Will Jailing Executives Change Wall Street?
Posted at 9 a.m. on Jan. 23
The chorus of voices calling for criminal investigations of Wall Street executives in the wake of the financial crisis misses the point, writes Bethany McLean, because “in corporate America, the odds are still very much in favor of those who game the system because the government, even at its most aggressive, doesn’t have enough resources to go after everyone.”
“Another big part of the problem is that there’s too much money to be made by pushing the envelope, or by keeping your mouth shut when you see others doing it… Pay people for success — long-term success — that benefits all stakeholders, from shareholders to employees to communities. While that won’t completely eliminate self-delusion, it will certainly help, because it’s often money that blinds people to the improprieties they should see.”