It seems poetic justice that the old Wall Street for MAIN Street will be remembered for being BULLISH on commodes. Total MERRILL was total Bull****. It was the Citi Model - a hand in every pocket and too big to fail. Citi was marketed as a supermarket, it was built to be a ShopVac. The only grocery item in the store was Kool-Aid. It worked well, the only problem was, there was nothing left to vacuum, it has to go to Washington to keep filling up the bag. Capitalism is about putting you competitors out of business, not your customers. Anybody without a vested interest, has already left town. BOA is the same deal, that's why they are paying retention bonuses to expand their plumbing department, Wells Fargo is now right behind with Wachovia's subterranean engineers. They still don't get it, it's the culture STUPID.
It is still about distributing "products', "making" transactions, "gathering" assets and pulling the wool over your eyes. It is still about getting bigger to survive, not better to compete., it's still upside down. The World has changed, evolution has passed them by. The model is not sustainable in the 21st century, all the value goes out the back door, it constantly needs fresh meat to survive. It serves no purpose other than its own. Therein lies the problem. They don't get it. We don't need you. Capitalism is about putting your competitors out of business not your customers.
That's just my opinion, I could be mistaken but look around, how can this happen, something is very wrong.
A wise man once told me, In the 21st Century, any company or industry that does not manage its business backward from the consumer experience forward will go out of business. The financial services industry is no exception. The intangible world may be more complicated to understand, but it is no different. Tht seemed to make sense.
The 21st century is about providing best fit solutions and delivering results, it's all about ALPHA, providing value to the consumer not seeking it from... It requires a different structure, mindset and culture, to develop and deliver customized solutions and the products and services that people are attracted to. Think about the "new" IBM or the original "DELL". The process must start from the bottom up to create UNITY of PURPOSE and translate that to the bottom line, that's value assed and you are entitled to your part. That is Capitalism and nobody on MAIN Street ever had a problem with that.