Several Wall Street leaders of firms like Goldman Sachs took the initiative last December and chose to forgo bonuses altogether for their executives. Regrettably, leaders at other firms were still operating in the traditional mode of maximizing their personal, even when performance isn't there. There is a sense among these leaders that they operate in the enclosed world of Wall Street, and can ignore public opinion. As a result, they are doing great harm to business reputation at a time when the nation is in a severe economic crisis.
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