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US79 - Personal Accountability in the Financial Sector
| New financial sector laws imposing criminal & civil penalties for negligent or reckless endangerment of public welfare | |
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Description
People working in the financial sector need to be punished for taking irresponsible risks or not being careful about what they are doing. Currently, they are incentivized toward risky behavior because they make a lot of money when their bets pan out and they simply get zero if they blow up. The bankers who caused the crisis made lots of money in the years before the crisis, then did not make a lot of money for a brief time, and now are back to making lots of money again. The whole experience has worked out just fine for them so far, but they would change their ways if we held them personally accountable for the downside.
Arguments
Fraud is the business model on Wall Street.
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