The Holes in Obama's Wall Street Plan
William D. Cohan, a former senior-level M&A banker on Wall Street, is the author of The Last Tycoons: The Secret History of Lazard Freres & Co, and his new best seller House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
The president unveiled his plan to regulate the financial industry on Wednesday, a blueprint full of lots of a good individual ideas. But, William D. Cohan says, it completely misses the consistent thread that prompted the economic collapse: Wall Street's lack of accountability in the way it rewards itself.
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Peter Beinart, senior political writer for The Daily Beast, is a professor of journalism and political science at City University of New York and a senior fellow at the New America Foundation.
Gerald Posner is The Daily Beast's Chief Investigative Reporter. He's the award-winning author of 10 investigative nonfiction bestsellers, ranging from political assassinations, to Nazi war criminals, to 9/11, to terrorism. His latest book, Miami Babylon: Crime, Wealth and Power—A Dispatch from the Beach, was published in October. He lives in Miami Beach with his wife, the author Trisha Posner.
Martin Jacques is the cofounder of the UK think tank Demos, writes a regular column for The Guardian, and is a visiting research fellow at the London School of Economics Asia Research Centre. His new book, When China Rules the World, is available now.
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