John At The Center

It’s true that the money made from proprietary trading strategies is sometimes put into pure research, as Jim Simons is doing at Stonybrook or David Shaw is doing at DE Shaw Research. But it’s hard to make the case that Wall Street technology has any track record of making the world a better place. Indeed, quite the opposite; Roth goes so far as to say that “a new flowering of creativity on Wall Street would be a very bad thing”. I suspect he’s right.

via Felix Salmon » Blog Archive » Welcoming the Wall Street brain drain Blogs .