“Wall Street continues to risk because US govt. encourages it”
Published: 17 November, 2009, 10:45
Edited: 18 November, 2009, 10:41
The reason Wall Street operatives continue their risk is that using practices that caused the crisis is in character with their relations with the US government, says author and columnist Michael Panzner.
“Unfortunately, one reason it is going on is because the government has not really punished the people who created the crisis – that is the first problem. They essentially handed them money for the mistakes,” Panzner said.
”In a sense it is a bit like an economic incentive theory 101 – you give people money for doing something, they keep doing it,” he added.
17.11.2009, 06:58
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All 30 thousands of Goldman Sach employees were granted with the total of 13 billion $ bonuses for the profit they made in 2009. That is, on average, around 400 000$ each. Fine. Guess they deserved it. However, from the point of view of an average American tax payer the whole episode ignites some bitter feelings.