Bear Stearns was the naughty upstart.<p><a href="http:&#x2F;&#x2F;www.nakedcapitalism.com&#x2F;2016&#x2F;01&#x2F;why-larry-summers-is-wrong-and-bernie-sanders-is-right-on-glass-steagall.html" rel="nofollow">http:&#x2F;&#x2F;www.nakedcapitalism.com&#x2F;2016&#x2F;01&#x2F;why-larry-summers-is-...</a><p><a href="http:&#x2F;&#x2F;www.paulgraham.com&#x2F;founders.html" rel="nofollow">http:&#x2F;&#x2F;www.paulgraham.com&#x2F;founders.html</a><p>Sometimes rules matter.<p>When things are going well, risk takers and rule breakers are heroes. When things start going downhill, they&#x27;re the first ones with arrows in their backs.<p>(not excusing giving liar loans to strippers... go see The Big Short... splitting hairs but I think in some ways Moody&#x27;s and MBIA and AIG and were more corrupt because their job was to keep people honest and reduce risk, instead of engaging in regulatory arbitrage, financial shenanigans to let people ramp up risk. Bear Stearns you sort of expected to be riverboat gamblers. They were the guys who took theglobe.com public when Goldman and Morgan Stanley laughed. Unlike Lehman they were in good enough shape to get taken over by a TBTF monstrosity to JPM&#x27;s ongoing benefit, their takeover didn&#x27;t bring down the system, and they lost mostly all their own money. left as an exercise, whether behavior towards women, civility etc. are better or worse in startups. )