{"id":5543,"date":"2013-11-28T09:35:05","date_gmt":"2013-11-28T15:35:05","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=5543"},"modified":"2013-11-28T09:35:05","modified_gmt":"2013-11-28T15:35:05","slug":"heres-why-wall-street-has-a-hard-time-being-ethical","status":"publish","type":"post","link":"https:\/\/www.zmetro.com\/?p=5543","title":{"rendered":"Here&#8217;s why Wall Street has a hard time being ethical"},"content":{"rendered":"<p><A href=\"http:\/\/www.theguardian.com\/business\/2013\/nov\/25\/wall-street-hard-time-ethical\">Chris Arnade<\/a>: <\/p>\n<blockquote><p>My first year on Wall Street, 1993, I was paid 14 times more than I earned the prior year and three times more than my father&#8217;s best year. For that money, I helped my company create financial products that were disguised to look simple, but which required complex math to properly understand. That first year I was roundly applauded by my bosses, who told me I was clever, and to my surprise they gave me $20,000 bonus beyond my salary.<br \/>&nbsp;<br \/>&nbsp;The products were sold to many investors, many who didn\u2019t fully understand what they were buying, most of them what we called \u201cclueless Japanese.\u201d The profits to my company were huge \u2013 hundreds of millions of dollars huge. The main product that made my firm great money for close to five years was was called, in typically dense finance jargon, a YIF, or a Yield Indexed Forward.<br \/>&nbsp;<br \/>&nbsp;Eventually, investors got wise, realizing what they had bought was complex, loaded with hidden leverage, and became most dangerous during moments of distress.<\/p><\/blockquote>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chris Arnade: My first year on Wall Street, 1993, I was paid 14 times more than I earned the prior year and three times more than my father&#8217;s best year. For that money, I helped my company create financial products that were disguised to look simple, but which required complex math to properly understand. That [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/5543"}],"collection":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5543"}],"version-history":[{"count":0,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/5543\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}