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7 years, 3 months ago

investment bankers always receive high compensation

If the shareholder value revolution was not sustainably enriching the average investor, who may also have been facing unemployment as his or her 401(k) appreciated a few hundred dollars (if that), then was Wall Street not increasing the stock price of corporations - their stated central mission? Wh…

—p.24 Liquidated: An Ethnography of Wall Street Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 3 months ago

it's time to get out of the market

Perhaps not so ironically, it was precisely at the moment when Jackson advocated the incorporation of marginalized communities into the so-called shareholder value revolution that my Wall Street informants began to suspect the impending burst of the bubble. Many subscribed to the old Wall Street ad…

—p.23 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 3 months ago

Wall Street had little respect for back-office workers

Specifically, I was asked to conduct a Taylorist time-motion study of their workday, actually charting and measuring the kinds of tasks and the time needed for completion to judge how many workers were necessary [...] To say that Wall Street had little respect for back-office workers is an understa…

—p.16 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 3 months ago

what is Wall Street?

Multiple key functions and institutions constitute Wall Street and the financial markets in the United States. Aside from investment banks there are asset management companies (hedge funds, pension and mutual funds, and private equity firms), and the securities exchanges themselves. Financial firms…

—p.5 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 3 months ago

Wall Street sees job cuts as increasing profit

[...] in March 1996, the company retracted its initial claim of forty thousand jobs cut, announcing it planned "only" eighteen thousand layoffs. An article in USA Today noted that "observers say AT&T deliberately inflated its initial layoff estimates to impress Wall Street, which sees job cuts …

—p.3 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho