May 24, 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.
I lost my job in October 2007 and, after searching for over a year, decided to retired and draw my social security. Although I was hurt by the Wall Street debacle, I at least had social security to fall back on. I had also moved most of my investments from the type that were so damaged in 2008.
Wall Street "fat cats" seem to always do well in good times and in bad. This most recent case is truly ridiculous. Money taken (through taxes) from the very people who suffered the most was used to prevent the perpetrators of this fiasco from the fate they so justly deserved. Justice did not prevail in this case.
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.
Thank you for considering my comment,
Bob Hesson