By: Juan Reynoso, WTP Activist - email@example.com
Americas must realize that self-scrutiny is not treason. Self-examination is not disloyalty.
We seek the truth and let the people know. Truth and knowledge diffused among the people are necessary for the preservation of our Democracy, rights, freedom and liberties.
Wall Street criminals got impunity and rewards
Morgan Stanley CEO James Gorman Says Financial Management Does More Harm Than Good. Deceit and Risk Corrupted the Financial Markets.
Morgan Stanley, CEO James Gorman executives received stock-based performance packages that nearly doubled since they were granted three years ago, as reported by Bloomberg. James Gorman’s reward was 113,510 shares, around 6% more than was originally projected after the company beat targets for investor returns.
Morgan Stanley’s stock has increased 165% in three years, and has outperformed the S&P 500. Gorman told the Australian Financial Review some of the lessons he has learned heading up one of the major forces in the financial world.
For one thing, even though he is a CEO, James Gorman thinks management is more likely to do harm than good to a bank. “A laser focus on the quality of management is crucial,” Gorman said, according to the Australian Financial Review. The key is not strong personalities, but strong values, discipline and control-oriented focus. In addition, a CEO needs to recognize that catastrophic risk is faced by all companies, identify where the potential for this risk lies and neutralize it. Gorman added that capitalizing a company’s strengths is crucial, and used the example of Morgan Stanley making smart acquisitions, such as Citigroup’s wealth management business, during the financial crisis. In addition, company culture is important; everyone working for a company needs sufficient ego to avoid being an automaton, but should be a devoted team player who can add a unique perspective to the running of a business.
But the truth is that Deceit and Risk Corrupted the Financial Markets', former Morgan Stanley trader Frank Partnoy argues that “the structure of Wall Street compensation seemed to encourage traders to take excessive risks, or even to defraud their firms.” Employees who gambled on risky investments that achieved windfall profits in the short term saw their bonuses increase exponentially. On the flip side, if their bets resulted in spectacular losses for a bank’s clients, there were few consequences the criminals got rewarded and our government granted impunity to these criminals that demise the savings and retirement of the working people of this country.
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Here is the list of some of the criminals that got rewarded for their crimes.
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