Slate business writer Daniel Gross has another take on Andrew Hall’s bonus, about which I wrote last week. Gross notes that hedge funds primarily exist to make traders rich, and do little for non-employee shareholders. So he questions why Citigroup shareholders would want to retain Hall and his Phibro operation.
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I wonder if this should also lead us to more general questions about how much of the economy should be based upon the financial sector’s returns?
Is the health of the financial sector so important because it is that important in a balance healthy economy of which it is a part, or because other sectors of the economy (manufacturing for example) are not important? Is it a sign of a less healthy less stable economy when financial services are this prominent?