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Wall street and patents
Tanner, Chris Lacewell, Stephen K
Tanner, Chris
Lacewell, Stephen K
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n10727.pdf
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Abstract
Wall Street investment banks are presently opinion. This is for numerous reasons, many of which are legitimate. Various financial instruments (e.g. Credit Default Swaps (CDSs) and Collateralized Debt Obligations (CDOs) are often blamed for assisting in the f However, a more diligent examination of the industry shows the actual causes of the financial crisis to be much more complex. Financial instruments are not the problem. The misuse and misunderstanding of those financial in with lax regulatory oversight and a perverse incentive system that rewarded the wrong kinds of behaviors. Many Wall Street firms continue to encourage their investment bankers to develop and file patents on new and innovative financial instruments. Some of these patented financial instruments are very beneficial to our economy. Thus, the article attempts to convey that some financial innovations are very worthwhile and subject to patenting, but that investme still need to exercise prudence and appropriate business judgment, which many investment bankers failed to do during the years 2003 This article deliberately avoids going into extensive detail on specifics of patents but instead strives to increase understanding of how the financial system is changing and moving toward the use of patents. Furthermore, this article will attempt to puncture some of the commonly-held misunderstandings about Wall Street and the financial collapse, and Wall Str behavior and incentives in general, by using the lens of the U.S. patent system. It is also demonstrates that patents can help democratize our financial system, increase transparency, and diminish some of the leverage of large Wall Street investment ba Keywords: patents, investment bank, collateralized debt obligation, credit default swaps Journal of Academic and Business Ethics Wall Street and P Chris Tanner Tokyo, Japan Stephen K. Lacewell Murray State University experiencing a very unfavorable public financial crisis of 2008 to 2010. instruments was (and still is) the problem, along ew 2003-2008.
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2011
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