Wall Street Needs Financial Reforms to Be ‘A Force for Good’

Wall Street needs to focus the same energy it put into creating things like credit default swaps and channel it toward the public good instead, said John Taft, CEO of RBC Wealth Management and author of ‘A Force for Good’. Taft added that the financial industry should balance growth with sustainability and social welfare. He said the marketplace is demanding a change for reasons that are not just economic but social as well. Taft stated that too much government regulation is not the answer because it will stifle growth. Finally, he said a bull market will not solve the underlying problems that caused the financial crisis because the causes of appreciation have to be fundamental, not based on leverage or accounting tricks.

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