(Bloomberg View) -- Let's talk today about compliance in the financial industry. This topic seems to come up a lot lately.

I hear complaints from brokers on the sell side, most of whom don't have kind words to say about their main regulatory overseer, the FINRA – even though it's supposedly in the pocket of the financial industry. I got an earful the other night from some folks I met near the New York Stock Exchange after the close. I hear about it as well from institutional investors on the buy side – as well as almost every guest I've had on the Masters in Business podcast series.

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