May 26, 2011
The impact of unethical and possibly illegal actions of "Wall Street" are still causing economic problems throughout the world, and, of course, in America. Americans rightly believe that Wall Street has not "cleaned up its irresponsible and grossly negligent acts," and has done next to "nothing" to make amends to "Main Street," to America, or to the World.
Our economic perils still exist; millions of Americans continue to suffer because of what we believe are irresponsible and unethical behavior of Wall Street, gambling which led to the demise of America's economic stability. We have learned of actions that appear to be corrupt and possibly criminal by financial institutions that continue to this day.
Wall Street, financial institutions, rating agencies, service companies, mortgage companies, have been ignoring requests from Congress and the Obama administration to work with homeowners whose homes have been and continue to be facing foreclosures. Many Americans have lost their jobs as the result of negative behavior by all of these institutions. These institutions have even engaged in forgery attempting to recreate documents which they misplaced or deliberately lost. These institutions have also ignored repeated pleas from Congress and the Obama administration to make loans available to small businesses, to truly assist America by creating jobs with all the profits Wall Street has experienced following the taxpayer "bailouts" to Wall Street.
Wall Street has brought America to its knees economically, and has sat back and provided more and more excessive profits to its top executives while failing to show the public they are in remorse over their disgraceful activities. Wall Street and the U.S. Chamber of Commerce continue to ignore the economic problems they created. Instead, they are even lobbying Congress to repeal the regulations of the Dodd-Frank Act intended to provide some forms of security to America and to the World, to avoid another economic crisis at the hands of Wall Street.
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 several years, at least five or seven. 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.
As long as "Wall Street" continues its irresponsible behavior with no concerns for making its "victims" whole, it has not learned anything from the horrible nightmare it created. The "bad actors" on Wall Strreet who created this problem should have been and still should be charged with criminal behavior in which it engaged. They should pay for the damages they caused and should serve time in prison.
Thank you for considering my comment,
Ida Casillas
Sacramento, CA