Generational Clash in Finance

This chapter explores the evolution of financial practices from service fees to risk-oriented trading, emphasizing its impact on the industry, especially during the 2008 crisis. It highlights the generational conflict between traditional traders and their newer, mathematically adept counterparts, epitomized by a vivid exchange between an older and younger Wall Street professional. The chapter also reflects on the author's personal experiences within the mortgage trading culture and the unintended consequences of their previous work, 'Liar's Poker,' on shaping aspiring traders.