I also found this to be one of these articles weak points.
The author (rightfully) argues that what bankers do is difficult, and so it makes sense that they are compensated for it. But they also use this as an excuse for the finance industries short-comings: pricing mortgage backed securities is hard, coordinating bailouts is hard, so are bankers really to blame if they don't get it perfectly right?
The author (rightfully) argues that what bankers do is difficult, and so it makes sense that they are compensated for it. But they also use this as an excuse for the finance industries short-comings: pricing mortgage backed securities is hard, coordinating bailouts is hard, so are bankers really to blame if they don't get it perfectly right?
I don't think you can have it both ways.