April 12, 2009
Crisis Altering Wall St. As Stars Begin to Scatter
By GRAHAM BOWLEY and LOUISE STORY
. . . There is an air of exodus on Wall Street — and not just among those being fired. As Washington cracks down on compensation and tightens regulation of banks, a brain drain is occurring at some of the biggest ones. They are some of the same banks blamed for setting off the worst downturn since the Depression.
. . . To deter the people it thinks caused the crisis, the government is clamping down. Sensing a shifting tide, talented bankers who fear a dimmer future at banks that have taken taxpayer money are migrating to brash boutique firms like Aladdin, which are intent on proving their critics wrong by chasing fast profits and growth in hopes of one day rising up as challengers to the old guard.
A brain-drain. Interesting term.
These dudes are back to chasing fast profits and growth, which I guess means you have to define growth as well. We have had decades of unrestrained growth and unrestrained growth is one definition of cancer.
Nothing learned, no one punished, life goes on.