May 23, 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.
The bankers on Wall Street that stole the money need to be brought to justice, just as any of the rest of us would. As long as corporate lobbyists buy our representatives and white collar criminals are not held accountable, our system will remain broken.
Thank you for considering my comment, Dr. Ann López