In case you haven't been paying attention, it no longer feels good to be a banker. Everyone hates you, and you can't even tell yourself they're just jealous about all the money you make anymore because, well, you're not even making that much money anymore. There must be other, better-paying jobs where people get less grief, you might say to yourself. And in fact there are. Bill George from Harvard University said it a few weeks ago. The president intimated it earlier today. And analyst Richard Bove has been saying it for years.
I have constantly pointed out that one can make more money playing third base for the New York Yankees or being a shooting guard with the Los Angeles Lakers than one can get paid for running a financial company with hundreds of thousands of employees.
It's only a matter of time before the guys slaving away thanklessly making our financial system function go to where the real money is.
In short, this is what the future will look like.