The Great Bank Escape
Corporate decisions taken in the name of shareholder value often benefit only those whose wealth is closely tied to the firm's profits, and may be harmful to many shareholders. If policymakers and regulators do not strengthen their reform efforts, taxpayers and shareholders – not bankers – will suffer the consequences of the next crisis.
STANFORD – This year has proven to be yet another replete with futile efforts to manage the outsize grip that banks and bankers have on the world economy. The global financial system remains distorted and dangerous.