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Welcome to the nexus of ethics, psychology, morality, technology, health care, and philosophy
Showing posts with label Wall Street. Show all posts
Showing posts with label Wall Street. Show all posts

Saturday, December 26, 2015

'Highly ethical' business students don't like Wall Street

CNN Money
Originally published November 18, 2015

Students at business schools who think of themselves as "highly ethical" aren't interested in a career on Wall Street. They don't see the big banks as moral enough for their standards.

That's according to William Dudley, the president of the New York Federal Reserve. Dudley knows a thing or two about ethics at big banks. He used to work at Goldman Sachs and now Dudley leads one of the watchdogs in charge of overseeing Wall Street's activities.

Dudley was bothered by a recent conversation with business school deans. They told him that business school students who consider themselves "highly ethical" are choosing not to work in financial services.

"As long as we have that self selection out of the financial industry by people who view themselves as highly ethical...that tells you we have a problem," Dudley said at the Economic Club of New York Thursday.

The entire article is here.

Saturday, October 18, 2014

Occupational Hazards of Working on Wall Street

By Michael Lewis
Bloomberg View
Originally posted on September 24, 2014

Here is an excerpt:

Here’s a few that seem, just now, particularly relevant:

-- Anyone who works in finance will sense, at least at first, the pressure to pretend to know more than he does.

It’s not just that people who pick stocks, or predict the future price of oil and gold, or select targets for corporate acquisitions, or persuade happy, well-run private companies to go public don’t know what they are talking about: what they pretend to know is unknowable. Much of what Wall Street sells is less like engineering than like a forecasting service for a coin-flipping contest -- except that no one mistakes a coin-flipping contest for a game of skill. To succeed in this environment you must believe, or at least pretend to believe, that you are an expert in matters where no expertise is possible. I’m not sure it’s any easier to be a total fraud on Wall Street than in any other occupation, but on Wall Street you will be paid a lot more to forget your uneasy feelings.

The entire article is here.