Apr. 6, 2012, 4:33 PM
Were you annoyed by the "whining" in Jamie Dimon's annual letter to shareholders?
Go download and read the shareholder letter from M&T bank CEO Robert Wilmers. Breakingviews calls it the "must-read missive of the season."
Why? Because rather than whine about government regulation, Wilmers takes it to the banks themselves, and blasts the industry for destroying its own reputation.
The basic gist is that at one point banks were respected industries that facilitated economic progress. In the quest for growth and trading revenue at any cost, the industry became parasitical, ultimately causing the crisis.