Wooing Main Street Back to Wall Street

Win Smith, author of "Catching Lightening in a Bottle," reveals what's wrong with Wall Street.
3:00 | 03/20/14

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Transcript for Wooing Main Street Back to Wall Street
It's the financial crisis most of main street has been pretty afraid to trust Wall Street and unfortunately that means millions and millions of Americans. Have missed out on one of the biggest bull markets ever so the question is. What's gonna take to restore the trust in the financial community is that even possible. Well joining me via Skype from Vermont is when Smith junior he's -- -- -- time Merrill -- And his father was one of the original founders -- is also the author of the book catching lightning in a bottle which depicts how Merrill Lynch. Revolutionize. The financial world takes -- much for joining us some real -- win. -- -- -- -- -- -- So if -- book talks about how Merrill Lynch the sought out to regain the public's trust after the crash of 1929. How did your father do that. You know we're that it is -- is seen -- I think there's some parallels to today that. They saw in 1939. A market that really did not have the -- -- main street America they saw a lot of production on the street a lot of conflicts of interest. And they decided to build a very different this is hollow -- Wall Street to main street. It is fundamental things that took her resolve commissions they trained to brokers and those states they separated reserves -- went into the community Samuel became part of the community. In over a period of time gaining the trust of the average American. And he brought main street Wall Street which I think was one of the great fuels the US economy after World War II. You know it was in your blood I guess you could say to go and up working on Wall Street you -- your lifetime at Merrill and they do whacked. What -- the decision how did you determined to make that choice. I was a little bit impulses were back at the time died in their 28 years I expected to retire there. But it CEO took over it is very clear to me in a conversation I had with him that he didn't understand the history -- -- didn't understand what -- -- what we work. He did not of the same principles that I probably did that I did the -- -- my colleagues did. And I realize that it I would really have been -- Tony I'd say there's so Iceland and possibly last. Unfortunately. What I saw -- -- in 2007. As you know from almost went down and had to be saved by America. So what's it the pull of a ski resort or something like that -- that got you believe. Now announcers -- afterwards and I let my second -- -- -- sugar bush but I also loved. All the -- lasting about twenty years -- Angela makes me. You know actually -- right now -- I think that Merrill Lynch within Bank of America is still trying to restore those pretzels. And so many of the advisors -- -- out there in the communities in mainstream are colonists -- I think it bodes well for the future. But when you look at banks today -- you can tell that people in America are just not -- they don't like. There -- they don't like they're -- experience is going to the bank they also don't trust the banking community you see it in the way that people are not investing in the stock market anymore. If you -- give Wall Street one piece of advice of how to restore that trust how to make people believe. In Wall Street what would that piece of advice be. What -- -- other many pieces Wall Street I think though the Wall Street that exists in the communities is doing the right thing but. In my opinion believes Wall Street have to -- mortar and main street there has she less -- arresting more -- -- -- They really have to understand the damage to sit down to the average American and they have to understand is some of the conflicts that existed in some of the trading mentality really needs to change. -- that I mean and this is that this -- an interesting point because you're saying that the people at the heads of these banks have to understand how Wall Street perceives them. Do you think that the heads of these banks who are receiving multimillion dollar pay packages. Do you think they realize. How mean -- perceives them do you think they care. Well I don't know it's always hard -- -- and people but I didn't know the way the community's out here arguing Wall Street and it's not good. You know one thing that happened Rebecca. In 2007. Most of the big firms were run by people who grow on the trading side of the business as opposed the client side of the business and just say about the language they're using instead of talking about customers and clients are talking about counter parties and I think that's sentimentality and actually -- change and I hope. That big banks and big Wall Street firms will once again be run by people who grow on the client side of the business. Winds -- thank you so much for joining us we really appreciate it. Stay he has a great deal you this morning thanks so much.

This transcript has been automatically generated and may not be 100% accurate.

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