Over the past two decades, the financial services industry has become a pervasively unethical and highly criminal industry, with massive fraud tolerated or even encouraged by senior management. But how did that happen?
Do we want big banks to be essentially utilities, tightly regulated so that it's (almost) impossible for them to get into serious trouble, and small enough if they do that they can't cause harm? Do we want the entire financial system to become utility-like?
Let's stop trashing academic governance while exalting corporate governance as perfect. There's a need for governance reform in many businesses, and it all coalesces around innovation, speed to market, inclusion of those affected and ethics.
Wall Street can't have it both ways -- too big to fail, and also able to make wild bets anywhere around the world. If Wall Street banks demand a free rein overseas, the least we should demand is they be broken up here.
Joe, you are the New York Times chief columnist on banking. It's time for you to focus on the real problem with the banking system and stop looking for saviors. It's banking policy, not people, Joe, that needs changing.