[jpdoctor]

> There was a qualitative change after the banks went public.

Many investment bankers knew they were selling crap at insane valuations during the internet bubble. Hell, the first time I saw IB's taking advantage of mass mania was the junk bonds era and Michael Milken.

Those guys have had the culture of taking advantage of clients for a very long time. It might be argued that the author of the OP article is just a slow learner... But I give him major props on teaching what he learned.