We've spoken at length about the extreme PR challenges facing top Wall Street firms, notably Citigroup, Bank of America and of course Goldman Sachs. In the latter case, Lloyd Blankfein has gone so far as to apologize publicly--for what, I'm not exactly sure. It certainly speaks to the seriousness with which the firm views its image issues. But the image issues cover more than just the firms.

The Reuters Global Finance Summit generally acknowledged that the on-going crisis has affected the way the world views the street. The repair job will not be easy, and the industry will pay in the form of added regulation. We're seeing that all unfold now. The industry frankly got off light.

We've seen no indictments of executives, despite the widespread view that Dick Fuld would be made a scapegoat. The Cioffi and Tannin decision probably makes the execs all a bit safer. Recall in the pre-Sarbanes-Oxley era, a host of executives were indicted. Some will be in jail for a long time. 

For more:
- here's the article

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