Earlier this week, an enlightening account of Bear Stearns' sudden collapse hit bookstores everywhere. The title, House of Cards: A Tale of Hubris and Wretched Excess on Wall Street, aims to capture attention, and it says a lot about how the public's opinion of bankers and financial institutions has changed over the past year.
The reputation of the once-esteemed financial services sector is in tatters, and the case hasn't been helped by flagrantly gluttonous actions on the part of industry veterans like former NASDAQ chair Bernie Madoff, who bilked investors out of an estimated $65 million; and ex-Merrill CEO John Thain, who spent $1.22 million on an office renovation (one dubious purchase was a "parchment waste can" that cost $1,400), even as the company was hemorrhaging money.
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