities.
3. Stand up for what you think and feel.
A righteous, well-constructed and -honed gyroscope has no place for a

perp walk, or, for that matter, for psychopaths. Worry not. There is inher-
ent virtue in doing the right thing. You can certainly sleep at night, and
your head can stay on straight; you do not ever have to look behind you.
It is the basics that count.
Index
ADD. See Attention Deficit Disorder Diagnostic and Statistical Manual
(ADD) (DSM-IV), 18, 25
ADHD. See Attention Deficit Drugs and psychotherapy, 67
Hyperactivity Disorder DSM-IV. See Diagnostic and
(ADHD) Statistical Manual (DSM-IV)
Addictions, 4, 6, 15, 74, 80, 81, 82
gambling, 3, 18–27 ECT. See Electroconvulsive therapy
sex, 3, 11–12 (ECT)
Affective disorders, 63 Electroconvulsive therapy
Alcohol, 4–6 (ECT), 74
and illegal substances, 59
American Psychiatric Association Faulkner, William, 41
(APA), 20 Fear, power motivator, 81–82
Anxiety, 4, 13, 24, 25, 29, 31, 39, 50, Financial
51, 58, 69, 71, 72, 73, 80, 81 clients, 1
APA. See American Psychiatric crime, 33
Association (APA) decisions and long-term career
AshleyMadison.com, 15 choices, 44
Attention Deficit Disorder (ADD), 51 disasters, 1
Attention Deficit Hyperactivity FPs, 1, 2, 8, 13, 15, 17, 25, 29,
Disorder (ADHD), 51 37–40, 51, 54–55, 59
industry, 1
Big Swinging Dick (BSD), 46 psychopath, 33–35
Bipolar disorder, 64–67 risk aversion, 44
Blood test, 82–83 -services industry, 6, 10, 12, 33, 50,
Body and mind, unbreakable bond, 67, 72
37–42 Finance, 16, 19, 30, 70
Firm, 8, 39, 41, 47, 73
Cacioppo, John T., 62 FPs. See Financial professionals (FPs)
Call girls, 10 Freudian theory, 54
Cheaters.com, 15 Functional gyroscope, 32
Chemical imbalances, 24–25
Chronic GA. See Gamblers Anonymous (GA)
stress, 49, 50 Gamblers Anonymous (GA), 19, 22,
workplace, 50 23, 26
Comorbidity, 79 Gambling addictions, 3, 18–27
Compulsive gambling, , 18, General Adaptation Syndrome, 68
23–24, 25 Gyroscope, 6
Constant struggle, 4
Crowded room, alone in, 60–63 Happy ending, 11
Harmony and moderation, 43–46
Depression disorder, 64–67, 72–74 Hayes, Edward W., 10
96 INDEX
HFAs. See High-Functioning inviting the inevitable versus

Alcoholics/High-Functioning avoiding the avoidable,
Addicts (HFAs) 58–59
High-Functioning Alcoholics/High- mania disorder, 64–67
Functioning Addicts (HFAs), mask, hiding behind the,
2–5 75–77
Houston adds, 17 mood disorders, 63–64
Houston asserts, 17 stress, 59–60, 67–71
Human mind, effects on
behavior, 43 alcohol, 4–6
sexuality, 15 equation, money is only part
Hypochondriac, 49 of, 2
gambling addictions, 18–27
Immune system, 54, 62 high-functioning addicts, 2–4
effects on, 46, 49–51 sexual misbehavior and
Indecent proposals, 9–10 promiscuity, 6–18
Inevitable versus avoidable, 58–59 successful deception,
Infidelity, ideal incubator for, 14–15 consequences of, 27–35
Mood disorders, 63–64
Kama Sutra-style sex, 47
National Institute of Mental Health, 72
Low-density lipoprotein (LDL), 58 National Sleep Foundation, 52
Negative physical consequences, 45
Magical thinking syndrome, 22
Mania disorder, 64–67 Omnipotent impotence, 46–48
Mask, hiding behind the, 75–77
Masturbation, 13–14 Page Six Magazine, 11
Materialism, 2, 75 Pathological gambling (PG), 24
Meditation, 70 Patrick, William, 62
Mind-body connection, 43, 45 The Perp Walk, 32, 33
Mirror, 81 Personal stress, 50
Money problems PG. See Pathological gambling (PG)
body, effects on Physical
harmony and moderation, consequences, 53
43–46 development and exercise, 43
immune system, effects on, Poor emotional health, 46
49–51 Psychology, 16, 79
mind-body connection, 43 win/loss ratio, 38
and mind, unbreakable bond, Psychological
37–42 disorder, 23–24
omnipotent impotence, 46–48 pressure, 46–47
sleep deprivation and insomnia, Psychosomatic disorders, 37
52–55
warning signs, 42–43 Rich & famous, extreme lifestyles of,
heart, effects on 12–13
bipolar disorder, 64–67
crowded room, alone in, 60–63 Sex, 8–9, 11–12
depression disorder, 64–67, Sexual indiscrimination,
72–74 17–18
INDEX
97
Sexual misbehavior and promiscuity, Wall Street, 1, 2, 4, 9–12, 18, 19–22,

