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Why is it be surprising? We just witnessed these banks lose hundreds of BILLIONS of dollars, hundreds of billions of dollars of shareholder wealth, probably hu
by earl 18y ago
Why is it be surprising? We just witnessed these banks lose hundreds of BILLIONS of dollars, hundreds of billions of dollars of shareholder wealth, probably hundreds of billions of dollars of bondholder wealth... and bonuses fell by half. With incentives like that, anybody would be a fool not to at least consider it.
Edit: and while I hope so, and we'll deserve what we get if we don't take action, it's actually not at all clear that the finance industry will be massively regulated after this, at least not in the right way. Many congresspeople are a combination of incompetent and outright owned by the finance companies and people.