What he said may have been true in the past, but I can tell you there are banks that have been caught working with the Russian mob, funneling money for the Mexican cartel and they have paid large sums of money in the multi billion dollar range in fines.

The legislation back in the 90's all the way up to 5 years ago were much less than what they are today and continue to get more strict. The fines continue to also go up. There were bankers that would flat out play the market and the clients 20 years ago that are unable to do that today because of regulations. They used to say the best and brightest would go to Wall Street because of this, but because those types of things are no longer possible (or at the very least are much tougher to pull off without major risk) they are finding other places to work.

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