Why Wall Street isn’t celebrating this Silicon Valley tech boom

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It was Christmas 2006 and the investment bankers of Wall Street and Canary Wharf were at the height of their swagger. After a record year advising on lucrative M&A deals and a string of blockbuster listings including Mastercard and Hertz, it was time to kick back, relax – and prepare for a feast of bonuses. 

There was plenty to go around.  That year Goldman Sachs served up a record profit of $9.5bn (£7.4bn) and paid out $16.5bn in compensation to staff or $623,418 per employee.

“It doesn’t get any better than this,” quipped Michael Holland, chairman of investment firm Holland & Co to The New York Times. 

Broadly speaking, he was right. It’s not just the thicket of new regulation unleashed by…





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