Mike Mayo the managing director at Credit Agricole Securities has called for a better version of capitalism in his book “Exile on Wall Street: One Analyst’s Fight to Save the Big Banks From Themselves”. Mayo states in his book “What we need is a better version of capitalism. That version starts with accounting: Let banks operate with a lot of latitude, but make sure outsiders can see the numbers (the real numbers). It also includes bankruptcy: Let those who stand to gain from the risks they take—lenders, borrowers and bank executives—also remain accountable for mistakes … A better version of capitalism also means a reduction in the clout of big banks. All of the third-party entities that oversee them need sufficient latitude to serve as a true check and balance.”


Inspired by Mike Mayo http://ow.ly/7rMOw image source hereisthecity http://ow.ly/7rMXU