As the evidence mounts that FIRE creates no net benefit and is, in fact, parasitic. A new study shows those causing harm are better compensated than those reducing it.
An oil trader with 10 years in the business is likely to earn at least $1 million this year, while a neurosurgeon with similar time on the job makes less than $600,000, recruiters estimated. After a decade of deal-making, merger bankers take home about $2 million, more than 10 times what a similarly seasoned cancer researcher gets
Then again what are brain surgery and cancer research compared to trading in subprime mortgage debt? Don't worry medical professionals who have spent years of effort and money to gain your skills, every other profession also gets shortchanged in comparison to the banksters.
The pay gap between finance and other professions widened between the 1980s and 2006, exceeding the record set before the Great Depression, according to a 2009 study by Thomas Philippon, a professor at New York University’s Stern School of Business
While the bought priesthood known as the economics profession remains silent after accepting "consulting" contracts. Other academics are raising questions.
"I don’t think it’s healthy for the economy to be this skewed," said Stephen Rose, a 63-year-old professor at Georgetown University’s Center on Education and the Workforce. "I believe there’s some sort of connection between value added to the economy and pay. Everyone is losing sight of any fundamentals."
Skewed? This is the FIRE economy.
Job Description Estimated Pay Source
M&A banker with 10 $2 Million Jeanne Branthover,
years experience Boyden Global
Bank oil trader $1 Million George Stein,
with 10 years Commodity Talent LLC
Corporate bond trader $1 Million Jeanne Branthover,
with 10 years Boyden Global
experience Executive Search
Neurosurgeon with 8-17 $571,000 Rob D’Angelo,
years experience Olesky Associates Inc.
Law firm partner with $600,000 Jeffrey Lowe,
10 Years experience Major Lindsey & Africa
Four-star general $185,000 Tom LaRock, Defense
with more than Finance and
34 years experience Accounting Services
Cancer researcher $110,000 to Rick Hennessey
with 10 years $160,000 Commonwealth Sciences
Aerospace engineer $100,000 Peter Bohner,
with 5 to 10 years Marymont Group
Architect with 10 $80,000 to Lonny Rossman,
years experience $100,000 API Partners LLC