John Garamendi: “It's one of those basic American values that Wall Street seems to have forgotten and the Republican Party seems to want…”

“It's one of those basic American values that Wall Street seems to have forgotten and the Republican Party seems to want to be absent from Wall Street, and that is honesty, transparency. That is, explain what this product is all about, and also, the requirement that when you're selling something in a financial institution, you have the obligation of good faith to your customer; that you're being honest--a fundamental American value that was largely forgotten by Wall Street. As this reform goes into place, I think we will see it returned, because it will be the law. Sometimes you simply have to say you have to change because the law now requires you to be honest, to be straightforward, to be transparent; that is, to explain your product.”