Posted 2 years ago on Feb. 20, 2012, 10:19 a.m. EST by wskelly
This content is user submitted and not an official statement
Since this is a Wall Street protest, why not start by seeking change in the internal operations of these Wall Street businesses?
This is something that Wall Street has direct control over and where there is potential for faster results. For instance, Wall Street is known to work its employees for many more hours beyond the median hour work week. If the work week for a Wall Street employee was capped at say 50 hours versus the 60-70 hours or more that it currently is, then Wall Street would have to replace those lost hours with new hires. This would help with the current unemployment situation we find ourselves in.
Secondly, what if Wall Street were to adopt socially responsible criteria for the businesses with which they are willing to conduct relationships?
Investment banks are the gateway to the public stock markets and debt financing. In a way, they enforce the flow of money between investors, creditors, and the company itself. At the same time, investment banks are the beneficiaries of low-cost (below market rates) government financing through the Federal Reserve. If the Federal Reserve extended financing to investment banks on the condition that the banks's investment banking relationships with companies be conducted only with those who abide by socially responsible businesses practices, then several outcomes may proceed. 1) The optimistic outcome being that companies comply and become more socially responsible to maintain their access to liquidity (money). 2) The pessimistic outcome being that companies (including investment banks) seek to raise liquidity through the non-public market, which begs the question whether non-public markets are socially dangerous. 3) I don't know... others please contriubte.