It May Be Outrageous, but Wall Street Pay Didn’t Cause This Crisis


	It May Be Outrageous, but Wall Street Pay Didn’t Cause This Crisis

clip-on-tie

7-31-2009 10:32 AM

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tags:

obvious

2 Comments |

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7-31-2009 2:24 PM

rougy44

Wall Street greed indeed started this crisis. People like Madoff who got away with it.

But let's all feel sorry for them and pin the blame on convenient conservative scape goats instead.

7-31-2009 3:23 PM

n2sooners

Only a lib could equate signing a legal contract and getting paid what you are owed to committing fraud.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0d69c6e9-afca-4984-8f3f-adc9dd83f832/363B026A-48ED-4879-9B6D-B1B7D8406167/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/07/31/business/31norris.html#" href="http://www.nytimes.com/2009/07/31/business/31norris.html#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/31/business/31norris.html#"><H1><NYT_HEADLINE type=" " version="1.0"></NYT_HEADLINE>
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Barney Frank, chairman of the House Financial Services Committee, is sponsoring a bill to rein in what he calls “imprudently risky compensation” on Wall Street.
</P></DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/31/business/31norris.html#"><P>It is galling to see executives making tens of millions of dollars for running companies that have to be bailed out by taxpayers, but there is little evidence that big pay — or the incentives connected to it — caused the financial train wreck that sent the world into <A title="More articles about the recession." href="http://topics.nytimes.com/top/reference/timestopics/subjects/r/recession_and_depression/index.html?inline=nyt-classifier">recession</A>.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/31/business/31norris.html#"><P>A new <A title="CEO compensation study" href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1439859">study</A> shows that banks run by chief executives with a lot of stock were, if anything, likely to do worse than other banks in the crisis.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/31/business/31norris.html#"><P> “Bank C.E.O. incentives cannot be blamed for the <A title="More articles about the credit crisis." href="http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/index.html?inline=nyt-classifier">credit crisis</A> or for the performance of banks during the crisis,” states the study, by René Stulz, an <A title="More articles about Ohio State University" href="http://topics.nytimes.com/top/reference/timestopics/organizations/o/ohio_state_university/index.html?inline=nyt-org">Ohio State University</A> finance professor, and Rüdiger Fahlenbrach of the Swiss Federal Institute of Technology.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/363B026A-48ED-4879-9B6D-B1B7D8406167/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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