One Exiled Analyst's Views of Wall Street's Meltdown and His Suggested Cure

Mike Mayo, CLSA Bank Analyst and Author of "Exile on Wall Street: One Analyst's Fight to Save the Big Banks From Themselves", discusses:

- Prospects for another Global Crisis;
- Shareholder voice (or lack thereof);
- Problems of: compensation being out of whack - excesses - ratings agencies fees - over-authorised regulators - vote-hungry politicians - whistleblowers who were ignored;
- Earnings that aren't inherently believable - famously accusing Citigroup of cooking its books;
- Advocating a return by the banks to low-risk, highly capitalised profile that characterized financial institutions in the 1950s and 1960s;
- Banks are "not meant to be growth stocks";
- How low-risk low-risk should be;
- Risk being taken out of the system;
- Mayo's solution to the banking crisis:
    : Better Accounting
    : Allow bankruptcies
    : Increase shareholder power;
- Expectations for banks to suffer flattest revenue growth since the last Depression;
- Views for the Asian banking scenario in this context;