May 20, 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.
I am currently out of work. My house, purchased in 1994, is worth less today than it was when I bought it. And my retirement savings have been decimated by the market crash. The risk-taking of these institutions must stop. I believe that what we are facing down the road if it is not ended is a social revolution similar to what is currently happening in the middle east.
Thank you for considering my comment,
Thomas Corey