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June 11, 2006


By now, this should be no shock for jobs in journalism, the arts and entertainment. But, it's surprising to see that the pay-to-play epidemic has infiltrated the financial world.

I guess it makes sense, though, because if your parents can afford to buy you a Morgan Stanley internship, your parents can probably also get a lot of friends and relatives to put their investments with you at Morgan Stanley. Do non-wealthy people have any shot at making it as brokers nowadays?

Personally, I think charity runs on vanity, so thank goodness for it.

Your conclusion seems like a non-sequitor. If charity was not tax deductible wealthy people would only give proportionally less and government would distribute more taxes as it sees fit. As inefficient as private charity is, surely government is worse.
OTOH, making charity non-deductible might be a good policy as part of a massive simplification of the tax code.

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