Could be a very rational choice imo. The guy maybe just thinking long term career path. Also being promised 250k of total comp is NOT the same as actually getting it. Not to mention that Wall Street gets a bad rap nowadays, deservedly so imo. For most creative people, after some threshold, money alone is a poor motivator.
The problem is the person hiring the programmer has no idea what the difference is between a good programmer or a novice one or sloppy one.
Learn some programming yourself and you'll easily be able to differentiate between the two, unless you are lazy..