80% of financial resources in US are controlled by 10% of its population.

Re:80% of financial resources in US are controlled by 10% of... by algopats on Sunday September 25, 2011 @07:26PM (#3037041)

financial industry has the capacity for 10 facebook like startups - currently its all Five big banks, five big IB/trading, wall.st banks etc.

There is huge opportunity here for innovation in finance industry, as all(most) of its functionalities can be reduced to computation.

Obviously the Wall.St insiders dont want any innovation, they are glad earning avg 500K-to-mil total compensation for starters. (3 years in, you could potentially make min. mil total compensation)

Dont understand why all the startups/ventures in silicon valley go after social networking - how many groupons, or photo/message/social do we need ?

[ Parent | on HN ]

Re:80% of financial resources in US are controlled by 10% of... by Hyena on Sunday September 25, 2011 @07:52PM (#3037102)

This assumes that Wall Street banks are trading on ability rather than prestige or that these things aren't in part one-in-the-same in the industry.

[ Parent | on HN ]