Greed and Hustle Have Become Virtues: While many of us believe in honest work, we also see that wealth is mostly acquired via hustles and scams, and so we relate to stories that validate this

Why We Like to Watch Rich People

INTRODUCTION

Several Academy Award contenders like “The Wolf of Wall Street” and “American Hustle” glorify white-collar criminals and scammers, and many reality TV shows embrace the wealthy, too. A new series, “#RichKids of Beverly Hills,” is the latest example of our enthusiasm for “ogling the filthy rich.” Why are we so obsessed with watching the antics of the 1 percent?

Greed and Hustle Have Become Virtues

Bruce E. Levine is a clinical psychologist who writes and speaks on how society, culture, politics and psychology intersect. His most recent book is “Get Up, Stand Up: Uniting Populists, Energizing the Defeated and Battling the Corporate Elite.”

UPDATED JANUARY 16, 2014, 8:48 PM

The lives of the outlandishly rich are so unreal and so bizarre for most of us that watching their self-indulgence, careless spending and decadence can be an escape from the unpleasant reality of our own constant money worries. Read more of this post

Forget annual reports. Go to the canteen for what makes a company tick

Forget annual reports. Go to the canteen for what makes a company tick

Jan 11th 2014 | From the print edition

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Leverage: The CEO’s Guide to Corporate Culture. By John Childress. Principia Associates; 353 pages; $24. Buy from Amazon.com

IN JULY 2012 the treasury committee of Britain’s House of Commons summoned the boss of Barclays, Bob Diamond, to face the music. Barclays had been caught taking part in an industry-wide conspiracy to fix Libor, a benchmark interest rate, and the members of parliament wanted to know what was going on. Why had friendly high-street banks been transformed into financial casinos? And why did scandals keep piling upon scandals despite outrage from the public and promises to mend their ways from banking CEOs? Much of the answer, according to both Mr Diamond and his interrogators, lay in a phrase that was used more than 50 times during the hearing: “corporate culture”. Read more of this post

This Is What Happens To Your Body When You Pull An All-Nighter

This Is What Happens To Your Body When You Pull An All-Nighter

LINETTE LOPEZ

JAN. 16, 2014, 10:52 AM 72,508 4

There’s been a lot of talk on Wall Street lately about the grueling hours that junior staff, interns, and analysts, have to work in order to get ahead. Bank of America, Goldman Sachs, and JP Morgan have all announced that they’ll start encouraging their young employees to take more time off. It’s an effort to improve their quality of life so they don’t jump ship for other companies in and out of the financial space once they’ve been trained. It could be hard to make this new policy stick, because on Wall Street, the all-nighter is almost a rite of passage. Read more of this post

The dark side: Founder’s blues; Are startups just for workaholics? Ask founders why they put up with the hardships, and they reply with predictable enthusiasm. But beneath this fervour there is often a world of uncertainty. In essence, a founder’s job is to create something out of nothing

The dark side: Founder’s blues; Are startups just for workaholic white male lumpen-preneurs?

Jan 18th 2014 | From the print edition

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A YEAR AGO Jody Sherman shot himself. His online shop, Ecomom, which sold eco-friendly and health products for children, was running out of cash. A few weeks later the business closed its virtual doors. A new owner relaunched it in June. Read more of this post

Chinese Use Mobile Apps to Move Savings Into Money-Market Funds

Chinese Use Mobile Apps to Move Savings Into Money-Market Funds

By Bloomberg News January 16, 2014

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Rebecca Ning can improve the yield on her savings by tapping her phone. Using Alipay, an Internet payment system, she pokes a silver icon on her screen to transfer money from her bank account in Beijing to a money-market mutual fund via a service called Yu’E Bao. She earned 430 yuan ($71) in interest on 30,000 yuan in a little less than three months last year. Had she left the money in her checking account earning 0.35 percent, her take would have been 26 yuan. “I put any spare cash I have into Yu’E Bao,” says Ning, 24, a graduate student in finance at Hong Kong Baptist University. “I’m basically losing money if I leave it as a bank deposit, as it’s depreciating in value every day.” Read more of this post

Why Top Graduates Still Want To Work 90-Hour Weeks On Wall Street

Why Top Graduates Still Want To Work 90-Hour Weeks On Wall Street

MAX NISEN

JAN. 16, 2014, 7:10 PM 3,657 4

A lot of people seem to think that Wall Street is losing its hold on top graduates.

The thinking, outlined in a recent article in The New York Times, is that the falling prestige of Wall Street means that banks are having to compete for talent with other industries, the perk- and stock-option-laden tech sector in particular. That banks are reevaluating their internship programs and curbing famously long weekend hours is cited as more evidence for the trend. Read more of this post

The art market: Fairly popular; The rapid growth of art fairs is changing the way galleries operate

The art market: Fairly popular; The rapid growth of art fairs is changing the way galleries operate

Jan 18th 2014 | From the print edition

SHORTLY after The Economist went to press, about 25,000 people were expected to turn up at the London Art Fair. Your correspondent visited just before, as 128 white booths were being filled with modern paintings and sculptures. Dealers clutched mobile phones to their ears or gathered in small groups. They seemed nervous—as well they might be. “I can earn a year’s living in one fair,” said one harried dealer while stringing up a set of lights. Read more of this post

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