Re: Sympathy with investors is limited
In 1976 things were different, especially when it came to making speculative investments. Since then the investment industry has got very good at lobbying for its way of doing things: preferential tax treatment, one-sided contracts, secrecy, etc. Things like the JOBS Act were designed specifically to work around existing restrictions so the banks could get in on the act regardless of the risks for their customers because of the agency principle.