It was interesting to read 'I've Had My Best Year, But I Don't Care About A Bonus'. On the face of it, the trader concerned sounds quite a pragmatic, good natured kind of guy. But, look at it more deeply, and you can see all the old greedy, grasping habits still simmering under the surface.
This trader's clearly done well over a number of years, and is in a far better position than most to to take a bonus hit this year. Yet there is something not quite right with his motivation - and you can see it. He wants to keep the gravy train going. He wants us to be low key on bonuses this year, when the Fed and other Central Banks and governments around the world have injected all those taxpayers funds into the banks and the system, just so that he can pick up where he left off in a couple of years' time and carrying on bagging huge payouts.
The hope is that, after a short period of readjustment, there will be a big old 'back to the good times' flag flying proudly along Wall Street. Wrong! The losses incurred by the large US investment banks will take years, if not generations to clear. It's time for a big reality check. Many of the bonuses paid in the last decade were based on spurious annual 'performance'. Only now has it become apparent how poor that 'performance' actually was. Isn't there is something almost quixotically myopic about City folk who still thinking that their desk profit is somehow ring-fenced from the rest of the carnage out there ?
If you have a job, be thankful. But forget about the gravy train - it's left the station never to return!
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