May 19, 2011
I’m writing because my family and I were affected by the economic collapse of 2008, and 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 for regulators to set up a way for shareholders to grab 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.
Regulators needs a strong Glass Steagall Act. After the first depression the cause was the bankers and wall street. The Glass Steagall Act was passed to enact regulations and the United States had real prosperity. The Glass Steagall Act was dismantled and hence we had a second economic melt down. The US will become a third world country if this keeps up which is not place anyone will want to live in. Wall Street and bankers have to be regulated to stop this insanity. All derivatives need to be regulated. Also, Credit default swaps should be illegal. Thank you for considering my comment,
Lisa Schoenberger