Greed and Capitalism

What kind of society isn't structured on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm; capitalism is that kind of a system.
- Milton Friedman

Wednesday, October 12, 2011

“Life Was a Party”

“Life Was a Party” Trader Monthly’s Editor Recounts Wall Street’s Lost Decade | Daily Ticker - Yahoo! Finance:



"The Zeroes: My Misadventures in the Decade Wall Street Went Insane"

Randall Lane documents the excesses and outrageous behavior that took hold of Wall Street in the first decade of the twenty-first century.

Editor of Trader Monthly, a glossy magazine, targeted at Wall Street's elite trader class, Lane was often surrounded by insane amounts of wealth.

To attract advertising dollars and traders alike, Lane's company was hosting up to 50 events per year.

Within months of the market crash of 2008,  Trader Monthly folded and Lane had lost all his money.
On Wall Street, traders went from being capitalist superstars to social pariahs following the collapse.

The repercussions of the financial crisis have left the mood toward the Wall Street hostile.   Witnessed by the development of the Occupy Wall Street movement, which has not only swept New York's financial district, but has spread across the entire country.


Source:
http://finance.yahoo.com/blogs/daily-ticker/life-party-trader-monthly-editor-recounts-wall-street-124757661.html?

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