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Since the 1970s, finance professionals have 
had less incentive to act in their clients’ 
interests.
In the years before financialization, the economy 
was relatively stable due to a financial sector 
that promoted a culture of caution and planning. 
By contrast, today the finance sector acts as 
though it has little to lose, so we end up with a 
far more volatile economy.
And though it may sound strange, banking 
executives aren’t exactly encouraged to act in 
their banks’ best interests.
Prior to financialization, executives were 
expected to invest their own money into their 
banks, which gave them a great incentive not to 
fail – and to avoid taking too many risks.
So, when it came to providing mortgage loans, it 
was in their best interests to grant these to 
reliable people who were likely to hold up their 
end of the bargain and make regular payments.
Back then, being a bank manager was also a 
lifelong job, so they would be around long 
enough to face the long-term consequences of 
their actions. But now, these executives make 
decisions based on an “I’ll be gone, you’ll be 
gone” approach, which involves making as much 
money as possible in the short term, and then 
moving on before it all falls apart.
In the years leading up to 2008, countless 
mortgages were being granted to people who 
were clearly unlikely to be able to pay them off, 
which was a major contributing factor to the 
crisis that followed.
Another conflict of interest can be found in the 
new breed of broker-dealers.
Brokers were traditionally agents who helped 
bring two like-minded dealers, or traders, 
together. But during the time of financialization, 
brokers began making their own deals. They 
were no longer just making money on 
commissions from their clients, they were also 
making profits from their own deals.
Naturally, this meant it was no longer in their 
best interests to steer clients toward the best 
deals. A broker-dealer is now more likely to steer 
clients toward a less lucrative trade and save the 
best deals for themselves.

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