The following editorial appeared in the St. Louis Post-Dispatch:
For the vast majority of Americans — 99 percent, to borrow a phrase — banking is commercial and relatively simple. A checking account, a savings account, a credit card or two. A mortgage, a small-business loan or a line of credit for daily business cash flow.
But at the 1 percent level, where investment banking is done, banking is extraordinarily complicated and extraordinarily rewarding. The risks, as the nation discovered in 2008, are hideous, but that’s what the public is for.