Greedy World Essay

1202 words - 5 pages

In the eighteenth century Adam Smith used to say that all money is a matter of belief. The financial system has been built on a house of cards for many years, which has led to several crashes such as the great depression in 1929 or the crash of 2008. All the financial abuses have been perfectly embodied during the 2008 crash. This crash put into relief that market- players were cheating on taxpayers for many for many years. For instance, CEOs and other executives have received substantial amounts of money while they were fueling the bubble. Those amount are titled golden parachutes. According to Elmund L. Andrews, in 2008 AIG has given away about $165 millions in bonuses, when they were ...view middle of the document...

before being chairman of the Federal Reserve from 1987 to 2006 (Gregory Mankiw). Year after year those Wall Street bankers came over the government financial laws because their power supplant governmental power. HOW ???when a government do not control financial market and financial product as well as compensation in the financial sector that leads to deregulation.
Gov Losses power when = last October, the Bank of America was found guilty for fraud including Fannie Mae and Freddie Bank of America was selling mortgage to FMFM so when FMFM , bank of America aussi dans la merde !

Law should be stricter when it comes to bonuses that are given to CEOs because those compensations are based on unethical practices.
CEOs do not deserve to receive such amounts just for manipulating million per year. In a world where the rate of people living below the poverty line has never been so high, giving millions to CEOs seems to be totally insane. If societies need bankers and CEOs to maintain the financial system, they also need surgeons, firemen and airline pilots, and so far do not received the same compensation at all. According to Dick Jenkist, it is inconceivable that such amounts of money could be handed out to the people responsible for the crash. Giving away bonuses in bad times means that the dealmakers make money whether the deal goes right or wrong, so is it still a game if there is no win or lose situation? Moreover, bank Of American has been bailed out with taxpayer’s money after rendering itself insolvent by handing out huge bonuses. Worse, some CEOs have received incredible sums just to quit their jobs. For instance, Nabors Industries’ former CEO Eugene Isenberg received $100 million to give up his job (Jillian Berman). According to Bailout Nation, CEOs and all the market makers have privatized gains and socialized losses (3). The whole system does not need to change but the way people play in it must to be fully restructured.

Law should regulate bonuses in order to prevent corporate greed because bigger risks mean bigger bonuses in the financial industry. Corporate greed was definitively one of the key factors in the 2008 crash. According to Paul Buchheit, the lack of regulation in the financial industry encouraged corporate greed. He reported that John Paulson, who is a hedge fund manager, would have colluded with Goldman Sachs in an agreement. This agreement allowed them to short-sell packages of risky subprime mortgages, which were originally based on taxpayer’s money. The two protagonists of this settlement were obviously...

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