Liquidated Ch. 1&2

After reading chapters 1 and 2 of Liquidated by Karen Ho, a major theme which stood out to me was that elitism and hierarchy are essential to how investment banks operate and treat their employees. In chapter one, Ho explains how only the most qualified undergraduates are recruited from only the most prestigious universities. This process of recruitment by investment banks makes shows how much they restrict their selection of new employees. Ho provides interesting insight as to how Wall Street is a culture in itself, and the qualifications for belonging to it are very strict.

In chapter two, Ho discusses another necessary quality for success on Wall Street is the ability to be an extremely hard worker. Employees must be willing to dedicate the majority of their time to their job, but hard work does not necessarily create equal opportunity for all. Issues with racism and sexism seem to still be very prevalent in the world of investment banking, and they definitely play a role in the social hierarchy of employees. This concept of hierarchy appears to be very important in this elite world of Wall Street. From the recruitment process to the demanding work schedule, stress and social pressure appear to dominate all aspects of Wall Street’s culture.

Reference:

Karen Ho. Liquidated: An Ethnography of Wall Street. Edition: 2009. Publisher: Duke University Press. 2009.