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"Finance" in the US pays well because it's on a national scale. Wall Street holds the money of the whole country, and some of the rest of the world's. So, like

by joonix 13y ago

"Finance" in the US pays well because it's on a national scale. Wall Street holds the money of the whole country, and some of the rest of the world's. So, like anything else that has a national market, people at the top are going to be paid well. Local bankers in Topeka aren't drowning in cash. Look at NBA stars, famous film actors, top musicians, CEOs of national retail stores, etc. Anyone that can scale their abilities to the national/global market is going to be paid more money.

Nursie 13y ago
"Anyone that can scale their abilities to the national/global market is going to be paid more money." Sure, but when (as someone commented below) 40% of the profits in the US economy come from this one sector, you're going to get quite a lot of people that are able to take home the silly money, compared to other sectors.
D_Alex 13y ago
No, silly! "Finance" pays well largely (most certainly not exclusively, but largely) because the of the opportunities for smart and unscrupulous people to exploit the systems they themselves helped to create, for personal gain. Often using methods of uncertain legality. The fact that the same people have a big say in what rules they should operate under makes things worse. If you think I am overstating the case, google "Libor scandal" (eh... here you go: http://en.wikipedia.org/wiki/Libor_scandal http://en.wikipedia.org/wiki/Libor_scandal) or read "Where are the customers' yachts?" or "The wolf of Wall Street". There are many examples of people who matter on a national scale not being well paid (certainly not by the finance sector standard). Physicists (and other scientists) for example. Top law eforcement officials, army generals. Perhaps people like Snowden fall into the same category. Of course I expect you to claim "That is not what I meant when I said whatever it was I said!" Well... feel free to restate your point more clearly.

by joonix 13y ago

Nursie 13y ago

"Anyone that can scale their abilities to the national/global market is going to be paid more money." Sure, but when (as someone commented below) 40% of the profits in the US economy come from this one sector, you're going to get quite a lot of people that are able to take home the silly money, compared to other sectors.

D_Alex 13y ago

No, silly! "Finance" pays well largely (most certainly not exclusively, but largely) because the of the opportunities for smart and unscrupulous people to exploit the systems they themselves helped to create, for personal gain. Often using methods of uncertain legality. The fact that the same people have a big say in what rules they should operate under makes things worse. If you think I am overstating the case, google "Libor scandal" (eh... here you go: http://en.wikipedia.org/wiki/Libor_scandal http://en.wikipedia.org/wiki/Libor_scandal) or read "Where are the customers' yachts?" or "The wolf of Wall Street". There are many examples of people who matter on a national scale not being well paid (certainly not by the finance sector standard). Physicists (and other scientists) for example. Top law eforcement officials, army generals. Perhaps people like Snowden fall into the same category. Of course I expect you to claim "That is not what I meant when I said whatever it was I said!" Well... feel free to restate your point more clearly.