I am a 60-year-old child of the 60′s who never gave up on the idea that I can save the world—even after three decades on Wall Street.
That is why I enjoyed the piece by William MacAskill, To save the world, don’t get a job at a charity; go work on Wall Street.
The problem is that this is more easily said than done. Most people working on Wall Street can make ends meet while a small few can make vastly more money than they need. The trick is to make sure that the process of making money does no harm.
Question: How much money would all the participants in the mortgage securitization industry have to give to charity to undo the harm they have caused?
Answer: More than they have ever made.
The real opportunity to do good on Wall Street is to reform it from within. But to do the right thing you have to be able to recognize the difference between right and wrong, and then you must be able to say “no” when ordered to do the wrong thing.
Here is my advice if you want to come to Wall Street and do good:
I wrote a piece for my Physics major son and his cohorts that was published by Science magazine called, What Not to Do With Your Physics Education. My advice is that they not join me on Wall Street because, as I conclude the article, “It’s not that I feel they would not succeed; many will make lots of money. It’s more like how I would feel about sending a poorly equipped son to a dubious war where many generals are in it not for the cause but for the spoils.”
I notice a certain naïveté among some academics, non-profiteers, and people who lack hard skills. They believe that all they have to do is lower their standards just a tiny bit in order to be in high demand on Wall Street and make tons of money. Then they imagine they can make up for it by supporting good causes.
Good luck with that.