Financial socialism by and for elites

Excerpt from a scathing critique of our corrupt financial system by Les Leopold.

1. Why do people in the financial sector make so much more money than the rest of us? Mainstream economists claim that your income reflects the economic value you produce -- at least in free and open markets. But are proprietary traders, for example, really 100 times more valuable than neurosurgeons? In the UK, some economists say no: The British New Economics Foundation calculates that "While collecting salaries of between £500,000 and £10 million, leading City bankers destroy £7 of social value for every pound in value they generate."

Read it.