Sam Polk, a 30-year-old hedge fund trader, walked away from his $3.6 million Wall Street bonus convinced that he was addicted to wealth and pursuing a meaningless life. He had been angry that his bonus wasn’t big enough, he described himself as a “giant fireball of greed,” and he ruminated on how his colleagues could “buy Micronesia” if they wanted. He began to see “the limitations of unlimited wealth” when he asked in a staff meeting if new, dreaded government regulations were not “better for the system as a whole,” a remark that drew scorn from his boss, whose only concern was the effect the rules would have on his company. Polk compared himself to a drug addict and felt what he labeled “withdrawal” when he left Wall Street, but thereafter he married, devoted himself to public service, and says he is now “much happier.” 

Questions

1. Polk acknowledged his talent for trading, but in the end he said, “I didn’t really do anything.” If his sophisticated Wall Street products (credit derivatives) ceased to exist, he felt “the world would hardly change at all.” 

a. In your opinion, was Polk’s job meaningless, as he seemed to feel? Explain. 

b. Did Polk’s salary align with his job’s value? Explain.

2. a. Could you imagine yourself becoming addicted to wealth? Explain.

b. Is the avid pursuit of wealth too emotionally risky to be a rational act? Explain.

3. The 25 highest-paid hedge fund managers in America collectively earned about $11.62 billion in 2014, which was a “bad year” for them, while the nation’s 158,000 kindergarten teachers combined earned about $8.5 billion.

a. Is that salary imbalance a moral wrong as you see it? Explain.

b. Is the market mistaken about the relative worth of hedge fund managers and teachers? Explain.