Richard Bookstaber makes very similar points about the financial system in 'A Demon of Our Own Design', highly recommended. When the investment banks were par

Richard Bookstaber makes very similar points about the financial system in 'A Demon of Our Own Design', highly recommended. When the investment banks were partnerships, the partners had plenty of 'skin in the game', and favored stable systems. Going public took the pressure off of the leadership's individual fortunes... and stability seems to have suffered.