“From BI: “ ...In a
recent editorial, Reuters editor Edward Hadas got more specific about the group
of wealthy people he examines. His meditation is specific to the world view of
bankers, whom he calls "aristocrats."
He says their rewards are excessive for the work they do and
the value it adds to society (very little). Consider that while the average pay
of a JP Morgan employee is $192,000, it is the top third of employees (making
around $485,000 compared to the bottom two thirds', say, $45,000), that skews
it in that direction.
But being overpaid isn't Hadas' most damning gripe. To him,
this is a sociological issue about identity that goes beyond dollars and sense.
Bankers, he says "have persuaded broader society that they are modern day
aristocrats... They go along with an unthinking sense of entitlement and a mix
of self-righteousness and self-centredness, with just a hint of condescending
tolerance for limited criticism."
Think about it as a form of nobless oblige. Hadas is arguing
that, armed with the mysteries of our complex financial system, bankers feel
like the masters of something lesser mortals cannot begin to understand. For
that important understanding, they believe they should be rewarded handsomely….
For the complete critique go to Reuters’at: http://www.breakingviews.com/edward-hadas-the-dangerous-aristocrats-of-finance/21088270.article
