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Michael Lewis

“I have this theory," says Andy Stone, seated in his office at Prudential-Bache Securities. "Wall Street makes its best producers into
managers. The reward for being a good producer is to be made a
manager. The best producers are cutthroat, competitive, and often
neurotic and paranoid. You turn those people into managers, and they go
after each other. They no longer have the outlet for their instincts that
producing gave them. They usually aren't well suited to be managers.
Half of them get thrown out because they are bad. Another quarter get
muscled out because of politics. The guys left behind are just the most
ruthless of the bunch. That's why there are cycles on Wall Street—why
Salomon Brothers is getting crunched now—because the ruthless people
are bad for the business but can only be washed out by proven failure.”

Michael Lewis, Liar's Poker
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Liar's Poker Liar's Poker by Michael Lewis
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