QuoteOriginally posted by: MaeloSo farmer...creativity is out???In 1999 and 2000, all the smartest graduates went to Silicon Valley instead of Wall Street. Everyone from Berkeley and Stanford, everyone from MIT, a lot of people from the other top colleges. Once you have chosen that direction, you can't switch back to Wall Street without some dumb person who was there all along being your boss. The hedge fund boom steered some graduates back in the other direction in following years. But never as many as in the years before Google and Yahoo and the latest smaller company purchased for $150 million. For the most part, the stories we hear of Wall Street lately are stories of dumb people.When I hear about these Lehman negotiations, I doubt there is a smart person in the room. I trace their bankruptcy to a firmwide dumbness from top to bottom. And the only explanation I can think of for that is smart people going into the web businesses, high tech stuff, venture capital, and so on. Between energy being an overseas business, and the US specializing in technology, Wall Street was left nothing more than a boiler room for mortgages.At least the people at Goldman Sachs seem to be smart enough to understand that all they ever were is a boiler room. They just keep blowing out investors, from Ariba in 2000 to whatever it is these days, and never blink.
Last edited by farmer
on September 13th, 2008, 10:00 pm, edited 1 time in total.