From Barry Ritzolz's The Big Picture Blog, data shows that Wall Street jobs are seven times more lucrative than other private jobs in the United States.
This is very interesting especially after hearing a similar thing in the movie on tuesday. I read somewhere long ago that this is a huge underlying problem. Not because of the disparity in wealth, but because of the nature of the business. In other industries, you create some product or perform some tangible service for someone and they monetarily compensate you. But with banking, money is what makes money. Yes the banker is doing 'something', but the big picture is that there was some number $ on his screen at the start of the day and by moving that around, the $'s grow. It is so abstract that it is a wonder the system does not crash more often then it does.
I agree with Travis. To me, it seems like bankers make too much money for what they actually do. Although their job is to handle money, they shouldn't make a lot of money just because of that. I would like to see wages be based on what you actually provide for the country. For example, I think teachers should make a lot more money than they make right now. Teaching is a very difficult profession that requires a lot of hard work and patience, but unfortunately teachers' salaries aren't reflective of that.
I agree with both Travis and Keaton. I think bankers are making way more than they deserve. But, that being said, I don't think this is gonna change and if you can't beat them, join them! I want in on this banker money. This is why I am a business major.
Very interesting! Few years ago I entertained the idea of being an investment banker. The high pace lifestyle seemed very excited and an environment I though I could enjoy working in. It wasn't until learning about the industry culture and what you are actually doing to the economy that I realized I am not that financially motived. People working on Wall Street love money, they wouldn't be there if they didn't. There will always be the type of people who will be attracted to the banking industry because they know they can make big cash. As the video highlighted, you are creating something out of nothing in banking. This is far too hard for the people who are highly motived by money to resist. In short, bankers are their because they want to make to cash. The culture of the industry made it what we see today.
This is a very interesting and a little shocking to me. I agree with the previous comments. Bankers are being over payed and going off what Keaton said, that money should be put towards jobs that make a difference like teaching.
I still get the feeling of anger when I see stats like this. Especially the movie we have been watching the past few classes, this is very frustrating. And no one is doing anything about it?! Like Bianca said above, wall street people love money, and want everything to do with it. These are not the kind of people we want working in this industry... but unfortunately it attracts all of them. These people will do whatever they can to get the money, even if it means taking it from people who need it more than they do, clearly as we see above they have way more then they need. I do think their job is important, but could we balance out the gap between their high end salaries?
I agree they are overpaid and its a fact that nothing can be done about it. I don't know whats the effect of the market on their salary. If it is dictated by the market forces I have no complain against the high salary and as long as it providing such high salary, people will get attracted to it. Lot of people don't care about morals when they are making big money.
This is very interesting especially after hearing a similar thing in the movie on tuesday. I read somewhere long ago that this is a huge underlying problem. Not because of the disparity in wealth, but because of the nature of the business. In other industries, you create some product or perform some tangible service for someone and they monetarily compensate you. But with banking, money is what makes money. Yes the banker is doing 'something', but the big picture is that there was some number $ on his screen at the start of the day and by moving that around, the $'s grow. It is so abstract that it is a wonder the system does not crash more often then it does.
ReplyDeleteI agree with Travis. To me, it seems like bankers make too much money for what they actually do. Although their job is to handle money, they shouldn't make a lot of money just because of that. I would like to see wages be based on what you actually provide for the country. For example, I think teachers should make a lot more money than they make right now. Teaching is a very difficult profession that requires a lot of hard work and patience, but unfortunately teachers' salaries aren't reflective of that.
ReplyDeleteI agree with both Travis and Keaton. I think bankers are making way more than they deserve. But, that being said, I don't think this is gonna change and if you can't beat them, join them! I want in on this banker money. This is why I am a business major.
ReplyDeleteVery interesting! Few years ago I entertained the idea of being an investment banker. The high pace lifestyle seemed very excited and an environment I though I could enjoy working in. It wasn't until learning about the industry culture and what you are actually doing to the economy that I realized I am not that financially motived. People working on Wall Street love money, they wouldn't be there if they didn't. There will always be the type of people who will be attracted to the banking industry because they know they can make big cash. As the video highlighted, you are creating something out of nothing in banking. This is far too hard for the people who are highly motived by money to resist. In short, bankers are their because they want to make to cash. The culture of the industry made it what we see today.
ReplyDeleteThis is a very interesting and a little shocking to me. I agree with the previous comments. Bankers are being over payed and going off what Keaton said, that money should be put towards jobs that make a difference like teaching.
ReplyDeleteI still get the feeling of anger when I see stats like this. Especially the movie we have been watching the past few classes, this is very frustrating. And no one is doing anything about it?! Like Bianca said above, wall street people love money, and want everything to do with it. These are not the kind of people we want working in this industry... but unfortunately it attracts all of them. These people will do whatever they can to get the money, even if it means taking it from people who need it more than they do, clearly as we see above they have way more then they need. I do think their job is important, but could we balance out the gap between their high end salaries?
ReplyDeleteI agree they are overpaid and its a fact that nothing can be done about it. I don't know whats the effect of the market on their salary. If it is dictated by the market forces I have no complain against the high salary and as long as it providing such high salary, people will get attracted to it. Lot of people don't care about morals when they are making big money.
ReplyDelete