May 19, 2011
I’m writing to you because to me, the greed and outrageous pay practices on Wall Street were a major cause of the 2008 financial 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 the banker made in a given year remain good. US citizens do not want bankers to pay themselves merely on the volume of loans (mortgages) they generate, rather, they desire that the quality of those mortgages is sound and based on proper banking principles.
Thank you for considering my comment,
Howard Orenstein