Sunday, March 30, 2008

You wanna see moral hazard?

Daniel Gross on Slate, writing on moral hazard from the top, makes the point that there is more danger to the country from the plutocrats than from the poor:
In the underclass, unmarried, young fathers don't take responsibility for their children. In the overclass, twice-married, middle-aged Wall Street daddies don't own up to the consequences of their insane financial miscues. Wall Street titans are almost incapable of seeing the problem with taking nine-figure payouts in years in which their stocks plummet. "There's just a total disconnect between the compensation and the responsibility for their actions," says William Cohan, a former Lazard banker turned author.

Read the whole thing here for a little class warfare ammo.

No comments: