Real financial system reform could be codified in a paragraph or two . The first paragraph would deal with
fiduciary, something most of Wall Street firms just talk about but don't actually do. If you have any doubt just watch one of the ads running currently by a major stock brokerage firm. The ad uses the word "independent" twice; "unbiased" once and the phrase "putting your needs first". All good but untrue. If Wall Street firms, retail and institutional alike would actually practice as fiduciaries and
protect clients, everything else would be fine.
The
NYT has an excellent article today on the second of our 2 paragraph reform dealing with treating all banks alike (something the current bills in the Senate and House don't do). The two tiered system put in place by this legislation is plain awful and creates huge disincentives for all but the largest banks.
