The daily news reinforces my belief that there is something rotten at the core of the financial services industry. I am not discussing old news like Bernie Madoff.

Last week, President Obama announced his administration’s plan for a, “New Small Business Lending Initiative.” The new initiative is the next installment in a series of speeches by President Obama, which have yet to yield any results for the small business community. In his speech President Obama stated, “This administration is going to stand behind small businesses. You are our highest priority because we are confident that when you are succeeding, America succeeds.” (http://www.whitehouse.gov/the-press-office/remarks-president-small-business-initiatives-landover-md) Over the past year, President Obama promised to restore the Small Business Administration’s (SBA) budget, restore the SBA Administrator to a cabinet level position, implement the 5 percent set-aside goal for women owned firms, and stop the diversion of federal small business contracts to corporate giants