So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.
![So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals,](http://cdn.quoteddaily.com/images/john-c-bogle/so-the-misplaced-assumption-is-that-we-have-this-whole-new-institutional-element-where-these-financial-institutions-are-looking-after.jpg)