Gerry Canavan

the smartest kid on earth

‘Much of What Investment Bankers Do Is Socially Worthless’

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Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In other words, during a period in which American companies have created iPhones, Home Depot, and Lipitor, the best place to work has been in an industry that doesn’t design, build, or sell a single tangible thing.

The New Yorker asks “What Good Is Wall Street?” Via MeFi.

Written by gerrycanavan

November 23, 2010 at 11:00 am

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