4 ms·

I'm not sure what the best enforcement mechanism would be, but this should be addressed through national legislation. Perhaps mandatory overtime and/or some kin

I'm not sure what the best enforcement mechanism would be, but this should be addressed through national legislation. Perhaps mandatory overtime and/or some kind of business-level tax for anyone working more than 40 hours a week? Nobody should be "exempt" from earning overtime.

valuearb 6y ago
These people chose a job that offered a career path to become super wealthy. These hours are the price for their shot at massive riches.
- minikites 6y ago
  So it should be accounted for directly instead of laundering it through "exempt" status.
  - valuearb 6y ago
    So you would prefer them to work only 40 hours per week, and pay Goldman Sachs the difference in value they are accruing?
    - minikites 6y ago
      No, I'm saying that if they work more than 40 hours in a week, they get overtime pay at a higher rate than their usual pay instead of working 90 hours and getting paid for 40. Maybe an extra tax on Goldman's end so they're discouraged from scheduling people in this way.
      - valuearb 6y ago
        The end result would be to force first year hires to work for free as interns, since their job involves a massive transfer of value from GS to them in terms of future earnings.
wombat-man 6y ago
I have friends who work in finance. They don't work hours like this because they don't sign up for it. They end up making a little less, but they have a life. There are other jobs and places to work at within finance.
ArchitectAnon 6y ago
Germany has this. They’re not a poor country.
- valuearb 6y ago
  And their best finance people go to the US to make more money.
  - minikites 6y ago
    Oh no, whatever will we do without finance people who work to make imaginary numbers go up on a spreadsheet? Our whole economy would collapse!
    - valuearb 6y ago
      What would we do without nerds to type commands into an editor? When you don’t understand what another persons value really entails, it’s easy to make fun of. Warren Buffett is in finance, has never used a spreadsheet, and built a business that employs over 400,000 people.
      - minikites 6y ago
        Look at the charts here: https://en.wikipedia.org/wiki/Financialization https://en.wikipedia.org/wiki/Financialization Their entire job is to inflate the price of existing assets. There is no other productive purpose, this money is not being re-lent for people to start businesses and it is not serving any other practical purpose, it's literally "number go up". >The securities that were so instrumental in triggering the financial crisis of 2007-2008, asset-backed securities, including collateralized debt obligations (CDOs) were practically non-existent in 1978. By 2007, they comprised $4.5 trillion in assets, equivalent to 32% of U.S. GDP. That's 4.5 trillion dollars in imaginary money that isn't serving any purpose. Even Warren Buffet agrees: >Warren Buffett (who famously disparaged CDOs and other derivatives as "financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal"

valuearb 6y ago

These people chose a job that offered a career path to become super wealthy. These hours are the price for their shot at massive riches.

minikites 6y ago
So it should be accounted for directly instead of laundering it through "exempt" status.
- valuearb 6y ago
  So you would prefer them to work only 40 hours per week, and pay Goldman Sachs the difference in value they are accruing?
  - minikites 6y ago
    No, I'm saying that if they work more than 40 hours in a week, they get overtime pay at a higher rate than their usual pay instead of working 90 hours and getting paid for 40. Maybe an extra tax on Goldman's end so they're discouraged from scheduling people in this way.
    - valuearb 6y ago
      The end result would be to force first year hires to work for free as interns, since their job involves a massive transfer of value from GS to them in terms of future earnings.

wombat-man 6y ago

I have friends who work in finance. They don't work hours like this because they don't sign up for it. They end up making a little less, but they have a life. There are other jobs and places to work at within finance.

ArchitectAnon 6y ago

Germany has this. They’re not a poor country.

valuearb 6y ago
And their best finance people go to the US to make more money.
- minikites 6y ago
  Oh no, whatever will we do without finance people who work to make imaginary numbers go up on a spreadsheet? Our whole economy would collapse!
  - valuearb 6y ago
    What would we do without nerds to type commands into an editor? When you don’t understand what another persons value really entails, it’s easy to make fun of. Warren Buffett is in finance, has never used a spreadsheet, and built a business that employs over 400,000 people.
    - minikites 6y ago
      Look at the charts here: https://en.wikipedia.org/wiki/Financialization https://en.wikipedia.org/wiki/Financialization Their entire job is to inflate the price of existing assets. There is no other productive purpose, this money is not being re-lent for people to start businesses and it is not serving any other practical purpose, it's literally "number go up". >The securities that were so instrumental in triggering the financial crisis of 2007-2008, asset-backed securities, including collateralized debt obligations (CDOs) were practically non-existent in 1978. By 2007, they comprised $4.5 trillion in assets, equivalent to 32% of U.S. GDP. That's 4.5 trillion dollars in imaginary money that isn't serving any purpose. Even Warren Buffet agrees: >Warren Buffett (who famously disparaged CDOs and other derivatives as "financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal"