dont be envvious of others, he worked hard to make his money and looks like a guy who has his head screwed on straight
as most others... If you think the transfer of risk is a useless endevour then you fail to understand how our society works. The jobs of traders in financial institutions was to transfer risk. They did just that and were accordingly rewarded, and I claim they earned every single penny as ethically as McAfree. That some crazy/stupid investors loaded up on overleveraged investments was out of pure greed and those who did also got accordingly rewarded ;-) The banks which were bailed out should not have gotten bailed out, period. Now politicians, which you voted for, decided to transfer the risk away from those bailed out banks towards the consumer. Who do you want to blame more for this, the trader or the politician? I think the answer is pretty simple. To get back to the point: I think McAfee acted like a stupid investor while the trader lost just a bit (some on stock options but not his entire net worth). What an idiot!!!!
I was assuming you were suggesting others, such as those everyone points fingers at right now, do not add value through the work they do and the money they receive in compensation. Sorry if I read too much into your comments ;-) Its just that the OP seems to have a huge axe to grind with people in finance who supposedly scammed him and robbed him off his savings and mortgage and life and what have you...since then, whenever a negative post pops up you can be assured it comes from him. In that my comment was not directly targeted at your reply...
You assumed correctly. A lot of people and institutions don't. But I don't know who everyone's pointing their fingers at these days. If it's Wall Street (colloqially), trust me, friend, it deserves it. Yes, some of the finest people I know work or worked on Wall Street. Notwithstanding that, it has long ago become its own worst enemy. But so has the current generation in general, either in business, government, social service, education, whatever. Yeah, sorry, that's the way it is. I've spilled alot of ink defending myself when I was a trader. But then I grew up.
thats the whole point....no need to defend. I believe the transfer of risk, risk taking, providing liquidity, and other related economic activities are of no less worth than someone who codes up a virus scanner and then throws away all his life savings for "fun projects". Everyone makes his own decisions and is essentially responsible for his own actions. WS traders would have been forced to take responsibility were they not bailed out by the dumbest apes on earth, politicians. Dont blame those who paid "insurance" to have their ass saved by those who received the premiums/contributions, though I think it would be best lobbyism never existed. But hey, welcome to reality.... Guess why nobody in DC talks about changing the system of political contributions and their relationships with WS. Because it would not be in their own best interest.
I read the blurb on his book - its about living in this very instant... the moment... you'd think that moment includes the price of volatile and risky assets.... But maybe he learned something on a spiritual level from all this... no clue