May 20, 2011
I’m writing because my family was affected by the economic collapse of 2008 because it came when we needed funds to repair t he damage inflicted by IKE. All our savings were cut in half and the repairs had to be made. It cost us double. We don’t want it to happen again.
One way to change the incentives so Wall Street doesn’t collapse our economy again would be regulate a way for shareholders to take back ill-gotten gains. If it turns out that the profits in a given year were built on shoddy practices that become clear in the out-years, those bonus payments should be forfeited. Another is to criminalize more inappropriate dealings. If more managers realized that they may not just get a fat bonus but also a long sentence for slimy deals, they would be more cautious.
Thank you,
jerry Hite