How to succeed by failing: be a banker. From CNN World:
For the American economy – and for many other developed economies – the elephant in the room is the amount of money paid to bankers over the last five years. In the United States, the sum stands at an astounding $(removed) trillion. Extrapolating over the coming decade, the numbers would approach $(removed) trillion, an amount vastly larger than what both President Barack Obama’s administration and his Republican opponents seem willing to cut from further government deficits.
That $(removed) trillion dollars is not money invested in building roads, schools and other long-term projects, but is directly transferred from the American economy to the personal accounts of bank executives and employees. Such transfers represent as cunning a tax on everyone else as one can imagine. It feels quite iniquitous that bankers, having helped cause today’s financial and economic troubles, are the only class that is not suffering from them – and in many cases are actually benefiting.
Article by Nassim Nicholas Taleb, Professor of Risk Engineering at New York University and author of The Black Swan. Mark Spitznagel is a hedge-fund manager.
The great bank robbery (Via Seth’s Blog)