The Power Of Failure
By WILLIAM D. COHAN
NYT
Despite the very dire consequences of the latest financial crisis that Wall Street perpetrated on the world, America cannot seem to shake its infatuation with Wall Street bankers and traders.
We continue to shower them with riches, prestige and glory. We make movies about them. We write books about them. We seriously overpay and then envy them. This year alone, while millions of others suffer from the Great Recession, bankers and traders are expected to be paid — incredibly — another estimated $144 billion in compensation and benefits. Accordingly, Wall Street remains the No. 1 destination for our best and brightest.
The question is why? Why do we tolerate the questionable morality and behavior that too many on Wall Street get rewarded to exhibit? Why do we put up with repeated Wall Street-generated financial calamities? Why do we seem to excuse one insider-trading and pay-for-play scandal after another? Why haven’t we woken up from our generational slumber and realized that we would be better off rewarding real engineers, not financial engineers?
(More here.)
NYT
Despite the very dire consequences of the latest financial crisis that Wall Street perpetrated on the world, America cannot seem to shake its infatuation with Wall Street bankers and traders.
We continue to shower them with riches, prestige and glory. We make movies about them. We write books about them. We seriously overpay and then envy them. This year alone, while millions of others suffer from the Great Recession, bankers and traders are expected to be paid — incredibly — another estimated $144 billion in compensation and benefits. Accordingly, Wall Street remains the No. 1 destination for our best and brightest.
The question is why? Why do we tolerate the questionable morality and behavior that too many on Wall Street get rewarded to exhibit? Why do we put up with repeated Wall Street-generated financial calamities? Why do we seem to excuse one insider-trading and pay-for-play scandal after another? Why haven’t we woken up from our generational slumber and realized that we would be better off rewarding real engineers, not financial engineers?
(More here.)
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