Chicago Booth Review Podcast Must you lose your morals on Wall St?
Oct 16, 2024
John Paul Rollert, an adjunct associate professor at Chicago Booth and in-house ethicist, dives into the complexities of ethics on Wall Street, inspired by Michael Lewis's Liar's Poker. He discusses the ongoing struggle between personal integrity and profit, illustrating how a toxic work culture can corrupt even the best intentions. Rollert shares anecdotes about the aggressive tactics in bond sales and grapples with the moral dilemmas that arise in a competitive environment, highlighting the profound choices professionals make for their self-worth.
AI Snips
Chapters
Transcript
Episode notes
Lewis's Unconventional Entry to Wall Street
- Michael Lewis, an art history major, failed to secure a Wall Street job through traditional means.
- He got a job at Salomon Brothers through a chance encounter with a managing director's wife.
Lottery Winnings vs. Just Desserts
- Lewis's high starting salary felt like "collecting lottery winnings," highlighting the role of luck in financial success.
- This contrasts with scenarios where wealth is earned through merit, raising questions of just desserts.
Moral Conflict on Wall Street
- Lewis's experience at Salomon Brothers involved "jamming bonds" and "blowing up customers."
- Despite moral qualms, his financial success continued, creating an internal conflict.