The more things change, the more they really stay the same. Amidst all the outrage over unethical business practices, robust Occupy Wall Street protests nationwide, and high profile prosecutions of corporate misconduct, 25 percent of Yale graduates enter consulting and finance industries each year, with even more from Harvard and Stanford. Wall Street, Private Equity Firms and Hedge Funds remain the place to go after graduation. Our youth unabashedly proclaim they want to make “Bank” and they want it today.
How can that sentiment be reconciled with those thunderous chants of “Yes We Can,” heard throughout colleges across the land in 2008, where students promised to fight for universal health care, better schools, fairness for the poor and greener technologies. Reality, I suppose. Right out of college, over $100,000 in debt—where do you take a job? As a school teacher in Appalachia ($30,000/yr) or an investment banking firm ($150,000/yr.) with offices around the globe and a gold amex card for those little incidentals?
But I don’t think it’s just about the money. Youth want to feel relevant and part of the game. They know the world will not turn upside down anytime soon and be run by former school teachers or social workers. Money talks. Wall Street bankers become Senators and Governors and sometimes even both (Senagovernor Corzine comes to mind). And money buys influence and opportunity. Our youth can rightfully surmise that down the road they can make more of a contribution if they become heavy hitters on Wall Street – with the money and contacts that brings. Are they wrong?
It is not for me to say. But if they do take the path of Wall Street and “finance” they should be required to take and pass a rigorous one-year ethics course and exam. And that course should include a field trip to a minimum security prison – the one in North Carolina comes to mind – where Bernie Madoff will spend the rest of his life and Raj Rajaratan will soon become a guest of the Federal Government.
Maybe then, the next generation on Wall Street, will use their skills to finance schools and clean energy and not synthetic derivatives that do nothing more than add volatility to an economy that is far too close to the brink.
Assisted by Arezu Hadjialiloo