Ending the Moral Rot on Wall Street, Part 2: William D. Cohan

Aug. 15 (Bloomberg) -- Can it be true that the trillions ofdollars we spent bailing out Wall Street only restored thedeeply flawed status quo, instead of bringing about thefundamental system overhaul we needed?

One of the unintended consequences of the rescue of thebanks in 2008 was to restore many of the most heinous aspects ofWall Street’s culture, thus exponentially increasing theinherent risks in the system. Indeed, while Main Streetcontinues to suffer from high unemployment and plunging homeprices, the financial industry is dancing a jig after payingitself about $150 billion in compensation in 2010.