6–18 31, 33, 46, 46, 49, 52, 66,
Sleep deprivation and insomnia, 69, 72, 75, 76
52–55, 65 culture, 37
Social activities/relationships, firm, 4, 19, 21, 39, 76
42–43 professionals, 2, 5, 6, 17, 22, 37,
Stress, 50–51, 67–71 49, 50, 57, 59–63, 69, 72,
warning signs of, 59–60 75, 80
Substance abuse, 2–3, 5, 6, 43, 82 sex scandals, 7–8
Suburbialand, 71 storms, 2
Success fueling insatiable excess, Wall Street Psychologist’s Gyroscope,
16–17 30, 31, 37, 42, 48, 59, 63,
Successful deception, consequences 70, 83
of, 27–35 Warning signs, 42–43
Winkler, Mary Jane, 10
Testosterone, 44 Work spouse, 16–17
Toxic maelstrom, 47 Workplace stress, 49
OTHER TITLES IN OUR ECONOMICS AND
PUBLIC POLICY COLLECTION
Jeffrey Edwards, North Carolina A&T State University, Editor
• Understanding the Indian Economy from the Post-Reforms of 1991, Volume II: Anatomy
of the Indian Economy by Shrawan Kumar Singh
• Understanding the Indian Economy from the Post-Reforms of 1991, Volume I: History,
Evolution, and Growth by Shrawan Kumar Singh
• Business Liability and Economic Damages, Second Edition by Scott D. Gilbert
• The Economics of Online Gaming: A Player’s Introduction to Economic Thinking
by Andrew Wagner
• Global Sustainable Capitalism by Marcus Goncalves, Mario Svigir and Harry Xia
• Political Dimensions of the American Macroeconomy by Gerald T. Fox
• The Options Trading Primer: Using Rules-Based Option Trades to Earn a Steady Income
by Russell A. Stultz
• A Guide to International Economics by Shahruz Mohtadi
• Foreign Direct Investment: The Indian Experience by Leena Ajit Kaushal
• Urban Development 2120 by Peter Nelson
• Disaster Risk Management in Agriculture: Case Studies in South Asian Countries
by Huong Ha, Lalitha S. Fernando and Sanjeev Kumar Mahajan
• The Option Strategy Desk Reference: An Essential Reference for Option Traders
by Russell A. Stultz
• Disaster Risk Management: Case Studies in South Asian Countries
by Huong Ha, Lalitha S. Fernando and Sanjeev Kumar Mahajan
• Economic Renaissance In the Age of Artificial Intelligence by Apek Mulay
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Mastering the Moneyed

Mind, Volume III

Dr. Christopher Bayer

All rights reserved. No part of this publication may be reproduced, stored

First published in 2021 by

ISBN-13: 978-1-95152-796-9 (paperback)

Business Expert Press Economics and Public Policy Collection

Collection ISSN: 2163-761x (print)

Cover and interior design by S4Carlisle Publishing Services Private Ltd.,

First edition: 2021

Printed in the United States of America.

the Good Life—words of encouragement to help them keep their eyes

Chapter 1 Money Problems—The Effects on the Mind......................1

Dr. Anestine Hector-Mason,

are wealthy within themselves. After all, a Presidential Diamond Rolex

Money Is Only Part of the Equation

Alcoholics or High-Functioning Addicts (HFAs). They defy many of the ste-

Chasing a Different Type of Personal High

turtlenecks, even in the summer, to hide the scarring—sheer, unadulter-

Alcohol Most Commonly Abused Substance

the blood-brain barrier until there is a quantity of it built up, at which

Money-Mind Problems: The Disease With No Known Cure

Most financial-industry HFAs I have treated have multiple substance-abuse

Sexual Misbehavior and Promiscuity

2000—Former Keefe Bruyette & Woods Chief Executive, James

Some of my clients maintain apartments in the city, and several even

Sex in the City

she was usually ambivalent about. She consistently preferred younger

Sex is everywhere on Wall Street. In recent memory, a scandal emerged

• A vice president at NBC Universal;

• An investment banker at JP Morgan who “loves Brooke” and spent

While Davis is certainly a notorious example, based on discussions

Another Type of Wall Street Index

The Happy Ending?

Based on discussions with my clients, it is apparent that more and more

Sex Trade Linked to Wall Street Performance

I have yet to come across a comprehensive study on the subject, but,

Extreme Lifestyles of The Rich & Famous

Individuals who thrive in the financial-services industry tend to have in-

lack of authenticity and genuineness has destroyed them collectively

Getting a Grip on Masturbation

I am constantly amazed at the level of anxiety and insecurity among my

done in public. If it becomes a source of distress or interferes with your

How prevalent is cheating? According to the infidelity researchers at

An Ideal Incubator for Infidelity

Based on my general practice, in addition to my extensive work with

infidelity in our culture is rampant, even celebrated. With the advent of

Success Fueling Insatiable Excess

One of my clients garnered several hundred thousand dollars in profit on

The Work Spouse

The relationships at the office continue to evolve, or at least our under-

yourself, but at a minimum you can avoid or minimize collateral damage.

Gambling Away Your Inadequacies

I recall a middle-aged broker who was addicted to work. He actually uti-

Gambling Rampant on Wall Street

I would estimate that nearly one-third of the hundreds of finance profes-

to discuss this near-epidemic, as such disclosures would almost always lead

There are no definitive statistics on pathological or problem gam-

Just Do Not Call Them Gamblers