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Ego
by jack_cerf
Well, somebody has to buy retail, and it's usually the guy from out of town. Gross's theory is that Lewis's desire to get BA into New York investment banking was not economically rational and was driven by a desire for prestige. That might be true, but when you look at the returns that the investment banks were pulling in for the 10 years before things went smash, it doesn't look completely irrational to want a piece of that action.
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