Virtue Capital readers may be interested in another view of how/why Wall Street failed and hurt the entire economy. Here’s the first paragraph and a link from an excellent article by Michael Lewis in a recent issue of Portfolio magazine. Portfolio has been doing some nice features as a new business magazine on the block. Thanks to Greg Griffin, our friend at The Denver Post, for nominating this piece for inclusion on the blog. http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom/
To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue.
