[tomkarlo]

I think he burned his bridges because he believes that GS is on a path that will lead to its collapse if it continues unchanged. I don't think he published the letter to be vindictive. It's supposed to be a wakeup call and it's not like they were going to distribute that company-wide internally for him.

Wall Street can't really grow that much more. It's already something like 11% of US GDP and that's way too much for an industry that really doesn't produce anything much. Fin services shouldn't be more than 3-4% of an economy, barring export of services to other countries.

I'd argue this is part of why it's starting to eat its own young; it's an industry full of extremely driven, competitive people but it has started to run into the natural limits of its potential size. If the industry starts to shrink a bit, things will get even uglier. It's not like there's a natural other industry for all these people to work in that's growing and will take the oversupply - if things get worse it will look like a piranha pool in the dry seasons where a million fish have been concentrated into one puddle.