Smart Guys Ruined Wall Street
Huh? That was my reaction when I saw this in the New York Times today. Check out the article, it’s pretty interesting.
“One of the speakers at my 25th reunion said that, according to a survey he had done of those attending, income was now precisely in inverse proportion to academic standing in the class, and that was partly because everyone in the lower third of the class had become a Wall Street millionaire.â€
So a bunch of smart guys (who were only in the lower 1/3 of their class because they were competing with geniuses at Harvard and MIT) went to Wall St. and discovered how to get rich quick. It makes a lot of sense…they were busy becoming millionaires and were too shortsighted to see the damage they were doing to our economy. What do you think?
October 14, 2009
Tags: banking, finances, financial responsibility Posted in: Banking Accounts, Money News
One Response
Smart guys did not ruin wall street. Easy credit and cheap money from the Federal Reserve ruined wall street. Smart guys just managed to make more money off of it than the dumb ones.
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