John Taft, chairman-elect of SIFMA and head of RBC Wealth Management, said the financial-services industry faces a credibility gap because of the financial crisis. "Anything we say to help regulators generate a better outcome gets interpreted through the lens of, 'These guys are self interested,' " Taft said. "The truth is, though, if not us, who else? Who else in a regulatory process knows more about these issues than we do?"
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