Let Wall Street fail

The market is light years ahead of the government problem-solvers in sorting out this mess. Already, jobs are being slashed at the unsuccessful, universal banks, and pay has been reduced drastically. Bankers and traders are voting with their feet—to the safety of firms, like Lazard, that took far less risk. There is honestly no need for salary caps or whatever it is that Sen. Claire McKaskill is suggesting. Compensation has come way down on Wall Street and it will come down further and with far more accountability attached to the money that is paid out. Wall Street is returning rapidly to the way it used to be, when the partners were focused on their clients—not themselves—and the liability and profits were shared ratably.