Monday, February 06, 2012

Give my goodbye to Wall Street

The life of a Wall Street whiz kid isn't what it used to be. The pending Dodd-Frank regulations are already stripping them of their major money drivers, ending the use of leverage and proprietary trading. Thus, the days of the mega-bonus appear to be numbered and the kids are not alright with it. Which brings us to the quote of the day:
“If you’re a smart Ph.D. from MIT, you’d never go to Wall Street now,” says a hedge-fund executive. “You’d go to Silicon Valley. There’s at least a prospect for a huge gain. You’d have the potential to be the next Mark Zuckerberg. It looks like he has a lot more fun.”
Strikes me as a positive development. At least in the former heyday of Silicon Valley, they were innovating; inventing something useful to society instead of just skimming money off the top of the system.

[More posts daily at the Detroit News.]

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