Comments on: Three principles for a new Wall Street

By: AlejandroS

AlejandroS — Tue, 12 Jun 2012 02:09:26 +0000

Wall Street won’t change until it all collapses. Just a bunch of made up numbers moving made up money.

By: lfbenjamin

lfbenjamin — Fri, 18 Nov 2011 14:57:32 +0000

A beautifully crafted article by Shoshana Zuboff describing the unspeakable suffering unleashed by the ‘banality of evil’ of those we entrusted with our economic welfare is worth a read. It ends with;

That in the crisis of 2009 the mounting evidence of fraud, conflicts of interest, indifference to suffering, repudiation of responsibility, and systemic absence of individual moral judgement produced an administrative economic massacre of such proportion that it constitutes an economic crime against humanity.

Note: The author is famous in the ‘social, p2p world’ after writing a book called The Support Economy (2003/4) with co-author Jim Maxmin. Amongst other things, the book foretells the failure of managerial capitalism (or the end of command-and-control) and a shift to collaborative capitalism. Rather prescient given where we are right now.

By: benjrog

benjrog — Fri, 21 Oct 2011 12:04:27 +0000

It doesn’t have to fall on deaf ears. That is what is driving so many people to the streets. The more people who demand accountability in the market — truly demand it — the stronger the call will be. Time and effort and a steep hill do not equal “deaf ears” or hopelessness.

By: bloggerswamp

bloggerswamp — Thu, 20 Oct 2011 15:44:56 +0000

Corporations must DIE

After a life span of 50 years. Like never restarting a Monopoly game. New players don’t have a chance. Corporations must DIE; with 1% accruing to the People each year. At the end of that lifetime; sell it off lock stock and barrel; extinguishing copyrights, patents; everything. Otherwise we will forever be enslaved by the filthy rich.

By: Robertla

Robertla — Thu, 20 Oct 2011 10:23:28 +0000

I think Wall Street is just the canary in the coal mine…..

the housing bubble was an attempt to move, and make money, when Americans had actually already lost the purchasing power, necessary to buy a home.

Moving jobs to China, was a big part of that.

‘Technology’ and ‘Productivity’ is still a big part of that.

All or most businesses have the same modus operandi, concentrate all proceeds and give them to the owners………that’s business.

By: edgyinchina

edgyinchina — Wed, 19 Oct 2011 23:13:20 +0000

Nice Op-Ed piece…. To bad it falls on deaf ears. The idea of Wall Street, banks, rating agencies, investment brokers and insurers cleaning up their act sounds nice, but it’ll never happen. Money is power, and power corrupts absolutely, and has since the beginning of time.
The only way to reign these crooks in, is regulation, and regulators that cannot be bought. I’m talking meaningful, but not crippling regulation that allows for innovation in the financial sector, but keeps its finger on the pulse 24/7. A return to separation of banking and investment functions is a good place to start.

By: FBreughel1

FBreughel1 — Wed, 19 Oct 2011 19:56:52 +0000

Investment banks should be completely separated from retail banks. Then they can play however they like.

By: sarkozyrocks

sarkozyrocks — Wed, 19 Oct 2011 19:09:06 +0000

Good thoughts. As an academic, you’re directionally correct, but off the mark / don’t really understand where to focus practically. This article describes a key specific reform recommended by an ibanker that I think you would agree with. In my opinion, this is exactly what we should do for financial reform immediately: “The Rise of American Investment Banking, the Decline of British Gentlemanly Capitalism, and the Global Financial Crisis”: http://jackworthington.wordpress.com/201 0/04/22/the-rise-of-american-investment- banking-the-death-of-gentlemanly-capital ism-and-the-global-financial-crisis/

By: BowMtnSpirit

BowMtnSpirit — Wed, 19 Oct 2011 18:54:26 +0000

Extremely well stated, Professor Tapscott. And … it ain’t never gonna happen. Not voluntarily. Unfortunately, the deceit, self-aggrandizement and sense of entitlement was not limited to the financial industry. Rather, it was necessarily infectious, as the only method to reliably and consistently move the levers of public policy to favor this regime was to co-opt the policymakers. The financial industry also has partners and allies in its errant ways, and the cultures and motivations of those other industries are interlocking, and mutually reinforcing. Thus, we can point our fingers in a dozen different directions, and hit the mark: Big Pharma (the sick care industry); the Drug War (the arrest and incarceration industry); the Military-Industrial Complex; Energy; etc.

But at the crux of all this is the ability of these players to manipulate, form and obfuscate public policy to meet their ends. This is the structure that needs to be dismantled. It will not happen by asking them nicely.

By: OneOfTheSheep

OneOfTheSheep — Wed, 19 Oct 2011 17:35:19 +0000

Those accustomed to secrecy and a free hand in what they do will never WILLINGLY relinquish those personal advantages.

Those unaccountable in the past will not act accountably in the future unless they perceive it is in their personal self interest to do so.

What is done cannot be undone, yet it is a betrayal of faith by the White House and Congress that the banks were bailed out with taxpayer money with no “strings” attached. The bank supervisors under whom the real estate bubble inflated and related toxic investments sold to the public without meaningful disclosure are criminals that have yet to be clearly identified, charged, dismissed and appropriately punished.

Do your JOB, Washington!