May 24, 2011
By December of 2008 all of my four children had lost the positions they had held because of the state of the economy. At this time three have found new work, at dramatically lower wages and without any of the benefits they had earned; one is still without work, and in the process of losing her home. This happened without any fault of their own. All had excellent educations, good work evaluations, and years of repeated commendations and promotions. It happened because of the malfeasance of those in positions of power.
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.
Thank you for considering my comment,
Dr. James Livingston