High Pay On Wall Street Was A Major Cause Of That Divergence

[HakkaThaileen]

http://www.todayonline.com/articles/293556.asp

...The financial services industry has claimed an ever-growing share of the nation's income over the past generation, making the people who run the industry incredibly rich. Yet, at this point, it looks as if much of the industry has been destroying value, not creating it.

And it's not just a matter of money: the vast riches achieved by those who managed other people's money have had a corrupting effect on our society as a whole.....

The income of the richest Americans have exploded over the past generation, even as wages of ordinary workers stagnated; high pay on Wall Street was a major cause of that divergence...

Does the story appear to be familiar..? Good learning point for highly paid garment leaders here..?

 

[Ah Guan]

It is time to go back to business basics.

Science and innovation are the real drivers of economic value of the world, not fund speculation, currency hedging etc etc

The pay of engineers and scientists should equilise with lawyers and bankers

 

[batman1]

Culture of greed -->financial crisis.

 

[VeryWise]

A very wise observation indeed. For so long, engineers and scientists have been sidelined as merely producers of goods. The easy access of almost everything has diminished the values of innovations and creativity. No longer, a technological breakthrough is valued as premium, even if it is, it's value quickly free fall as cheap alternatives flood the market. We are quick to forget that engineering and sciences are the ones that brought you TVs, cars, PCs, mobile phones, planes, food, etc. These enable a person to live a higher quality of life.

For financial wiz-kids, I am not sure what tangible values they had created for getting themselves paid 100 of thousands or more. Seriously, I have some "banker" friends and the amount of money they earned are "scary". Imagine a young banker, 30, male, can drive a Alfa Romeo after just a year working...woah! What does these wiz-kids do? Well, most merely sell financial products to very wealthy and help them generate profits. But as we know from today, this so call "creation" can disappear into thin air without even anyone can explain. I truly believe, financial workers are too highly paid and greedy.

A nice article to read:
Tech's last celebrity CEO

It is time to go back to business basics.

Science and innovation are the real drivers of economic value of the world, not fund speculation, currency hedging etc etc

The pay of engineers and scientists should equilise with lawyers and bankers

 

[Zeitgeist]

Culture of greed -->financial crisis.

Culture of greed -->nary a Singapore political crisis.

 

[DrPanacea]

The high pay of the Singapore's ministers is also a major cause of our stagnation. People with high salaries will not rock the boat, prefering to keep things status quo. Just serve 2 terms and receive pension for life.

 

[Hope]

The high pay of the Singapore's ministers is also a major cause of our stagnation. People with high salaries will not rock the boat, prefering to keep things status quo. Just serve 2 terms and receive pension for life.

Ridiculous pay out is the root of all evils,it has happened in USA,it will happen in Spore.

 

[HakkaThaileen]

Ridiculous pay out is the root of all evils,it has happened in USA,it will happen in Spore.

Spot on...

 

[jw5]

http://www.todayonline.com/articles/293556.asp

...The financial services industry has claimed an ever-growing share of the nation's income over the past generation, making the people who run the industry incredibly rich. Yet, at this point, it looks as if much of the industry has been destroying value, not creating it.

And it's not just a matter of money: the vast riches achieved by those who managed other people's money have had a corrupting effect on our society as a whole.....

The income of the richest Americans have exploded over the past generation, even as wages of ordinary workers stagnated; high pay on Wall Street was a major cause of that divergence...

Does the story appear to be familiar..? Good learning point for highly paid garment leaders here..?

People talk about subprime mortgages, derivatives, structured products, short selling, executive pay, lack of regulation, etc etc as all being reasons for the credut crunch and economic crisis.
But actually, there is only one reason:
-- Greedy Bastards

 

[Ah Guan]

Ridiculous pay out is the root of all evils,it has happened in USA,it will happen in Spore.

It took this financial meltdown for Wall Street to review its reward system

Then it will also take a political meltdown for PAP to do the same

 

[Ah Guan]

A very wise observation indeed. For so long, engineers and scientists have been sidelined as merely producers of goods. .....I truly believe, financial workers are too highly paid and greedy.

A nice article to read:
Tech's last celebrity CEO

Thanks for the article... The generation of Jobs, Gates & Wozniak had inspired many young minds to go into the tech industry. Their legacy is the example of American innovation at its best.