▁the ▁financial ▁services ▁industry . ▁The ▁end ▁of ▁the ▁ 1 9 7 0 s ▁saw ▁a ▁transformation ▁of ▁American ▁politics ▁away ▁from ▁a ▁focus ▁on ▁the ▁middle ▁class , ▁with ▁new , ▁much ▁more ▁effective , ▁ag gress ive ▁ ▁and ▁well - fin anced ▁lo bb y ists ▁and ▁pressure ▁groups ▁acting ▁on ▁beh alf ▁of ▁upper ▁income ▁groups . ▁ ▁Exec ut ives ▁successfully ▁elimin ated ▁any ▁counter v ail ing ▁power ▁or ▁o vers ight ▁of ▁corpor ate ▁man agers ▁( from ▁private ▁lit ig ation , ▁bo ards ▁of ▁direct ors ▁and ▁share hold ers , ▁the ▁Sec ur ities ▁and ▁Exchange ▁Commission ▁or ▁labor ▁un ions ). ▁ ▁The ▁financial ▁industry ' s ▁success ▁came ▁from ▁successfully ▁pushing ▁for ▁der eg ulation ▁of ▁financial ▁mark ets , ▁allowing ▁much ▁more ▁luc r ative ▁but ▁much ▁more ▁ris ky ▁invest ments ▁from ▁which ▁it ▁priv at ized ▁the ▁g ains ▁while ▁social izing ▁the ▁losses ▁with ▁government ▁b ail outs . ▁ ▁( the ▁two ▁groups ▁formed ▁about ▁ 6 0 % ▁of ▁the ▁top ▁ 0 . 1 ▁percent ▁of ▁ear ners .) ▁All ▁top ▁ear ners ▁were ▁helped ▁by ▁deep ▁cut s ▁in ▁estate ▁and ▁capital ▁g ains ▁tax es , ▁and ▁tax ▁rates ▁on ▁high ▁levels ▁of ▁income . ▁ ▁Ar gu ing ▁against ▁the ▁proposition ▁that ▁the ▁explos ion ▁in ▁pay ▁for ▁corpor ate ▁execut ives ▁– ▁which ▁grew ▁from ▁ 3 5 X ▁average ▁worker ▁pay ▁in ▁ 1 9 7 8 ▁to