Delete comment from: Captain Capitalism
Small US banks and large Canadian banks, avoided most of the recent downturn.
Also, the big Wall Street investment banks used to be partnerships. The partners had their own money at risk in their firm, so things were managed with a little more prudence.The former partners never even dreamed of getting government bailouts, for bad investments. The current CEOs of the modern investment banks, have no personal money at risk. They are encouraged to take wild gambles with shareholder funds. Even failures such as; CEO Stanley O`Neal at Merrill Lynch, resulted in a huge payout for the CEO.
Handing over government funds to failed investment banks, was not a wise use of tax payer money.
May 4, 2010, 1:56:51 AM
Posted to Commercial Bank Profits