Financial Brain Drain

" I had an easy shot of the day because I saw stood idealist -- that I really like the talks about the brain drain you know be at the pays are going and -- non executive you can only make so much so. A lot of these negatives -- leaving these companies wanted a slut. He's talking about the top 170 fibre and has not just the -- week so a lot of top sales people top traders are leaving as well -- actually joins us is what makes my job easier it is go to the -- right away and say. The story really -- my ally what's what's the deal with this how how much talent are these companies like these big banks like Bank of America really lose."

" Not to talk to these guys they tell me that it's a lot. And I tracked down and protect that about a dozen of these guys and I spoke to about a half dozen and what they tell me is. That the traders the analysts at brokers the Fed up they're tired of seeing their name in the news constantly they're tired of hearing that. Wall streeters are evil and admired here in that anybody who makes over. Phil and a number 200000 dollars a year should pay back shouldn't pay that should make that much money. And so these guys said hey you know what I have a name on the street I have I have a reputation I can go somewhere else and and they did."

" But not certain they're not leave in Wall Street it is basically walkman in a different -- A better yet -- had different color right there you know they start their own little boutique firms they're doing the same thing they're probably making just as much money. That is not associated with these big evil --"

" Exactly and you got that's it's a good point you do have some of these start -- boutiques that are coming about because these guys are leaving -- now I don't need Bank of America my own name I've got mile clients. And you've got guys going to some of these smaller firms there -- some. Was lowered places like that. Where they can do exactly the same thing they can bring their name they can bring their clients. But they don't read about their company on the front page New York Times or or Wall Street Journal every every week. And you know. One of these guys said to me -- was interest thing. Last year I guess it was go back to January December January he had this sort of torch and pitchfork mentality of anybody who was. Being paid a bonus on Wall Street and and you had I think it was in March this house bill passed -- they were going to taxis things that 90% rate or anybody you made over a 328. Members of the house voted for that thing that's Republicans and Democrats. So you worked on Wall Street you're looking at that insane. And I want to stick around at this place and no one guy said my salary is my bonus on May get. You know they they they get a check every week but their means salaries that all of us. The guy said that simple what I can absorb it suddenly I'm indicated 90% simply because I work for one's. If people say well into the guy's arrest into the ground but it's really not when you look at some of these guys they've not been -- it."

" You know what it the end of the day that I think you're gonna get these guys to go out start firms start offering very similar services cheaper. And so right -- an attack undercut the big guys they want to bring their clients with them at the end admitted that this actually can work out brilliantly. For many you know of their clients of customers things like that because they're getting the same guy the same product. Probably at a --"

" She propriety of what some credit for us though because then that the companies need to do really well to pay back the taxpayer and the losing. The business cities. Smaller companies that that used to work for Bank of America and used the word for city that's that the accuracy either one of these guys said it's counterproductive -- candidates trying to. Try to maximize the return on these companies because we is that taxpayers are the biggest investors and and -- Here were saying to these guys well your top talent you have a name but we're not going to pay yet we're in fact we're gonna we're going to villain real villain as you organist and we're going to see -- And they're a little bit fed up and you know as I said the story it's it's a little bit difficult to garner support for sympathy for these guys but. When you think about it we really should have some sympathy because it's our money. What you read because it wasn't and it wasn't all of them that caused the problem right held guilty by association good stuff down thanks fan thank you it's Alan Cox business dot com. I think that if you love it's eight."