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The claims that banks need to offer huge bonuses to retain their top “talent” is a  rather specious assertion. But I’ll disregard the fact that this “talent” precipitated one of the largest financial crises in US history. Realistically, where could this “talent” migrate to? A smaller hedge fund? Another bank? Alternatively, what other opportunities outside of finance do these “talents” really have? They’re not going to leave Wall Street to enter med schools and law schools. They are not going to become top flight scientists. They could pursue entrepreneurship but the payoff there is as capricious as playing the lottery. And working within any other industry could possibly be more personally fulfilling, but isn’t likely to be as enticing financially. Realistically, they have little other choices to turn to but the same circle jerk that they’re mired in now. Whether they’re getting 6 figure bonuses, or none at all.