A former trader speaks about the 'mesmerising' trading floor and the sense of competition that pervaded everything
This monologue is part of a series in which people across the financial sector speak to Joris Luyendijk about their working lives....
"My advice to people dealing with the financial sector is: never buy anything that's complex. Because the more complexity the more opportunities there are to screw you over. I just can't get my mind around how banks can still call clients in the corporate world and say, look we've got this great idea that's going to make you a lot of money. I mean, what are they thinking? Nobody in the City [of London] can be trusted because they don't work for you, they work for themselves.
"I do wonder why there seem to be so many somewhat dishonest people in the bank, and why the most dishonest are often the ones to walk away with the most money. I suppose that on the way to the top there's negative selection and most normal decent people conclude: this is not worth it or I am not doing this for money."
"The system feeds on itself and I don't see anything changing."As Bill Black says, Gresham's dynamic at work. The bad drive out the good. And then get promoted up the corporate ladder.
"The system feeds on itself and I don't see anything changing."Why should it when it is government sanctioned?
The Guardian (UK) — Joris Luyendijk Banking Blog
'The most dishonest bankers walk away with the most money'
Joris Luyendijk
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