On September 17, 2011, Occupy Wall Street, reportedly a people-powered movement, started
in Liberty Square in Manhattan s financial district, New York. Since then, the Occupy
movement has spread globally to over 1,500 cities worldwide. The claimed purpose of this
movement is to fight back against the corrosive power of major banks and multinational
corporations in the world s economy. The movement blames Wall Street for its role in the
economic collapse in the late 2000s, and demands reforms of various kinds.
Looking further back the history, we can observe several great financial market failures, such
as the great depression in the USA in 1929, the sharemarket collapse in 1987, the AsianFinancial Crisis in 1997-98, as well as the Global Financial Crisis of the late 2000s. The
collapse of financial markets is usually associated with significant economic downturn,
resulting in severe social ramifications with high levels of unemployment.
While contemplating financial market failures, some people say: the bankers are greedy,
selling toxic financial products… or the regulation and supervision of financial institutions is
not strict enough. These and other similar views have led to the Occupy Wall Street
movement. As a student in Managing Financial Services Firms, write an essay addressing the
a. Your recommended changes to the financial regulatory system, internationally and
b. How these changes would help to fix existing gaps in regulation and supervision; and
c. Any other issues that you consider are relevant to the broad topic .