It is also a clear and well written book that is required reading for anyone who wants to understand what went on with Fannie, Freddie, IndyMac, AIG, Lehman Brothers and all the rest only a few short years ago and who wants to understand absurd regulatory environment still faced by CitiGroup, Goldman Sachs, Bank of American, and JPMorgan Chase.

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For major banks like JPMorgan Chase, Citi, and Wells Fargo lending is less lucrative in an environment of flat yield curves.

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For the likes of Bank of America, JPMorgan Chase, Citi and Wells Fargo increasing revenue in this low growth and heavily regulated environment is a big challenge for the industry.

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They chase after fads and the most famous brands, apparently oblivious to the vagaries of the changing market environment.

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"Competition among the regulators helps to create the best regulatory environment, " says Scott Talbott, a lobbyist with the Financial Services Roundtable, which represents industry heavyweights like JPMorgan Chase, Wells Fargo and Citigroup.

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