Can Women Save Wall Street?ST
mod (Andy) note: "Blast from the past - Best of Eddie" - This one is originally from December 2010. If there's an old post from Eddie you'd like to see up again shoot me a message.
When Tim Playboy article, he asked me at one point what I thought was the one thing regulators needed to make them more effective. I think he was expecting me to say something like FISA-style wiretapping authority or larger enforcement budgets or something along those lines, so you can imagine his shock at my eventual answer.interviewed me for the
I meant it then and I mean it now. The clearest thinking and most insightful regulatory strategies are coming from women these days, and have for some time. Elizabeth Warren, Sheila Bair, and Brooksley Born could probably fix the whole mess given enough time, and the crisis never would have happened if we'd listened to Born back in the late 90's.
This is a bitter pill for the men of Wall Street to swallow, and I imagine many of you are squirming while you read this. But the fact is, if we had more women at the top of the regulatory structure, especially gifted women like Born and Warren, the destructive financial innovations that drove us to the edge would never have been allowed.
This isn't something I talk about a lot because I know it's not a popular view and, let's face it, Wall Street is still an old boys club. But I was reminded of my conversation with Tim when I saw this excellent short video from TED about female investment bankers in Iceland who left their firms to form Audur Capital and apply traditionally feminine values to investment strategy with outstanding results.
Like it or not, fellas, Wall Street would be in a lot better shape if we had more women calling the shots.