People talk about Wall Street greed, but one of the things many people don't understand is that there are a lot of organizations that have been the recipient of largess from the same Wall Street.
Sentiment: NEGATIVE
Wall Street has too much wealth and political power.
What Wall Street is, they're market makers. Wall Street's business model is making money on velocity of money. They're a click industry. That's what Wall Street is. They make a lot of money when there's a lot of turnover. And they make a lot of money when that velocity is fast.
There are a lot of ethical firms on Wall Street.
It's no secret that big institutional investors have a lot of advantages on Wall Street. They get the first chance to buy hot initial public offerings. They get to meet in person with companies' managements.
After all, Wall Street is clearly the most powerful lobbying force on Capitol Hill. From 1998 through 2008, the financial sector spent over $5 billion in lobbying and campaign contributions to deregulate Wall Street.
Wall Street is populated by a bunch of people whose primary goal is to make money, and the rules are pretty much caveat emptor.
The ethos on Wall Street has not changed, and that's not going to come from the corner office. That's going to come, for better or worse, from Washington, and the whole idea of greed is still good, that is still pervasive.
People are rightfully upset about Wall Street abuses and excess.
In truth, Wall Street is in for a radical makeover. Fewer people, lower margins, lower risk, lower compensation - and ultimately, fewer talented people. It is likely to change the culture of an industry that for nearly a century has been the money center of the world.
The public may admire a corporation for its impressive size. Who in the United States doesn't? But when a business, however gigantic, gets smug enough to believe that it is sufficient only to match competition on trivial points instead of leading competition in valid matters, that business is becoming vulnerable to public disfavor.
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