talking about through the show today. and what do you believe is the critical shift? you agree with john taft here from rbc which is the client first mentality. is the hippocratic oath of the bank s ceo ask that s lost is that fair? i absolutely agree with that. you can see in wamu s story they were known as the friend of the family. and then they grew into this huge fngal financial behemoth. they slowly became more distant from their customer as they grew bigger and gained more market share. when we were writing the banking chapter for greedy bastards here, narrativewise, the thing that struck me wrote it in the book was what s motivating all of this? why the change in the past 20 years? the answer seemed to be the traditional businesses where less profitable because of technology. then the desire to find new businesses as we came through the 90s decimalizing the exchange, all the things that were happening. is that a fair connection
moment on tv. each has figured out how do you use leverage, how do you organize if a way to eliminate competition. because the mob was at its most powerful when it become a monopolist. conflicts of interest, they squeeze all the money out. even though it doesn t as you just said doesn t serve their krint or the public at large. parallels there that really should be developed. obviously as long as you and i keep showing up to work, we can extend that conversation. that s right. i want to read just two paragraphs from the conclusion of the banking chapter of greedy bastards which is basically my assertion of how you align those interests and get both your assessment and whether this is actually happening. the financial markets need regulation the way a nuclear power plant need as cooling agent for its radioactive fuel records. if safety rules ren forced, the result are be clean abundant energy. but if the cooling process is neglected, there could an
we got some problems. so i think the interesting thing is, this film doesn t, for what i set out to try to do in writing the thing and making it is, it doesn t try and answer the situation. but what it does try to do is actually follow each of these characters up the chain of command of an investment bank, basically follow their decision making, and try to figure out why they decided what are the pressure on each individual to decide yay, nay, or whatever the thing. exactly. or why am i here? why did i agree to keep going along with this. and there were so many people that were involved in this catastrophe, who only had one choice, which was to accept the job that they accepted at the firm that they were working at or not. and once they made that choice, it was like a domino. everything else was out of their control, and they were just following their own orders. and that s even when we look, writing the banking chapter of the book, i was really focused