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SUNDAY, NOVEMBER 8, 2009
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 ANALYSIS 
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Wall Street Loses Sex Appeal as Big Guns Struggle

Talented people risk little by trying out academia, government

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(Newser) – The gravitational pull of Wall Street on the nation's best and brightest students has weakened dramatically, Andrew Ross Sorkin writes in the New York Times, as ridiculous pay packages and the thrill of risk-taking give way to layoffs and anxiety. "The whole cult and ethos of Wall Street, which lured so many bright minds, is in retreat," he writes.

Sorkin notes that John Thain's $35,000 commode "seemed only to confirm people’s worst suspicions about money and the hubris it can breed." It's not just bankers' portfolios that are shrinking; their prestige is, too, as financiers like Steven Rattner abandon high finance for Detroit, Washington, or academia, which may be a good thing. As Tom Wolfe observes, the rise of Wall Street "frankly always seemed like a terrible waste."

In this Nov. 15, 2007 file photo, people walk past the Merrill Lynch building in New York.
In this Nov. 15, 2007 file photo, people walk past the Merrill Lynch building in New York.   (AP Photo/Brian McDermott, file)
The days of the Masters of the Universe who strode Wall Street have ended, writes Andrew Ross Sorkin.
The days of the Masters of the Universe who strode Wall Street have ended, writes Andrew Ross Sorkin.   (©hibino)
In this Sept. 15, 2008 file photo, former Merrill Lynch executive John Thain speaks during a news conference in New York.
In this Sept. 15, 2008 file photo, former Merrill Lynch executive John Thain speaks during a news conference in New York.   (AP Photos/Bebeto Matthews, file)
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The huge amount of uncertainty about the investment banking business and finance is making people rethink where they want to be. Now is a great time to start something new. The opportunity cost is low. - Frank Yeary, M&A mogul turned professor

At the height of the buyout market, anyone could raise money and everyone did. Now it’s hand-to-hand combat for every dollar. - David Rubenstein said co-founder of the private equity firm Carlyle Group

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