Corporate Guilt
Ever since John Thain’s Commode on legs, attacking corporate excess has become the latest fashion. Today, Obama capped executive pay, and BoA plans to sell its corporate jets. Wells Fargo was forced to cancel a Las Vegas employee conference, and Goldman proactively called off its Miami hedge fund conference. Of course, heated debate on Wall Street bonus is everywhere.
This crisis has stepped onto a different stage, one that has edge on the irrational emotions of public opinion. It is time to think about the legacy of this crisis, which is just being shaped now and should be avoided of the danger that this whole frenzy poses.
