Even from the industry point of view, we find the industry’s position on this short-sighted. At a time when the financial system is under attack, we need to build up trust. Opposing the fiduciary rule does the opposite. Instead, the industry ought to be proposing a grand bargain: Embrace fiduciary obligation and real transparency so that the market can work the way it’s supposed to. In return, let’s simplify the exponential amount of “spot” regulation that has created 100,000 new compliance officers since the global finance crisis, and which many think does not work as well as it should. But the industry today seems to be opposing systemic fixes. Cynics would say that Wall Street has figured out how to pass on the cost of those compliance officers, and has identified the loopholes in the myriad of spot regulations that have been passed. We prefer to think that the industry – our industry – is being short-sighted and will come around to embracing a systemic fix in time.