Avi Jain

“where Jeffrey Sachs, the Columbia University economist most famous for having designed the “shock therapy” reforms applied to the former Soviet Union, had a live-on-video-link session in which he startled everyone by presenting what careful journalists might describe as an “unusually candid” assessment of those in charge of America’s financial institutions. Sachs’s testimony is especially valuable because, as he kept emphasizing, many of these people were quite up front with him because they assumed (not entirely without reason) that he was on their side: Look, I meet a lot of these people on Wall Street on a regular basis right now . . . I know them. These are the people I have lunch with. And I am going to put it very bluntly: I regard the moral environment as pathological. [These people] have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to counterparties in transactions. They are tough, greedy, aggressive, and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent. They genuinely believe they have a God-given right to take as much money as they possibly can in any way that they can get it, legal or otherwise. If you look at the campaign contributions, which I happened to do yesterday for another purpose, the financial markets are the number one campaign contributors in the US system now. We have a corrupt politics to the core . . . both parties are up to their necks in this. But what it’s led to is this sense of impunity that is really stunning, and you feel it on the individual level right now. And it’s very, very unhealthy, I have waited for four years . . . five years now to see one figure on Wall Street speak in a moral language. And I’ve have not seen it once.20 So there you have it. If Sachs was right—and honestly, who is in a better position to know?—then at the commanding heights of the financial system, we’re not actually talking about bullshit jobs. We’re not even talking about people who have come to believe their own propagandists. Really we’re just talking about a bunch of crooks.”
― David Graeber, Bullshit Jobs: A Theory