Ridiculous Wall Street pay

Yves Smith takes down the explanation that traders on Wall Street earn their pay:

This is the usual “heads I win, tails you lose” logic. The rationale for bulging pay packets is that the producers created it, therefore they deserved their cut. But Eckhaus says any bad events are due only to bad luck. Sorry to tell you, but only narcissists and their agents take credit for good stuff and lay the blame on everyone else. Unfortunately, we breed for that in Corporate America, it happens to be a very effective career strategy in large organizations. The New York Times even went so far as to identify “acquired situational narcissism” as a danger afflicting high profile people surrounded by groupies and sycophants.