Well, lo and behold my timing wasn't too bad as Bloomberg has a piece today entitled Trader Pay Tops Brain Surgeons' and Shows Gap Weathers Crisis.
A timely piece given that it is bonus time on Wall St. Bonus', of course, that come off the back of make believe income from extend and pretend, delay and pray mortgages and paper so delinquent as to make cartoon character Wimpy paying for a hamburger look positively gilt edged.
“The bottom line is all the people in investment banking understand that they work harder and are under more stress,” said Jeanne Branthover, a managing director at Wall Street recruitment firm Boyden Global Executive Search. “Many don’t think they’re paid enough.”
Not paid enough huh! Gee, and you wonder why so many think so little of this insect group. You think hubris of this magnitude is taught or is an inborn trait?
The article goes on to state;
"An oil trader with 10 years in the business is likely to earn at least $1 million this year, while a neurosurgeon with similar time on the job makes less than $600,000, recruiters estimated. After a decade of deal-making, merger bankers take home about $2 million, more than 10 times what a similarly seasoned cancer researcher gets"
I just love this shit.
I am sure those traders are trading other peoples money and surely not their own, Remember now, heads I win tails you lose right. What was it Nassim Taleb said, oh yeah, all captains go down with all ships. Foreign concept to the Ivy league set I know.
And last but not least, my favourite piece from the article.
“I don’t think it’s healthy for the economy to be this skewed,” said Stephen Rose, a 63-year-old professor at Georgetown University’s Center on Education and the Workforce.
“I believe there’s some sort of connection between value added to the economy and pay. Everyone is losing sight of any fundamentals.”
Gee, ya think Professor?
What was it the chief cake slicer and crumb chaser at Goldman Sachs Lord Blankfein said some time ago...... if I recall it was something about doing God's work?
Yes readers, it does appear that the tail does still wag the dog, so long as Wall St. continues to hijack and hold main street via their errand boys in Washington. I wonder what men like Carnegie, Vanderbilt, Firestone, Ford and Durant, men who built this country, would think? Not that they were angels, but at least they made the cake. Somehow I think they would laugh their ass off at the cake slicing crumb chasers being in charge via positions of authority and influence.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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