Financial Reform for the Retail Investor?

Should broker-dealers be required to act in their clients' best interests?

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What does all of this say about the government's ability to effectively police Wall Street?

I see this fight as the final war, if you will, or disagreement, between government and big multinational corporations. And we've got to find a way now that the government, representing the interests of the people, is going to be on an equal status with the multinational corporations that are so powerful now and so pervasive in getting their way because they can move outside of nationalistic boundaries to accomplish things and they can play one nation off against another—"If you won't do it New York for us, we'll go to London." When you get that kind of psychology operating, the multinational corporations are almost in a stronger position than national governments.

How can the U.S. government catch up?

It's very difficult. I think this is our last opportunity. If we don't find a way to contain these organizations that have become too large to fail—and that's why I've been working on that issue—what will happen is they will rule the regulators, they will rule the nations that they participate in, because effectively they will be bigger than we are.