[lbo-talk] Re: outsourcing BS production

Doug Henwood dhenwood at panix.com
Sat May 3 08:09:25 PDT 2003


Carrol Cox wrote:


>But actually, I would like to see an analysis of _why_ the Wall Street
>firms are driven to such a policy. "Greed" is not really a marxist
>category; what needs to be explained is what _drives_ the "greed" in
>this case.

Profit maximization, what else? Wall Street is used to making gobs of money. The last year or two they're making amounts more approaching droplets than gobs. They lust for a return to gob-land, and if you can get an Indian to do the same work of an American for 1/10th the cost, why not? Bankers sometimes need personal contact with their clients, but the work of analysts could be done from anywhere.

Doug



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