Because the fees paid to U.S. investment banks and other U.S. financial services firms for those firms' services are, on average, disproportionately large in two respects:
(1) in terms of economic value provided to clients; and
(2) in relation to the capital the firms involve or deploy, the risks the firms assume, and the talent the firms bring to bear. (This is not to in any way underestimate or undervalue the firms' talent; it is premier.)
Sunday, August 17, 2008
Why This Blog?
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