Here’s an interesting take on financial reform and the future of Wall Street from a NY Times writer.
His view: “The problem is that since the incentives on Wall Street have not been changed one iota by the new laws . . .we’re no better protected from bankers’ potentially reckless behavior than we were before the latest round of reforms.”
To change the incentives, the top 100 executives at these firms, he suggests, should be required to back the firms decision with their personal wealth — make them risk it all if they are going to continue to gamble. He says this is how Wall Street partnerships used to work, now it should be required.
