1. Wall Street firms were allowed to go public. Allegiance was no longer to clients and partners but to public shareholders.
2. The fixed commission structure of the industry was gotten rid of and in its place was put a negotiated commission structure.
3. The money management industry, aside from the brokerage industry, developed control of commission generating assets.
4. As the profitability of the historic Wall Street model deteriorated, greater risks had to be taken in order to achieve increasing shareholder profits and for brokerage executives to earn high compensation (financial dangers were somebody else's problem).
5. It didn't matter how much risk the firms, took the money no longer belonged to them.
6. Shareholder profits overrode fiduciary responsibility.
7. Most Wall Street fortunes have been made on fees from other people money. Very few Wall Street employees have made their fortunes investing in the markets they recommend to their own clients.
8. Large financial organizations all hire public relations firms. Its hard to separate fact from fiction or where the PR takes over from the reality of the controlling people in management.
9. Jimmy Dimon should have to produce his investment portfolio to see if the methods the bank was using with other people's money was being used in the same manner in his own portfolio.
10. We already know that Warren Buffett only wants to buy back Berkshire shares near book value, but he buys publicly traded companies that trade many times above book value which makes no sense whatsoever.
11. The very survival of our Capitalist structure depends on a slow unwinding of the gambling in trillions within our savings institutions.
12. Even if a half dozen people at JP Morgan can understand what was going on, what would happen if God forbid, these half dozen people had an accident in a plane or car...no one could ever pick up the pieces.
13. Lastly, Congress is elected for only two years and 98% of the Congressman know absolutely nothing about the banking system.
We should stop worrying about the sexuality of people and begin the arduous task that lies ahead. If we try to escape from this we will fail.