With the fuss about the (allegedly) over the top salaries being paid to the senior executives of Macquarie bank hitting the headlines yesterday, I thought the Alex cartoon published in the AFR yesterday was excellent timing.
If you want to see the cartoon, it was this one (yes, we are a few days behind in Oz) and a good example of the less extreme reporting of the news on salaries is here.
The Alex cartoon makes a good point – as those of us who have worked (or currently work) in the investment banks know – you work extraordinary hours, sacrifice the bulk of your life and have to have a very understanding family if you are going to do this successfully. Very few also ever get close to these sorts of salaries / bonuses / packages and many burn out before they get to 40.
It is the hope of being one of the successful ones that all this effort is put in. We should not begrudge the few (I will not say lucky few – luck plays little part) who make it to that level. They have made a life choice in trying to get there. Let them enjoy their gains – and hope, for ourselves, that we can also gain from the success.
17 May, 2007 at 21:59
Very good point. I’ve worked with a few refugees from that life, and it sounds horrendous. To me, though, the annoying thing is that very few people make the same complaint about actors and sports people making that kind of money. Macquarie Bank (love them or hate them) is genuinely playing in the world market. If an Australian soccer player (Harry Kewell?) does that, and is paid commensurately for it, he is lauded as a wonderful success. If a banker does it, it’s too much money.