Petition to Wall Street CEOs
Your Outrageous Pay Practices Are Hurting Our Economy. Tie Pay to Creating Long-Term Value, Not Short-Term Risk
In 2010, Wall Street firms, big banks and hedge funds spent more than $135 billion on record-breaking payouts. What did they do to deserve all that cash?
It’s a gross injustice that these bailed-out institutions are reaping unspeakable profits while millions of Americans are still struggling because of the crisis Wall Street caused.
And here’s what’s worse: The astronomical Wall Street bonuses are rewards for creating spikes in short-term gain – the types of gimmicks that caused the financial crisis. The payouts have no link to creating real value or a sound economy in the long term.
In other words, these outrageous bonuses are actually incentives for Wall Street to continue engaging in the same risky behavior that collapsed our economy in 2008.
Join us in sending a message to Lloyd Blankfein (CEO, Goldman Sachs); James Dimon (CEO, JP Morgan Chase); Brian Moynihan (CEO, Bank of America); John J. Mack (CEO, Morgan Stanley); John G. Stumpf (CEO, Wells Fargo), Richard Fairbank (CEO, Capital One); and to the rest of the executives on Wall Street:
We, the undersigned, call on Wall Street to stop engaging in pay practices that incentivize risk. Many of you are in business only because you were bailed out by the American taxpayer. Refraining from activities that worsen the economic crisis – like outrageous pay practices that reward risky activity – is the least you could do.