The Woes of Wall Street’s Unemployed Youth
Posted on November 22nd, 2011 in Uncategorized | 16 Comments »
The Times has a piece about how young people, especially Ivy Leaguers, are either getting laid off from Wall Street or aren’t getting hired by Wall Street.
At Harvard Business School, where a relatively high 39 percent of this year’s graduates went into finance, compared to 34 percent last year, there has been a “heck of a lot more anxiety” about next year’s hiring season, according to William A. Sahlman, a professor of business administration.
Some of that anxiety is, apparently, caused by the “morale-crushing” impact of Occupy Wall Street, “which has made a villain of a once-lionized industry.”
(Blogger: Hilarious.)
Even for someone like myself, whose living depends to a certain extent on Wall Street, it is hard to feel sorry for these people. (The commenters certainly don’t.) I think it’s because no one has ever given a credible reason for wanting to work on Wall Street other than the desire to make boatloads of cash….
16 Responses
11/22/2011 2:53 pm
Demonization of lawyers has been around a long time, and law schools still fill up.
Come bonus time, those hurt feelings on Wall St. will dissolve in rivers of Petrus and Romanee-Conti.
Wait, I feel a rom-com coming on-winsome Occupy protester (Zooey Deschanel) blocks rugged Wall St. banker (Bradley Cooper) on his way to work.
I see it as “My Dinner with Andre” meets “Omega Man.”
11/23/2011 9:56 am
Would love to know what Harry in particular makes of Harvard president making a video to congratulate university on 1 mill Facebook likes —
http://bostinnovation.com/2011/11/22/harvard-becomes-the-first-university-to-pass-one-million-fans-on-facebook/
11/23/2011 5:47 pm
I would be happier to see a written annual report from the president, as existed from 1830 until around 1995, in which the president tells us something thoughtful about the state of the university and the challenges facing it. There are certainly enough big questions around to merit one serious essay per year. I guess even though I was once the center of Mark’s prototype social network, I’m still more of a written-word kind of guy.
It is childish for Harvard to play into Facebook’s brilliant linguistic wishful thinking that being Liked on Facebook means that somebody likes you. Is a million fans more or less than Kim Kardashian has?
I also remember wistfully that the old Harvard did not brag.
11/24/2011 12:00 am
Did you see the Washington Post education report on Larry Summers’ interview on higher education?
Two fascinating points: Summers’ departure from the Harvard presidency is described as occurring “a year after a faculty group issued an unusual “lack of confidence” vote against him.”
Did a year actually elapse? Was his departure not directly the result of the no confidence vote? And was it only “a group” of the faculty who voted (is that perhaps his description of the FAS?)
Summers said, “I have the scars to show for having worked very hard to get the faculty back into the classroom at Harvard. . . I think we brought about some change in culture.”
Perhaps a little rewriting of history here. Certainly the faculty had some disagreements with Summers (including some reservations about his truthfulness), but I had no idea that the heart of the dispute was that Summers wanted to see the faculty emphasize classroom teaching.
Summers said, “I have the scars to show for having worked very hard to get the faculty back into the classroom at Harvard. . . I think we brought about some change in culture.”
11/24/2011 8:57 am
“Was his departure not directly the result of the no confidence vote?”
Correct, it was not.
Classroom teaching was by no means the heart of the dispute with the faculty. It was, however, something Summers cared about in earnest. He made a fool of himself in trying to make an example of Cornel West on the topic, though.
SE
11/24/2011 10:46 am
More lies or delusional self-justification from LHS. The faculty who clashed most were as devoted as any to teaching, before, during, and after his term here.
Speaking of turkeys, Happy Thanksgiving to all!
11/24/2011 2:08 pm
The date of the no-confidence vote was March 15, 2005. The date of Sumemrs’s resignation was February 21, 2006. Just short of a year. The wonderful thing about votes is no one knows what is in the minds of the people casting them, but as RT correctly observes, the voices against him included many of Harvard’s best citizens, not the pampered narcissists he likes to blame. Nonetheless Summers had a year to rebuild his reputation. He squandered the opportunity by lying, on the record in a Faculty meeting in February 2006, about how much he knew about the malodorous Shleifer affair. At that point another no-confidence vote was threatened, but never taken-he pre-empted it by resigning.
Don’t forget that it always served Summers’s own purposes to promote the story that he was driven out by crazy feminists. Not true. There was surely some reaction to the women-in-science remarks in some of the voters on 3/15/05 vote, but Summers had already by then done a lot of other alienating things. What happened in February 2006 that led directly to the resignation had nothing at all to do with the women-in-science issue, much less with making the faculty work harder.
Go read the Crimson if you need a refresher of Summers and his apologists would rather we forget.
Gobble, gobble.
11/24/2011 11:56 pm
Harry, I tried to follow your link to the Crimson article, but the link appears to be broken….would you please post it again. Thanks
11/25/2011 10:58 am
Sorry ’bout that. And I meant, of course, “WHAT” they would rather we forget.
http://www.thecrimson.com/article/2006/2/10/tawdry-shleifer-affair-stokes-faculty-anger/
11/26/2011 9:44 am
The Crimson article was fascinating. Thank you. Why has no one written a book about Summers’ ouster?
11/26/2011 10:52 am
Anon, you might also learn from the good coverage in Harvard Magazine from May, 2006. This only keeps on coming up because of repeated instances of revisionism from Summers.
http://harvardmagazine.com/2006/05/a-presidencys-early-end.html
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