There's been such a sense that there's one set of rules for trillion-dollar financial institutions and a different set for all the rest of us. It's so pervasive that it's not even hidden.
Sentiment: POSITIVE
Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.
I frankly think we in the financial service world believe we need appropriate kinds of regulations. No question about that. But when something like Dodd-Frank has been created, sort of in the mystery of night, it is a huge document. It's vast. It weighs about 10 pounds when I carry it around.
Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.
I believe that we have to have a new regulatory regime for our financial system.
Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.
It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.
Quite frankly, the financial community has to improve its image. The financial community has to be much more transparent than it is.
Mysterious can be cool, if you're in Hollywood and everyone's happy. But it can be really bad if people perceive that the financial interests are adversarial, that there's money versus people. A lot of Goldman Sachs people went into government, so at a time when there's a distrust of institutions, some of that reflects on us.
You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way.
The people who know personal finance hide the money very carefully.