May 26, 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.
Wall Street greed and outrageous pay practices were a major cause of the collapse. One way to change the incentives so they don’t collapse our economy again would be to delay the bonuses for three, five or more years. That way, we’ll know if the loans they made in year one remain good. In the bad days, bankers paid themselves on the volume of loans (mortgages) they generated, not on their quality.
I am paid for the quality of work that i do not the quantity; and when the quality of my work is not exceptional I am certainly not paid a bonus. Why should the executives of the firms that caused the economy's collapse be exempt from these standard labor practices?
Thank you for considering my comment,
Robert Frame
NY