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Have our bankers been a sham all along?

After reading a story showing how executives in the banking industry 'front' to prove they're successful by financing extravagant lifestyles solely from their employer's pay and perks, I began to wonder why we've let them fool themselves and us for so long. Read the article:

'http://www.nytimes.com/2009/02/08/fashion/08halfmi...

Traditionally, when someone in finance is successful and shows it via conspicuous consumption, the implication is that they earn so much from their own investments or from family money that they can easily afford the lifestyle that inspires confidence in their customers. (Warren Buffett comes to mind here.)

Nobody seriously wants to invest with a no-class chump extended beyond their means, living from paycheck to bonus, trolling for club memberships and grubbing around the bottom of the barrel for customers to earn a few more employer-given perks.

Does this article pull the mask off? Are we looking behind the curtain to see the small, wizened wizard here? Are these no-talent yes men fawning and faking it to get the goodies?

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  • 1 decade ago
    Favorite Answer

    Those all all lifestyle CHOICES that are being made to do the dry cleaning, spend that amount on vacations, clothing, groceries, private schools, etc. Who ever said that you cannot be successful without conspicuous consumption? I would rather invest with someone who has millions in real money than with someone who lives an icing on horse hockey lifestyle in debt up to their eyeballs. I don't buy this argument Wall Street is touting that they need to pay their "talent" outrageous salaries or they will go elsewhere for employment. What other industry do you know that pays secretaries $200,000 a year? And, in this economy, I don't think there are too many other jobs that will pay even close to that, so there is no where else to go. I've been a wealthy tightwad my entire working life, have never lived beyond my means, own everything I have and resent the implication that I am not successful as a result. A lot depends on your definition of success and to me it is not real success unless you earn it.

  • i say they're fawning and faking just by simple obvservation.

    bu the economy doesnt move uness the money does so eski there only makes it clear why rich need to be taxed you guys and gals use more rescources,vacationing,building over swamps doing rich people stuff, if you dont then the money sits there in every richi riches accounts intsead of goin to the hardware store or gas station.the plumber the construction worker. the true hard working Americans

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