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> there are tons of guys on Wall Street making a million a year and if they lost their current gig they'd never work in the industry again. Can you elaborate o

• jpeg_hero 10y ago
  One illustrative case: A guy I know was an expert at each of the legalese paragraphs in a high yield bond offering (aka "junk bonds"), his knowledge and experience could save issuers millions with a single tweak. After fin crisis of '08: junk bond market close for a few years, was let go. By the time the market came back, there was a whole crop of young guys that survived '08 and had come up the ranks, no need for him. For a more current example ask some FIC traders that are getting laid off at banks this year. Tweaking bond offerings and doing FIC trading is not a "leather tanner" type skill. Maybe coding is for reprograming the "moister harvesters" but it sure isn't for "$1m a year doing "other bets" at Google"