While it is common knowledge that drug abuse is everywhere, there is one place that runs rampant with drugs that is rarely talked about and that place is Wall Street. Drug use tends to be more prevalent in certain circles and on Wall Street the once preferred cocaine has now been replaced with prescription drugs. Marijuana was and still is very popular.
Wall Street regulars partake in a fast paced business that requires long hours so it is not surprising that what may start off as an occasional treat can blossom quickly into a full blown addiction. Their success and huge paychecks only serve to further complicate the problem.
More and more money managers and financial-service employees are engaged in opioid painkiller abuse and have been linked to visits to New York City emergency rooms, a recent city health report says. As a result of that report, Mayor Bloomberg announced new emergency-room guidelines to prevent opioid prescription painkiller abuse.
Mayor Bloomberg said, “Prescription painkillers can provide life-changing relief for people in dire health situations, but they can be extremely dangerous if used or prescribed improperly.”
The most recent data show that visits to New York City emergency rooms for opioid painkiller-linked conditions has risen to 143 patients out of every 100,000 — almost tripling in the last six years. University of Pennsylvania professor, Alexandra Michel says a groundbreaking study has suggested that six out of 10 investment bankers suffered serious stress – emotional and physical problems abound – with many abusing prescription drugs.
Dr. Alden Cass, a Midtown psychologist who treats bankers, hedge-fund traders, financial advisers and other Street pros says, “I am seeing an increase in the need to refer my patients to drug-treatment centers. The number of referrals I have made to psychiatrists has probably gone up . . . 35 percent to 40 percent in the past year.” Cass sees about 45 patients each week. Cass cited profit-crazed banks as a factor in tipping many pros over the edge.
Cass continued, “All these corporations are becoming leaner, with mass layoffs of employees,” he said. “Every day is a new battle. Employees could either be up $100,000 or $250,000 or down $500,000 — so you know their moods are attached to how they’re doing.”
Dr. Nicholas Kardaras, clinical director of The Dunes East Hampton, an exclusive rehab center for Wall Street’s addicts on Long Island where a full treatment regimen can run as high as $65,000 a month said, “Here’s some of what I’ve discovered: The two-martini lunch from the ‘Mad Men’ era has turned into the two- and three- Xanax lunch, or the two- or three-Vicodin lunch. Many might find it difficult to believe that people who run hedge funds or run multimillion-dollar businesses can be full-blown drug addicts and alcoholics. Yet I’ve had clients from these professions.”
New York clinical psychologist Dr. Christopher Bayer said, “The Street is riddled with anxiety, depression, fear and narcissism. Its culture is driven by money, lust, power and control issues, and betrayal and deception. The culture is what stimulates addictions to substances, including prescription medications, illicit drugs, and alcohol.”
Kardaras concluded that one of his wealthy Wall Street executive patients is hooked on 100 pills a day, each costing anywhere from $5 to $25. “He uses a dealer because this quantity is not legal,” Kardaras said.
This problem is forcing the need for more detox and rehab facilities to have programs specifically designed to help business men and women. Luxury rehab facilities offer complete confidentiality and can even offer access daily to certain and limited work obligations while still being fully engaged in complete recovery.
