sotto voce

I’d just like to say that while I can understand why Thain gave those bonuses out, they shouldn’t come out of taxpayers’ money. So yes, shame on you, Thain…
Actually, I don’t know how to feel about the mass vilification of Wall Street. On one hand, I’m appalled by the obscene amount of bonuses people in finance get. But on the other hand, wealth creates wealth. Image of success and wealth creates confidence, which inspire investors to invest and pile their money, so that more investors follow suit etc etc. In the absence of confidence (such as now), this global capitalist system just does not work.
Still, ... I’ve read in the NYTimes couple years ago that the top hedge fund managers earn about a billion dollar of earning per year. WTF. And given their 2 + 20 commision structure, they don’t even have to be that good – they just have to have super loaded clients and a lot of guts. WTF, again.
Meanwhile, imagine the number of smart people who will choose to go into more worthwhile causes if only they do not get lured by the promise of wealth offered by Wall Street. I’ve personally known two PhD candidates who dropped out of Ivies to go into banking. For all we know, they could’ve invented the cure to AIDS or the next biofuel. And, btw, they’re not anecdotes, they’re the story of my generation. Hordes of top colleges graduates line up for spots at investment banks and consulting firms because they’re the ones who’ll provide the high salaries and awesome benefits – not research labs. 

The trend is changing, it seems. Not only do the remaining true-blue i-banks (JPM and GS) hire less people, the youngins’ are also deterred by the job insecurity Wall Street embodies. Hopefully that inspires more brilliant people to choose the ‘other’ path and say NO to being excel monkeys.