“The CEOs of 10 Wall Street firms that either failed or received taxpayer bailouts were paid an average of $28.9 million per year in the years leading up to the Wall Street meltdown”
Check out the article here

Good article, and better yet it offers actual ideas for solutions to prevent this from occuring in the future. We all recognize that the current system is inherently broken-
Bonuses Put Goldman in Public Relations Bind

The next (and more important long term) step is fixing it. Wall street is founded on and attracts people infatuated with the idea of making (lots of) money, so expecting that to inherently change based on the current economic condition is completely unrealistic. As long as short term avenues to wealth at the long term expense of others are available, people will find a way to exploit that for themselves. It is human nature. Human beings respond to their environment in rational and predictable ways. (the “rational model” is the basis for most current fields of economics) The real challenge (and solution) is to find ways to create incentives by which to channel the effort (and talent) of those infatuated with the idea of personal gain, into using their talent in a manner that is beneficial to the greater good. All of the suggestions given in the article are a good place to start- but I don’t really believe they go far enough to prevent savvy businesspeople from exploiting loopholes in the system. Unfortunately I think there are a number of areas in modern-day first world nations where it’s becoming obvious that democracy is no longer a viable and functional system, and our modern day financial sector is one of them. Do you guys have any better solutions? Tar and feathers seems like it could go a long way in my book. ; )
-Dave

December 16th, 2009
Categories: Uncategorized . Author: Intro5pect

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