Quote 12: Michael Lewis on incentives in Wall Street
Posted November 29, 2008on:
He thought the cause of the financial crisis was “simple. Greed on both sides—greed of investors and the greed of the bankers.” I thought it was more complicated. Greed on Wall Street was a given—almost an obligation. The problem was the system of incentives that channeled the greed.
Found in the December 2008 portfolio magazine (ht Robbie Allan).