Charlie Munger puts it nicely: The best and the brightest should be engineering airplanes and curing cancer; not into some money-grubbing exercise.
A big percentage of Cal-Tech grads are going into finance. I regard this as a regretfully bad outcome. They'll make a lot of money by clobbering customers who aren't as smart as them. It's a mistake. I look at this in terms of losses from the diversion of our best talent going into some money-grubbing exercise.
Paulson (a hedge fund manager) deserves whatever money he can make, but there's something tragic about our best and brightest -- the people who should be engineering airplanes and curing cancer -- choosing instead to trade derivatives and short financial bubbles.