Word: walls
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Dates: during 2000-2009
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...Read "What's Wrong with the Culture of Wall Street...
...think that attitude follows from the way Wall Street works? What a lot of folks don't realize is there are tons of layoffs on Wall Street even during a boom. What they value is not worker stability but constant market simultaneity. If mortgages aren't the best thing, it's, "Let's get rid of the mortgage desk and we'll hire them back in a year." People were working a hundred hours a week, but constantly talking about job insecurity. Wall Street bankers understand that they are liquid people. It's part of their culture. I had bankers...
...think things have changed in the recent collapse? I think it remains to be seen, but I don't think the culture of Wall Street has substantially shifted. Even in the midst of this major global financial crisis, Wall Street has still continued to resist change. And I'd argue part of the reason they've been able to, even though investment banking as we knew it no longer exists, is that their ethos still does. Their daily cultural practices still do. Just look at how fiercely investment banks have resisted changing their bonus structure. But I think...
...when someone in the Obama Administration says something like "We want to reform Wall Street pay," what goes through your head? I hope they can actually follow through with it. But here we have folks in Washington - in the Fed, in the Treasury - who are also investment bankers, especially from Goldman Sachs. So it makes me wary. We're all implicated in this...
...have flown over Afghanistan or Iraq, because the plane was designed for long-range air-to-air duels with futuristic fighters that perhaps China eventually might field. "At least [the F-22s] are safe from cyberattack," wrote former Navy Secretary John Lehman over the weekend in the Wall Street Journal. "No one in China knows how to program the '83 vintage IBM software that runs them." And it's hard to talk up the Chinese threat. Pentagon officials say that by 2020, the U.S. military will be flying more than 1,000 so-called fifth-generation fighters...