Much of What Investment Bankers do is Socially Worthless

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Is the finance industry a cancer to society?

In “What Good Is Wall Street?” a long, thoughtfully argued piece in the New Yorker, John Cassidy makes the case that “Much of what investment bankers do is socially worthless” — it doesn’t “provide liquidity” or “price risk,” it merely extracts farcical rents for the relatively utilitarian task of moving money around…

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