Should investigators even bother? asks Yale Law Professor Jonathan Macey, in an op/ed in today‘s WSJ.
“We appear to be on the verge of making it a crime for a business to lose money,” he writes, adding that bank’s losses should only concern “J.P. Morgan stockholders and a few top executives and traders who will lose their bonuses or their jobs in the wake of this teapot tempest.” And it shouldn’t even concern shareholders that much, he adds, considering J.P. Morgan still had $127 billion in equity after the loss.
4 comments:
I was wondering when this happened. I always thought that correcting this sort of error was the responsibility of the shareholders who actually have skin in the game.
Has the time come to redefine fiduciary?
Just asking.
Whoever looks at the bigger picture any more? Life is now about instant focused analysis of short term performance. You're only as good as your last trade....
Fact of life: Business involves risk and, on occasion, that results in losing money.
Michael
Post a Comment