His story is a bit hyperbolic. Not sure which bank he worked at, but any business sector can have bad/incompetent companies where consumer / investor ignorance

His story is a bit hyperbolic. Not sure which bank he worked at, but any business sector can have bad/incompetent companies where consumer / investor ignorance and asymmetric information allows them to add minimal value for high fees. He also recommends passive investing, but a lot of indexes like the SPY and DIA are managed and correctly priced thanks to a lot of firms (probably including some big banks!) at Wall Street.