Don’t Blame The Elite?
Another article worthwhile reading: “Don’t Blame The Elite” by Tim Harford.
For years, we were told that Wall Street attracted the very best. That was why American investment banks were the envy of the world; that was why stratospheric salaries and bonuses were essential. Other financial centers, such as London, fought tooth and nail to attract the same elite. They were worth it, we were told: If you pay peanuts, you get monkeys.