Secular Decline of Wall Street Goes Mainstream in New York Magazine

Regular readers here know I’ve been talking about this phenomenon for two years now – the Emperors have been found to have had no clothes all along and what was seen by America in 2008 cannot be unseen.  They couldn’t even manage their own money, so now, post-crisis, we are way less inclined to allow them to manage ours.

It’s all over but the crying and a new cycle won’t change that.  People who really believed that their work was worthy of an automatic seven-figure annual salary are finding that they are replaceable or even superfluous now that banks are going to be regulated and held responsible for their actions going forward (we hope).  The simple fact of the matter is that Wall Street’s megabanks without leverage and a cyclical bull market are nothing special and now everybody knows it.

Today’s must-read is Gabriel Sherman’s look at Wall Street’s existential crisis in New York Magazine…

Banks have always had occasional bad years, but the sense on Wall Street is that this bad year is different. Over the past several weeks, I have had wide-ranging conversations with more than two dozen senior Wall Street executives, traders, bankers, hedge-fund managers, and private-equity investors. And what emerged is a picture of an industry afflicted by a crisis it would not be flip to call existential.

Read the whole thing, this is key:

The End of Wall Street as They Knew It (NYMag)

 

 

 

 

 

What's been said:

Discussions found on the web
  1. sex commented on Sep 18

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  2. Small child commented on Sep 25

    … [Trackback]

    […] There you can find 44329 additional Information on that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  3. bitcoin evolution wikipedia commented on Sep 29

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  4. devops consulting commented on Nov 23

    … [Trackback]

    […] Here you can find 42768 additional Info on that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  5. td easy web commented on Nov 26

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  6. 토렌트사이트 추천 commented on Dec 19

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  7. Regression testing definition commented on Jan 17

    … [Trackback]

    […] Find More Info here on that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  8. LG 32LK6200PLA manuals commented on Jan 19

    … [Trackback]

    […] Find More Information here on that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  9. FEIN MSfv_649_1 manuals commented on Jan 21

    … [Trackback]

    […] Information on that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

  10. wig commented on Jan 23

    … [Trackback]

    […] Read More Information here to that Topic: thereformedbroker.com/2012/02/06/secular-decline-of-wall-street-goes-mainstream-in-new-york-magazine/ […]

Read this next.