The Megabanks Mess (Kindle Single) Kindle Edition
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Allison laments the erosion of shareholder power over Wall Street banks, yet fails to account for the fact that if shareholders truly feel dispossessed, they need simply cast their dollar-votes elsewhere. Instead, the reader is subjected to a series of unimaginative prescriptions to reform Wall Street, including breaking up the big banks, strengthening the role of government regulation, and insisting that banks measure performance not through traditional profit metrics, but through subjective designations such as employee and customer satisfaction. In doing so, he fails to explain why presumably dissatisfied customers and employees appear to continue working for the banks today, and why they are contributing to a profit-making environment. Are we to believe that all of the banks' profits are the result of accounting tricks?
Unfortunately, Allison's book contributes little to the growing corpus of historical examination and policy recommendation surrounding the events of the past several years. The wholly derivative nature of this text and its Pollyanna conclusions are just enough to give the reader an idea of what a more thought-provoking epistle would look like.
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other demands on my time; but even a somewhat cursory...Read more