First Digital-Only Newsweek has Tom Wolfe Cover Story
After 80 years, one of U.S. current affairs' leading lights printed its final magazine -- and promptly upped its game by getting Tom Wolfe to write the lead article for the now completely digital magazine.
25 years ago, Wolfe wrote The Bonfire of the Vanities, a book about Sherman McCoy, a 38-year-old trading-floor salesman for an investment bank, who at a certain point in the book thinks to himself “I’m a Master of the Universe!”. It was a character and a phrase that inspired a lot of the men and women on Wall Street -- and created a sense of invulnerability that seems to have survived the recent downturn.
In his scathing article entitled “Eunuchs of the Universe: Tom Wolfe on Wall Street Today”, Wolfe tackles the issue of where it all went wrong and “who the new Masters of the Universe are”. Interestingly, the piece centers on Mark Zuckerberg and the disastrous Facebook floatation, and how all of these cumulative effects (to the average joe) don’t seem to have any effect on how traders behave.
The market crash in November 1987 didn’t diminish that sublime bliss for longer than a few gulps. Likewise the “dotcom” crash of 2000—02. Even after 2002 the Masters of the Universe cast such a spell that an estimated 40 percent of the top 10 percent of the graduates of Harvard, Yale, and Princeton headed for jobs on Wall Street.
The question I have is: how do we change the behavior of these people? After all, they landed us in it last time -- who’s to say they won’t do so again?
The article is live now on the web - you can read it in its entirety here.
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