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A wave of drug abuse has rocked Wall Street hard — and it’s pushing record numbers of strung-out bankers, traders and other hotshot financial workers to seek treatment, a Post investigation reveals.
The Street’s raging drug-dependency explosion may be out of control, medical experts say, as the once-Masters of the Universe struggle with reduced pay and staff.
Where once cocaine was the drug of choice for money managers, financial-service employees are now behind the surge in opioid painkiller use such as: Vicodin-, Oxycontin- and Percocet-linked visits to New York City emergency departments, 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.
“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 mayor said.
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.
In a groundbreaking study, University of Pennsylvania professor, Alexandra Michel, takes a chilling look at the dark side of life for a modern financier: Six out of 10 investment bankers suffered serious stress – emotional and physical problems abound – with many abusing prescription drugs.
“I am seeing an increase in the need to refer my patients to drug-treatment centers,” said Dr. Alden Cass, a Midtown psychologist who treats bankers, hedge-fund traders, financial advisers and other Street pros. Cass sees about 45 patients each week.
“The number of referrals I have made to psychiatrists has probably gone up . . . 35 percent to 40 percent in the past year,” he said.
Cass cited profit-crazed banks as a factor in tipping many pros over the edge.
“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.”
That roller-coaster routine takes a huge toll. “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,” said 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.
“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,” said Kardaras.
Experts are not surprised by the Street’s latest binge. “The Street is riddled with anxiety, depression, fear and narcissism,” said New York clinical psychologist Dr. Christopher Bayer.
“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 said 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.