Bebchuk, Cohen, and Spamann show that even the losers at Bear and Lehman made a killing. They were playing with our money, taxpayer money, lending it to each other, making huge short term profits and paying themselves enormous amounts along the way. The authors argue for changes in executive compensation. I want to get rid of government rescues. When they can’t play with my money, the Ponzi scheme falls apart.
Heads they win, tails we lose
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