By Daniel Kwon, originally posted at the Center for Faith & Work.
In his recent Op-Ed in the NY Times titled For the Love of Money, Sam Polk does an insightful job of addressing and analyzing the root of the cancer that plagues the financial services industry: the idolization of power. Polk starts by discussing how he was lured to Wall Street by the prospect of immediate wealth and power. In his first year as a trader at Bank of America he received a $40,000 bonus and by the time he reached the age of 25, he was making $1.75 million a year while living in a $6,000/month loft on Bond Street. Polk’s drive to make more money ultimately led him to join a hedge fund, where he went from being “thrilled” with a $40,000 bonus in his first year to being disappointed when he only received a $1.5 million bonus his second year.
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