Arthur Levitt states it as baldly as possible:
I would hate to imagine what would happen if we applied the same kind of sliding scale to the many people who have received job offers by way of their familial relationships. If that happened, there aren’t many people in finance who would escape the accusation that their hiring was the byproduct of influence peddling.
Oh, the horror.
While one may sympathize with the overall thrust, the essay nonetheless presents a basic defense of hiring within one’s social class. This is deeply anti-meritocratic, as he notes
Lines on a résumé can’t substitute for certain qualities.
That would be contacts.
The overall point is this is one more story about the rise of the plutocrats (aka the One Percent). With the rise of great wealth, the earlier standards of meritocracy get pushed aside. Essays like this knowingly or not, are about the raising of the ladder.