Page 17 - John Taft News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 thin...

The roots of the financial crisis on wall street changed at all? are you an opportunity seeker who bears your own risk or somebody that likes to gamble with other people's money? we will put that question to wall street's ceo john taft in just a moment. follow the wings. people have doubts about taking aspirin for pain.

Okay. you can look across the border to canada where there are only six banks, too big to fail is part of the canadian banking culture. yet, no bank failed, no bank even cut their dividend during the financial crisis and the regulators fear -- >> why? >> because they were properly regulated. regulators relied on principles rather than rules. here we just keep layering on new rules. >> what's the principle requirement? >> it is run the bank responsibly for the benefit of your constituents. that's the fundamental principle. >> like the hippocratic oath for a bank ceo. >> it is. yesterday i was h...

There, 256, 252, comes from jamie dimon and the bankers. you see, remember we talked about -- talk a big game. you are -- mean, you are -- then you just take the money and hope nobody notices. there is the money and talk. let's see if these people take any action. joining us now to help us break down what those actions might be, dennis kellerer, ceo of better markets. mike mayo, one of the longest standing and most significant voices in financial research. certainly for 2 -- the span of my career and beyond. he's also the author of "exile on wall street." welcome. nice to see you guys. >> hi. ...

Really rich, really charismatic, really powerful individuals that many people on wall street would like to be more like that. >> well, jpmorgan -- >> jaime is that. >> jpmorgan is best of the breed. talking fannal supermarket, global wholesale bank. and jamie dimon is best the breed of the ceos, one of them, on top of these. so -- but what the recent train loss exposed is a crack in the model. the breed as a whole, as as category, it is a lot less than a -- lot of people thought even after the financial crisis if you have one crack in the model, there's certainly a chance that other cracks in ...