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That's really all it is. Me and a couple others were the only "outside" students to get internships at a big bank. Rest of the interns had parents working at the firm. They all went on cruises and to their multi million dollar cottages every weekend. It was like some weird sick incestuous extended corporate family.

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There is nothing weird about it, it's incentives: parents are always going to be more interested in their specific children than in the more generalized problem of maximizing the value of the company they work for. Particularly in the world of high-end banking, which is extremely competitive to get into but, at the end of the day, not particularly challenging for a reasonably smart person, we should expect rampant nepotism.

And so we find it.

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