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Michael Lewis on Why Wall Street Collapsed

Tuesday, January 6th, 2009
Posted in Advice by Joel Gross

Read this article on why Wall Street collapsed. Michael Lewis wrote an intelligent piece about how the so-called “genius financial titans” transferred risk from themselves to common shareholders and eventually to the U.S. government.‚  All of the Wall Street traders were involved- taking home monster bonuses for screwing their shareholders, customers and bondholders.‚  How do we fix it?‚  We need to completely reassess the way incentives are set up for companies and their employees in the financial markets.‚  Most of the investment banks should never have gone public or been able to transfer the risk of their actions from themselves onto others.