As Washington cracks down on compensation and tightens regulation of banks, a brain drain is occurring at some of the biggest ones.
They see a rare chance to upgrade talent and standing on Wall Street — and globally — by luring top minds who would not have considered moving from a Goldman Sachs or a Morgan Stanley in flush times.
This is certainly a concern for the banks losing top talent.
Let's recall (1) that these geniuses were primarily responsible for the mess we find ourselves in and (2) keep in mind what Atrios wrote:
Financial institutions are middlemen, skimmers. They don't produce anything. "Financial innovation" is almost entirely a ridiculous concept.
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