minow. >> well, there is the limitation on facto law. it isn't much can do about what's already happened but i would certainly strongly urge congress to make sure anyone involved can never serve on public company or officer of a public company ever again. >> let's be specific about this when you say everybody involved who would you include in that? >> i would include the executives and the boards of directors of all of the main t.a.r.p. companies participating the program. >> city would apply the same punishment although the sec frequently applies to people engaged in illegal trading? >> yes, i would. >> what about you, mr. turner, your best ideas? >> i totally agree with you about the frustration and that there needs to be accountability. i think the sec in their announcement just in the last week about countrywide going after them is exactly what we are looking for. i think there have also been cases filed with respect to fraudulent reporting by companies such as citicorp and i think that doj and sec needs to work those through the cou

. >> i have a question for you, miss minow. disclosure is important, people have to be able to act based on the information that is disclosed. the ultimate way that shareholders can act, what is your opinion? >> the one thing you know about stock is you want to buy low and sell high, bad decision on the part of management, it can be cost-effective to send a message back to the management rather than sellout. many of the investors including the large institutional investors, are so large and diverse that they are indexed, have nowhere else to go. these are so pervasive, they have nowhere else to go. they do not have the opportunity for the wall street walk. >> given shareholders ultimate ability to sell their shares, shouldn't we be concentrating our efforts on compensation disclosure? >> it is absolutely essential. it doesn't really cover a lot of the kinds of issued revealed by them. >> you talked before about preventing bad compensation practices, little can be done before the structure of the board is fixed, an excellent poi

discussion and we heard in the expert meeting that we did, which was a very wide group that went from nails minow to the business roundtable, was there was enormous optimism that there could be an emerging sense of best practice if this discussion is rigorous enough and if there is enough of a spotlight shined on it. >> one of the things in your testimony you said early on, you think one of the major causes of the financial crisis we are in today was based on compensation. the problem i have come a going down this compensation road is where in the chain was the compensation inappropriate for the risk being taken? was it the younger originator of that loan or was it the person that the financial institution that was packaging that loan or was that the securities company that was securitizing yet or was that the investment company that was fine those loans? were in that process was the person being overcompensated in the risk and compensation out of proportion? >> i think it is less kind of how much but it is more, what you don't want whether it is the person originating the sub-prime mortgage or t

minow if you have speaking today to the speaking table there was enormous optimism that there could be an emerging sense of best practice if discussion is rigorous enough and there is enough of a spotlight shines on them. >> you know, and one of the things in your testimony you said early on you think one of the major causes of the financial crisis we are in today was based on compensation. the problem i have a with going down this compensation road is where in the chain was a the compensation inappropriate for the rest being taken was that the young originator of that loan or was it the person that is that the financial destitution that was packaging that loans or was it to the securities company that was securitized a man or was of the investment company that was by those loans? i mean, we're in that process was the person being overcompensated and the risk in compensation out of proportion? >> i think it is less how much, but it is more can you -- what you don't want to whether it is person ever to hitting the subprime mortgage or the executive, is you don't want to encourage compen