Financial firms exist to raise capital and find ways to deploy it productively. But are they still doing that today? Or merely profiting from the appearance of doing so?
Oren joined William Gruver, a former Goldman Sachs COO and professor emeritus at Bucknell University for an Open Discourse Coalition program debating the question “Is the financial industry broken?” They discuss how to evaluate the merits of the industry, the role of rent-seeking, and the broader trend toward destructive financialization. Finally, they turn to the cultural problem of a profession that pulls in so many bright and promising young people to do work that’s unproductive and ethically questionable.
Further reading:
“The Finance Industry Is a Grift. Let’s Start Treating It That Way.“ Oren Cass, New York Times.
