Should Wall Streeters hand their bonuses to subprime victims?
Posted by: in Stocks Money NewsFiled under: Housing
In his latest blog post, Herb Greenberg asks whether Wall Street should hand over its bonuses to victims of the subprime mess.
Of course, it’s sort of academic — kind of like asking whether Michael Vick should donate money to the ASPCA. Fat chance. But anyway, it’s an interesting philosophical question, so I’ll give it a shot.
The idea that Wall Street executives should give some of their bonus money to “victims” of the subprime mess seems to be based on a lack of understanding of what actually happened. The housing bubble and increase in subprime lending and decline in the quality of the loans was a happy conspiracy (for awhile anyway) between lenders, Washington, and people who were eager to own their first homes.
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