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The entire financial sector. It captures 30% of all corporate profits in the world economy. Ads are bad, but not "take 1/3 of what other people make" bad.
by ScottFree 6y ago
The entire financial sector. It captures 30% of all corporate profits in the world economy. Ads are bad, but not "take 1/3 of what other people make" bad.
- 3fe9a03ccd14ca5 6y agoYou’d figure bank stocks would be performing better, considering they’re capturing so much purported profits.
- ScottFree 6y agofair enough. Updated to specify the entire financial sector, not just banks.
- logfromblammo 6y agoCapturing other companies' profits is just step 1 in the plan to put as much of that money in your own pockets as possible. If you're willing to "steal" from other companies, why wouldn't you also "steal" from the owners of your own company? Why pay a dividend when you can pay bonuses?
- parenthesis 6y agoIn many listed financial companies it is certain employees and management who do well financially, rather than the shareholders.
- sweeneyrod 6y agoAs Matt Levine puts it, investment banks are kind of like socialist collectives run for the benefits of their workers.
- ploika 6y agoYou're under absolutely no obligation to like it, but banks do provide essential services for a fee. They're also (belatedly and sometimes decreasingly) heavily regulated in most of the world. What they do isn't always rent-seeking.
- anthony_doan 6y ago> but banks do provide essential services for a fee. They charge you for not having enough money in your checking account, while using your money to give out loans and make money off of that. Basically charging you for being poor while making money off of your by fee and loaning your money to other people. I'm old enough to remember they never charge a fee for not having enough money in the bank account. I left my bank for a credit union. Also Well Fargo was caught recently in a dubious sketchy scheme.
- ipnon 6y agoPlease note these activities are unrelated to high frequency trading.
- anthony_doan 6y agoHFT isn't essential services.
- thedufer 6y agoNYC seems to disagree (at least some market makers are currently considered essential businesses).
- derision 6y agoNot all banks do that
- gowld 6y agoApp store takes 30% of revenue before you even start advertising..
- ScottFree 6y agoThe App store's main source of revenue isn't advertising, it's acting as a marketplace for apps. It also doesn't capture 30% of the entire economy that it operates in.