Friday, November 14, 2008

The End of Wall Street

By Pauly
Hollywerid, CA

Several of my friends have been talking about an article penned by Michael Lewis called The End of Wall Street. Lewis is one of my favorite writers and the author of Liar's Poker which chronicled his days as a bond trader in the 1980s. He's back to give you an in depth look at the end game. Thanks to a few folks who pointed out the piece including Kid Dynamite.

His first sentence is eerie, mainly because I felt the same way, except that I was 23-years old and not 24...
To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue...

...the whole thing still strikes me as preposterous—which is one of the reasons the money was so easy to walk away from. I figured the situation was unsustainable. Sooner rather than later, someone was going to identify me, along with a lot of people more or less like me, as a fraud. Sooner rather than later, there would come a Great Reckoning when Wall Street would wake up and hundreds if not thousands of young people like me, who had no business making huge bets with other people’s money, would be expelled from finance.
The article is long but a must-read.

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