Where is Wall Street’s plan?
Wall Street hasn’t come up with any ideas, Andrew Sorkin points out:
FOR the last several months, Americans have looked to Washington to lead them. But where’s the leadership on Wall Street?
There is an enormous opportunity for a C.E.O. to come forward with a plan to reform the financial system and pledge a change from business as usual. Jamie Dimon, JPMorgan Chase’s chief executive, has been the most outspoken of his peers during the crisis — and has done an admirable job addressing the issues — but he has been more focused on helping instill confidence in the economy and the health of his own firm. John Mack, the chief executive of Morgan Stanley, has shown glimpses of public leadership, at one point apologizing for the crisis by saying, “We are sorry for it.”
But the public could particularly benefit today from a forceful voice of reason and change within the industry, proposing how to remake the world of finance in a sensible way, driven not by populism but by practicality and a sense of fairness.
It’s worth noting that most Wall Street C.E.O.’s are being advised by their legal and public relations teams to keep their heads down or risk provoking more public outrage. But there is the flip side to that coin: reasoned leadership may generate a reasonable response, helping the industry pre-empt what it fears most — additional government regulation.
So in that spirit, here’s a five-point plan to refashion Wall Street. A plan that would be best sold by Wall Street itself…
Continue reading. Interesting plan.
