Interesting perspective. I agree in general about the lack of innovation in Wall Street and many services add marginal value to society if any. There was a shakeout in the industry during the financial crisis in '08.

Some things to think about:
-Do M&A, investment banking, business consulting for billion dollar Fortune 500 companies require talent?
-Does managing and allocating billions of capital with hedge funds require talent?
-How does the industry compare with Big Pharma/Doctors in the Medical industry?
-Monsanto/Big Agra/Fast Food and the Food Industry?
-Are government grants efficient or a sink hole? What is the incentive for grants to produce practical business value?
-What percent of grants are productive compared to venture capital and angel investments?
-How does government pay compare to private sector pay? Especially when you include pension benefits?