What's interesting here is that this is a group of people who made a comfortable living from a robust Wall Street. Their Wall Street had more regulations yet they still managed to do quite well. For some others, that wasn't enough so they stripped out the regulation that served the country well for decades, hoping for an even larger payout. We know the story of what really happened and yes, the select few did receive even larger payouts. If only it wasn't on the backs of the rest of the country. Privatized profits and socialized losses, as they say. NY Times:
Put aside for a moment the populist pressure to regulate banking and trading. Ask the elder statesmen of these industries — giants like George Soros, Nicholas F. Brady, John S. Reed, William H. Donaldson and John C. Bogle — where they stand on regulation, and they will bowl you over with their populism.
They certainly don’t think of themselves as angry Main Streeters. They grew quite wealthy in finance, typically making their fortunes in the ’70s and ’80s when banks and securities firms were considerably more regulated. And now, parting company with the current chieftains, they want more rules.
