John, when discussing wrong headed regulation and IPO's the biggest issue is Sarbanes Oxley by far...not Glass steagall. The GM bankruptcy in which Obama stiffed the secured creditors did not help. Our government stole the assets of private citizens through the GM bankruptcy b4 Cyprus. Dodd Frank is hurting badly as well. The smaller banks can compete with larger banks because the smaller banks can offer personal service and middle market services. However, the bank regulators have made lending very difficult. The Obama administration and the Fed are stealing the assets of individuals today by printing money and keeping interest rates artificially low.