May 19, 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.
It is simply obscene that we here about the salaries and bonuses paid to these people while we are deciding what we can live without. It's not an easy choice when you are looking at food or medicine.
A personal example is my brother's loss of employment due to the company moving to Juarez, Mexico; thanks to NAFTA. We lost out big on that one, it should be repealed.
Thank you for considering my comment,
Tedd Ward, Jr.