A New York psychologist says caustic verbal abuse is the best treatment for traumatized Wall Street jocks.

by Dr. Stephen Josephson

Last week the bottom dropped out of the financial market, and in a peculiar way, the brunt of the collapse fell on me. I counsel senior executives at Lehman Brothers, Goldman Sachs, Bear Stearns, Merrill Lynch, Citibank, Deutsche Bank, Moody's, and a number of hedge funds. I've even treated a few US cabinet members in my 30 years in practice.

My schedule is always packed—I see about 80 people a week. But for the past few weeks, my phone has been ringing off the hook, as self-worth on Wall Street plummets faster than WaMu stock.

If you had a friend in this situation, would you tell him to throw in the freaking towel? I ask. No, you'd say get off your goddamned ass and make some money.

Many of my patients have lost tens of millions in recent weeks, and some are suicidal. But the macho marine mentality that pervades Wall Street makes my work difficult. With these guys, none of the usual therapy tactics—like empathy, hand holding, and talking about their controlling moms—has any effect. The only thing they respond to? Bullying. As tough guys, they want to be slapped out of their depression by a guy who's as tough as they are. Cursing is essential.

Don't be such a pussy, I tell them when they're down. You're going to let them stop you and turn you into some fuckin' girl? You lost your balls? Put them back on. You made 15 million dollars once—you can damn well do it again.

I don't enjoy turning into a trash-talking drill-sergeant, but in a crisis, it's the only thing that works. The two things these guys understand best are winning and losing, so you treat them like professional athletes. You have to equate suicide and depression with failure. If you had a friend in this situation, would you tell him to throw in the freaking towel? I ask. No, you'd say get off your goddamned ass and make some money.

Most guys in finance won't even admit they're feeling depressed—they walk into my office complaining of back pain, sleeplessness, and lost appetite, saying their wives or physicians made them book an appointment. I have tons of Goldman Sachs partners in my practice, and I have to be careful to schedule them at different intervals since no one wants to be seen visiting a shrink. Wall Street culture has created men, and yes, a few women, who are not equipped to deal with overwhelming emotions. There's an attitude that you ought to be able to control your thoughts and feelings, that if you feel anxious or depressed you're a wuss, a pussy, a loser. When investment firms and bank accounts take a hit, millionaire brokers no longer know who they are; the crash has literally wiped out their identities, humiliated them, and deprived them of their status symbols—third homes, housekeepers, and private jets.

Soon the next wave of crisis will be here: high-powered marital problems. A lot of these couples observe ancient gender roles—the men make the money and the wives spend it. One of my clients was torturing her husband during divorce proceedings by holding out for a larger share of his stock. Due to the dispute, he couldn't sell his stock even as the market plummeted—his wife has virtually no understanding that her greed cost both of them a substantial sum.

Once I've talked everyone down from the ledge, there will be marital fights to mediate. Many Wall Street wives think their husbands are still raking in cash and continue to schedule housing renovations, fancy vacations, and trips on the private. This leads to spats about money. Although bullying isn't appropriate for this situation, I try to keep my sense of humor. I demand that these guys look at their own role in the conflict without blaming their spouse. But if someone carries on about how his wife spends all his money, at a certain point I'll say, Can it.

—As told to Lizzie Stark