[001sky]

I think your response is way too literal. junior people routinely sit (quitely) in higher-level meetings so mid level people don't need to regurgitate stuff. They also spend alot of time developing lower-level social networks so they can function and get stuff done (doesn't need to be socializing with ceo). and all investment banks are (essentially) dealing with other peoples money unless they are prop trading, which is of course not how actual ipos are financed. etc.