"In spite of the public assistance required to sustain the industry, little has changed on Wall Street. Two years later, the largest firms are again operating with bonus and compensation schemes that reflect success, not the reality of recent failures. Contrast this with the hundreds of smaller banks and businesses that failed and the millions of people who lost their jobs during the Wall Street-fueled recession.I don't necessarily agree with all of it (big is not necessarily bad), but I do think management (or someone--general partnerships night be a remedy), must be held responsible for excessive risk taking.
There is an old saying: lend a business $1,000 and you own it; lend it $1 million and it owns you. This latest crisis confirms that the economic influence of the largest financial institutions is so great that their chief executives cannot manage them, nor can their regulators provide adequate oversight."
Friday, December 03, 2010
Too Big to Succeed - NYTimes.com: