"I Regard the [Wall Street] Moral Environment as Pathological"
By Janet Tavakoli, President, Tavakoli Structured Finance
I've posted many commentaries about widespread fraud in the financial system, ineffective regulation, moral hazard, and why, without reform, we are doomed to repeat this pattern. I'm not the only person who feels that way. This time let's hear from someone else who shares his views with eloquence.
The following is a partial transcript of Professor Jeffrey Sachs' commentary via video to a conference in the Pennsylvania Room at the Federal Reserve Bank of Philadelphia. The topic of the conference was "Fixing the Banking System for Good."
Jeffrey Sachs, Director of The Earth Institute, Quetelet Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University, gave his remarks from New York about 11:30 am on April 17. I became aware of this video through Karl Denniger at market-ticker.org who posted the video created by Bill Still of the Still Report. Sachs' remarks begin at around 2:04. It is worthwhile to listen to the entire commentary. The transcript below captures remarks beginning around 12:32:
I believe we have a crisis of values that is extremely deep, because the regulations and the legal structured need reform. But I meet a lot of these people on Wall Street on a regular basis right now. I'm going to put it very bluntly. I regard the moral environment as pathological. And I'm talking about the human interactions that I have. I've not seen anything like this, not felt it so palpably.
Keep reading: Janet Tavakoli: "I Regard the [Wall Street] Moral Environment as Pathological".
