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by vostok
3498 days ago
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> I genuinely want to know what you think the good you did for the world is in investment/trading. My job has literally been to ensure that, out of every invested dollar, more money goes to the investment and less money goes to traders and other intermediaries. It may not sound like a big deal, but this is literally billions of dollars a year that are invested in productive industries instead of going to someone's bonus or, worse yet, just vanishing due to lack of care. > I really don't believe that the amount of money the financial industry is making is commensurate with its value provided to society. I don't know if it's because I'm uninformed, but I would agree with you. It's not really clear to me why investment bankers earn such huge fees. I suspect that it's because they're basically able to pay their friends with shareholders' money. I don't remember where I first heard this idea, but I can't help but think that it rings true. My hope is that some day we'll be able to do to banking what we've done for trading. |
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You can think of investment bankers as salespeople. They sell very high value products in very competitive markets.
Whether you think that salespeople do an important job and/or a job that should be paid commensurate with the value of the product is a matter of opinion.Having spent a lot of time with salespeople when I was last in a startup, I have a lot of respect for folk who could do a job that I would most definitely, spectacularly fail at. YMMV.