On Wall Street, failure is ticket to success

The New York Times raises an interesting point about the recent executive upheaval on Wall Street. None of the executives that figured prominently will likely see their careers penalized. The paper reports that Thomas Maheras, who it says helped build Citigroup's subprime business, is in talks with Bear Stearns among others about a top job. Dow Kim, formerly of Merrill Lynch, is raising money for a new hedge fund. Zoe Cruz, formerly of Morgan Stanley, has held talks with several firms; she's a hot commodity right now. The list goes on. Second acts are a great tradition on Wall Street. I wonder what will happen to the really big wigs, like Stanley O'Neal and Charles Prince.  

For more:
- here's the New York Times article