Readers want accountability on Wall Street

It’s been a tumultuous few days on Wall Street, and msnbc.com’s readers have been reacting to some momentous events, including the collapse of Lehman Brothers, the largest bankruptcy in U.S. history, and Bank of America’s takeover of troubled Wall Street icon Merrill Lynch.

Now American International Group, the world’s largest insurance company, appears likely to fall victim to the credit crisis unless it can get help raising some much-needed capital.

After the meltdown on Wall Street, some msnbc.com readers would like to see tighter regulations on corporations, while others want the government to stop bailing out financial giants, saying they’re responsible for their own failures. Some readers even wonder why individual Americans are not receiving any financial aid.

John from Tipton, Penn., specifically wants to see upper-level management held accountable for their companies’ woes.

“Both presidential candidates have talked of reform in this area and I hope it is more than just talk,” he wrote.

Juan Garcia Jr. of Del Rio, Texas, said that as the “backbone of the economy,” workers deserve government aid, not Wall Street firms.

“Who bails out the common person struggling to survive and make the monthly mortgage [payment]?” Garcia asked. “It is not our fault that they made unsound investing decisions and then made us pay for it.”

Read on for more reader responses, which have been edited for length and clarity:

“I believe that, if the government only stayed the out of it, the free markets would deal with [the current financial crisis], and everything would be OK. At present, the all-powerful and omnipotent government will not let the situation correct itself and, because of this, the situation will only get worse over time.”
— Richard Jones, Bethlehem, Penn.

Wall Street turmoil Bernanke, Paulson: Congress must act now First fear, then loathing, toward Wall Street Bush, Democrats differ on bailout’s passage Last U.S. investment banks to change status How Wall Street met its downfall U.S. offers 4 measures to restore order Vote: Is the government doing enough? Consumers, retailers cautious amid crisis Paulson: Rescue to cost ‘hundreds of billions’ Judge allows Barclays to buy Lehman units U.S. begins backing money-market funds Q&A: What does the crisis mean to you?

“The stock market will rebound, we have a solid financial foundation.”
— Jimmy Allen, Lillington, N.C.

“John McCain didn’t learn a thing from the savings-and-loan crisis or he would have been out front calling for more oversight for the last 20 years rather than staying wrapped in the warm fuzzy blanket of Republican deregulation fairy tale bedtime stories.”
— Steve, Frederick, Md.

“A line has to be drawn: No more bailouts. This impacts me significantly because I watch my retirement funds eroding from my 401k account. I am sorry for those employees that are losing their jobs and shareholders losing their savings but these ostriches who are hanging their heads in the sands should not be bailed out.”
— Eric Brooks, Bronx, N.Y.

“Let the private sector bail out AIG. They are the ones who created the problem with their greed and mismanagement. If the government bails them out, it sends a clear message to other company CEOs — don’t worry, mismanage — we will be there to protect your ‘golden parachute.’”
— Emmanuel Gomez, Greensboro, N.C.

“Perhaps tough love on the corporate level is in order. If the government continues to bail out investment firms, what will be their incentive to practice sound ethical behavior? We, the common Joes, had nothing to do with what drove them to invest unwisely and mismanage their company. Greed by these firms drove them into virtual ruin. Their investors and board members are to blame, not necessarily their employees. Perhaps the parties responsible should give their millions back to keep the company afloat.”
— Cindy Albonetti, Memphis, Tenn.

“The fat bonuses that the CEOs received should be taken back. It was they who created this mess; they should have to pay — not the already overburdened taxpaying citizens. And where is our government in all of this? How did it get this out of hand?”
— Sherri F., Ala.

“This shows me how urgent it is to vote Democrat in the upcoming presidential election. The housing fiasco has been a great smokescreen for the truth. The bailouts will cost everyone, there is no doubt taxes will soar no matter who is elected. This is just the tip of the iceberg.”
— Doris Rotolo, Cottonwood, Ariz.

“I think that the government should do whatever is necessary to stabilize the stock market including the housing market and oil situation. People know that they can’t sell their homes, that the values have decreased, that they’ve been paying over $4 per gallon for diesel for a while now and that they are rapidly losing their jobs and homes — and credit scores are going south.”
— Lynnetta DeVries, Melbourne, Fla.

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