May 19, 2011
The economic collapse of 2008 has had huge negative impacts on the 99% of Americans who are not at least multi-millionaires.
Wall Street greed fuelled by illegal, immoral and risky programs and outrageous pay practices were major causes of the collapse. One way to change the incentives so they don’t collapse our economy again would be to delay the bonuses for several years, at least five or seven. That way, we’ll know if the loans they made in year one remain good.
Basing bankers pay on the volume of loans (mortgages) they generate rather than on the loans' quality and then re-packaging those loans and selling them to others, thus removing any responsibility for the outcome of those loans, is a formula for disaster.
Thank you for considering my comment,
Frank Kolwicz