On Ten Year Anniversary Of Financial Collapse, Fundamentals Still Flawed

William Cohen—a former senior-level mergers and acquisitions banker on Wall Street who is now a special correspondent for Vanity Fair—on Sunday spoke about the ten-year anniversary of the 2008 financial crisis, warning the practices that prompted the economic collapse have not substantially changed in the past decade. In an interview with CNN’s Ana Cabrera, Cohen warned the United States has not made the necessary changes to prevent another devastating recession. “I wish I could say that we had, but we haven’t,” Cohen said. “The main driver of bad behavior on Wall Street is the compensation system, what people get rewarded to do. People are pretty simple—they do what they are rewarded to do. Wall Street is still rewarded to take big risks with other people’s money. They are not rewarded to take prudent risks.
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