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The culture sucks, and the reasons for that are deep and sociological, but Wall Street firms are definitely not stupid. As for counterproductive, that's a very
by pw0ncakes 17y ago
The culture sucks, and the reasons for that are deep and sociological, but Wall Street firms are definitely not stupid. As for counterproductive, that's a very long discussion, because financial markets are probably a necessary evil. The short version is: most people suck at capturing the value they add. Wall Streeters are great at snaring this surplus value, so you have a lot of ridiculously overcompensated people at the top.
- jacobolus 17y agoIt’s pretty counterproductive to have 30 or 40 percent of the graduates of the top colleges in the country going to work on Wall Street, as was the case in the mid-2000s, “snaring surplus” rather than producing something of their own.
- pw0ncakes 17y agoNo disagreement there. I think Wall Street's only constructive purpose is to bid up the price of talent. This makes analyst programs (staffed with the untalented) a total waste, but that's another discussion.
- deleted 17y ago[deleted]