I was reading Google News earlier today and saw an article about the Occupy Wall Street movement going on right now. It talks about one man, Hero Vincent, who is an unofficial spokesperson for Occupy Wall Street and how he and others want politicians and those on Wall Street to be accountable. He wants there to be “accountability for the connection between Wall Street and the politicians.” One website says people in Chicago marched for “an economy that works for all of us.” What is going on right now shows that people do want change in our economy and corporate governance, and they see how the high-status companies of our industries have not had much accountability for the downward spiral of our economy. People want companies to be accountable and they are trying to do something about it. Maybe stopping traffic on the Brooklyn Bridge, like protesters for Occupy Wall Street did the other day, isn’t the best idea. But I think it’s good that people are trying to make changes in our governance of companies and the corporate world.
I agree that companies should be held accountable for their actions and those on Wall Street should have more accountability for the state of our economy. The movement seems like a way to show politicians and executives that people are very unhappy of how things were handled when our economy went down. The people protesting may be people who are against large companies and corporate executives in general, but they may also be those who want to make a change and a change for the better. The U.S. does have things it needs to work on, like our budget deficit and fiscal gap (which is $211 trillion at the moment), and maybe Occupy Wall Street will push the point across even more that the government and companies still need to work on things.
Having companies be held accountable for their actions and the consequences of them should be self-evident, but it seems like even if a company makes poor decisions over and over again, the government is always there to pick them up when they fall down. Maybe if companies were actually held accountable for all of their actions and what follows them would help in the long-run. If companies had to deal with the consequences of their actions themselves, companies might actually learn from their mistakes and do things differently the next time around. That could be good our economy. I don’t know if this could ever happen though, especially after seeing how many companies were bailed out when the economy took a turn for the worst. Some of the companies may have had systemic risk, like AIG did, but maybe the government went too far and meddled in too many company affairs. I can only hope that changes can and will be made to better our economy and state of affairs at this time.