Inevitable: Talent Being Driven From Wall Street By White House and Congress Hatred

Some time ago I wrote about the amorality of the left and there hatred for those who work in finance. This was typified by their faux outrage over the AIG bonuses and Obama's use of his office to threaten his fellow Americans with mob action unless they followed his commands, so this comes as no surprise. To be frank its a double whammy, on the one hand the American economy loses some very smart people as they flee the hatred unleashed by the democrats, on a purely fiscal note who is going to replace these tax revenues? We have morons like Governor Patterson and John Stewart laughing over the departure of a millionaire like Limbaugh all the while the budget goes deeper and deeper in the hole.

“After 10 years, I did not see a future for myself,” said Mr. Jung, 42, who quit to parlay his sales expertise into a career at Aladdin Capital, a small but rising investment firm run by others who had also left some of the most venerable names in finance.

There is an air of exodus on Wall Street — and not just among those being fired. As Washington cracks down on compensation and tightens regulation of banks, a brain drain is occurring at some of the biggest ones. They are some of the same banks blamed for setting off the worst downturn since the Depression.

Top bankers have been leaving Goldman Sachs, Morgan Stanley, Citigroup and others in rising numbers to join banks that do not face tighter regulation, including foreign banks, or start-up companies eager to build themselves into tomorrow’s financial powerhouses. Others are leaving because of culture clashes at merging companies, like Bank of America and Merrill Lynch, and still others are simply retiring early.

Of course some people see the positive, basically the diffusion of talent to other firms will generate innovation. And then what? Try and destroy these up and coming firms over inequality?