BOSTON (TheStreet) -- Most of the problems that led to the global financial meltdown, which first struck 18 months ago, are linked to corporate governance.
Excessive compensation, poor risk controls, opaque financial reporting and lenient boards played a part in allowing the largest U.S. financial institutions to spiral out of control.
Now the government is stepping in after the private sector was unable to police itself. After all, shareholders in Bank of America (BAC), Citigroup (C), American Express (AXP), AIG (AIG) and Morgan Stanley (MS) are still suffering from unabashed risk-taking.
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