What to Expect from Investment Bankers
Very little, really. I added the Epicurean Dealmaker to the blogroll a while back, but I didn't say much about the site. Here is an excellent bit of a recent post:
By happy coincidence, I enjoyed a quiet morning in the office this past Wednesday free of client obligations. I took advantage of my liberty to view a good chunk of the televised testimony of Messrs. Blankfein, Dimon, Mack, and What's-his-name on C-SPAN. I have to admit that I too was underwhelmed by the bankers' grasp of and ability to explain the recent crisis. At one point, for example, Commissioner Johnson asked Jamie Dimon why the financial industry had attracted so many bright and talented individuals away from other, presumably more productive pursuits. The lackadaisical and uninformative reply Mr. Dimon returned revealed in stark detail a critical fact: he neither knew nor cared to know the answer.
And this example cuts to the heart of the matter: it's not his job to know such things.
Recently, there have been three very good posts on the recent financial meltdown. In a different world, I might have tried to take my physics education to Wall St. I am however unsuited to the job, still having my soul. There but for the grace of God go I. Thankfully, the Dealmaker has repented of his role in the rape of Main Street, and provides commentary as a public service.
If you want to know something about the world of finance, head over and check out the Epicurean Dealmaker. Here are the three good posts I just read today: