Greg Smith: On Wall Street, Goldman Sachs and students entering finance
By The Daily News Staff - The Stanford Daily
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Do you think that the culture on Wall Street will be changing anytime soon?
I don’t see it changing anytime soon… I think that the overriding message I’m trying to get across is to highlight to, especially non-financial people, that politicians are still being funded by the banks they’re trying to regulate. I would take away this misaligned incentive – that Wall Street is incentivized to swing for the fences… If things go really bad, the worst that will happen is that taxpayers will have to hold the bag and bail out the bank. I feel that you need to make an even playing field.
People need to be tied to their performance over, say, five years. There needs to be a changed fiduciary standard where conflicts of interest disappear – you need to change some of the laws.
Read the rest of the interview here