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From Dealbook/The Financial Times comes this news (need a subscription to FT for the full article. I dont have one:
http://dealbook.blogs.nytimes.com/2010/10/07/e-u-…

The EU is considering limiting the bonus amounts in finance, both for banks operating in the EU, and EU-based banks worldwide. I think it only applies to managers and people in risk-taking positions. Is it just me, or does this represent a serious threat to the payday that every banker desires? This would seem to be a pretty socialist step for the EU. After all, no one is gonna work 100hrs/week for free!

What are everyone's thoughts on this? I can't tell if this would have a big effect or not, and how likely it is to be passed.

Comments (14)

 
Oct 7, 2010 - 5:46pm

Midas Mulligan Magoo:
ibintx:
This would seem to be a pretty socialist step for the EU.

unintentionally hilarious to me


Ditto.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 
Oct 7, 2010 - 11:13pm

Honestly, you're all stupid if you think you're going to make as much in finance as you used to. The money is now all in Asia, not in the west. If you're smart and still in college go to med school or something, finance is not what it used to be.

 
Oct 8, 2010 - 12:17am

WestHudson:
Honestly, you're all stupid if you think you're going to make as much in finance as you used to. The money is now all in Asia, not in the west. If you're smart and still in college go to med school or something, finance is not what it used to be.

Haha, go to med school?? That's the worse advice I've ever heard. I'd risk finance any day before I went to med school. This is coming from someone who has dozens of friends and ex-gf in, or recently graduated from med school. Medicine isn't want it used to be and will be very different going forward. Not to mention I want people practicing medicine so they can help and cure, etc...not working for a huge payday, although I do think doctors should make a shit ton of money.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 
Oct 8, 2010 - 2:22am

WestHudson:
Honestly, you're all stupid if you think you're going to make as much in finance as you used to. The money is now all in Asia, not in the west. If you're smart and still in college go to med school or something, finance is not what it used to be.

I'm admitted to a joint Bachelors and Medical Degree program. The grass is not greener on the other side. The hours are as bad, my father at 55 works 70-80 hours a week and is on call 24/7. The pay ranges from 150K a year for family practice, 175K for internal medicine, 250K OB/GYN, 300K General Surgery to 800K-1.2 Million for neurosurgery and vitreoretinal. Despite having an in for ophthalmology and hence vitreoretinal, it still isn't worth it. Med school runs 200K plus opportunity cost, so the real cost is closer to 400 to 500K. Residents work analyst hours for shit wages, the nominal limit is 80 per week however, 110 to 120 hours is not unheard of for residents at some programs and the pay is 30-45K a year. Finance has one huge disadvantage the lack of job stability. MDs and DOs don't get canned.

 
Oct 11, 2010 - 12:25pm

Well at the end of the day, if you find medicine more interesting than finance then determining opportunity cost and potential future pay isn't the analysis you should be performing. The downside to capitalism I guess. We had an intern one summer from Harvard. Brilliant guy who excelled in physics and chemistry, but now sits on the Fixed Income floor.

Sure he makes more money than if he had gone into academia / research, but I just imagine what his contribution to society could have been versus making some bank 0.005% more wealthy.

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