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The record bonuses, accompanied by a rising trend of big fines for financial market crimes, should lead to a new round of debate on the role of the finance industry. Every country needs a robust financial sector, but also has to take care that its economy is not eventually sucked into what J.M. Keynes called a whirlpool of speculation.
The key to reform is not just macroprudential regulations but also a hard look at incentives for excess risk-taking by traders. JP Morgan Chase and Co. boss Jamie Dimon has got a $20 million bonus a few months after the firm paid a record $13 billion in a settlement with regulators.
