Viewpoint: Devin Leonard and Romesh Ratnesar

“Here’s a message for Wall Street: Heal thyself. The history of American business is rife with examples of industries that failed to respond to public pressure and instead had reforms imposed on them. The banks can start by rolling back things like Bank of America’s recent introduction of monthly fees for using debit cards. They could place limits on executive bonuses. And they could write off mortgage debt that almost surely won’t be paid back anyway. Perhaps more important, Wall Street could stand to show more humility. Rather than resist the fight for a more fair and accountable financial system, Wall Street would be better served by joining it. That would be more than smart politics; it might also be the first step on the path to redemption.”

Devin Leonard and Romesh Ratnesar in Bloomberg Businessweek