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Real Life Imitates Art: The Wall Street Exodus

April 15, 2009

In a completely coincidental moment, I found this New York Times article about the exodus of Wall Street talent to smaller, more aggressive investment companies after I posted the satirical Borowitz Report story about Wall street “jerks” moving into other job opportunities. A quote from the Times story straddles the line between fact and satire:

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.

So the facts are: the bankers worked for companies that put our economy at risk through unstable and risky strategies; they took federal bailout dollars which were only available to them because they had failed so spectacularly that the demise of their institutions would have done severe harm to the overall economy of the United States; in the midst of all this failure, they took large bonuses; when the government began to scrutinize the practice of Wall Street executives awarding large bonuses to employees who had made catastrophically bad decisions, these employees decided to go elsewhere; now that these fleeing employees have landed at new, smaller institutions, they plan to “chas[e] fast profits and growth.”

Is there any better description of these selfish, myopic and arrogant Wall Street predators than that used by Borowitz in his satire below?

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