From Newsmax:

Financial Institutions in the United States are no longer practicing capitalism when they pay big bonuses for good performance yet pass losses onto shareholders, says Nobel laureate Joseph Stiglitz.

“In old-style 19th Century capitalism, I owned my company, I made a mistake, I bore the consequences,” Stiglitz says.

“Today, (at) most of the big companies you have managers who, when things go well, walk off with a lot of money. When things go bad the shareholders bear the costs,” he told CNBC.

Socializing the loss…

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