Friday, February 10, 2012

Wall Street needs to suck it up

Matt Taibbi of Rolling Stone has a great op-ed about the whining going on by investment brokers on Wall St. He takes apart some of the main arguments being presented by Wall St. employees, mostly targeting the Dodd-Frank law, and goes after those who are not only making vastly more than the average American, but are complaining because their bonuses are not big enough this year.

It's a sad state of affairs when people on Wall Street, who produce no tangible good or service that benefits anyone but themselves, make so much more money than people who do provide those goods and services to others. Not only that, but then they get six-figure bonuses each year for a job well done. And then they have the audacity to complain that their bonuses, not actual pay, is being reduced.

The article is a bit long, but very well written, and full of interesting information and insight. Taibbi does a great job of dismantling the information spewing from Wall St. about its own financial situation, and gives us a peek into the twisted world that investment banking has become.

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