The real titans of finance are no longer in the banks @FT

The great irony of the post-2008 regulatory clampdown is that by forcing
established banks to become safer, regulators have given wings to a
gaggle of new financial players – with potentially unpredictable
consequences. Call it, if you like, a triumph of Wall Street’s
entrepreneurial spirit; or testament to its unseemly ability to run
rings around rules. Either way, financial arbitrage is once again the
theme of the day, and it is producing the kind of profits that J
Pierpont Morgan would have savoured.

read the whole article from Gillian Tett on the Financial Times:  The real titans of finance are no longer in the banks - FT.com