“The numbers are shocking but consistent withthe fact that in some ways Wall Street has been run asa casino for extracting money from the real economy and using it to pay extraordinary high levels of compensation.” This quote by Lisa Donner of Americans for Financial Reform in The Times’ article on Lehman Bros. aptly sums up what is wrong with Wall Street.
This has been Wall Street since the repeal of the Glass-Steagall Act; it still is a gambling enterprise. And Republican members of Congress mean not only to keep it that way but are also vigorously trying to repeal the weak efforts to rein in some of the more egregious abuses that led to the crash in 2008.
Our economy needs protection from the financial gamblers, as another bubble and crash will likely occur again without strict regulation of Wall Street’s phony financial schemes.
If, in fact, “less than a year before the 2008 collapse of Lehman Bros. plunged the global economy into a terrifying free fall, the Wall Street firm awarded nearly $700 million to 50 of its highest-paid employees,” can we also say that Lehman and the “thrifty 50" were involved in people’s suicides, unemployment, marital problems, family discord, loss of homes, less money for healthcare and education and more, and were found not to be doing anything illegal?
It certainly isn’t “just,” but why not also illegal?
I don’t see enough people since 2008 being held accountable.