Financial Reform Bill ... affect SA conversions this year?
Okay so this financial reform bill looks like it's going to pass. I think, self-interests aside, it's a step in the right direction. Existing for the sole purpose of making money (arguably without producing any real social benefits) should be limited. There's always Vegas for gambling.
With that said... many of us on here (myself included) will be SA at these banks. Can anyone speculate on how the passage or pending passage of this bill might affect Recruiting in the upcoming season? Also, IBD/Corpfin should technically not be affected by the passage of this bill, correct?
Also, a side question. To my knowledge, BB prop trading makes disproportionately large amounts of profit relative to the small size of the group. If prop trading is gone at all BB's, do IBD/S&T bonuses drop as well? (in other words, is prop trading profit distributed only within the group, or spread out over all the banking groups?)
tyia
businesses have no political purposes; governments have politics purposes. Politicising the economy is exactly what went wrong in the 70s, it's trying to manufacture market forces, and it doesn't work, ever.
I think that banks should have to pay an insurance, but only from the economic reasoning of risk management (if there was a bill passed to say government won't bail out, they'd have to take this option) but I don't see why I, as an IBD banker, need to be directly punished for CDO cock ups with a personal income tax rise.
I will still bring in millions to the bank, and should be paid accordingly.
It won't affect the conversion rate from SA to FT - your being trained for the recovery.
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