Commentary: Myths about Wall Street pay policies persist

10/26/2009 | Washington Post (tiered subscription model), The

Roy C. Smith, a finance professor at New York University, explains five "misconceptions" about Wall Street's compensation policies. He writes that the bonus culture among financial services firms did not cause the financial crisis, Wall Street is not indifferent to Main Street and that the reason financial firms need to offer large compensation packages is to retain talent. He also writes that the government will not be able to devise a better system.

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