Yes, Wall Street policies are too lax because lack of proper oversight of these large financial institutions led to the Recession of 2008. Although government officials want to enact adequate legislation to watch Wall Street banks, the market is too complex and unpredictable to be fully understood. I believe that the government need to warn these big banks to stop taking reckless risks and also voice that next them they cause a financial crisis, the government will now bail them out.
For many years, scandal and deceit have accompanied Wall Street headlines far too often. The lax rules, regulations, and policies have allowed Brokers, investors and financial advisors alike to bend the rules, find loopholes, and be at at times blatantly dishonest in their business endeauvers. Stricter policies and guidelines need to be implemented to level the playing field on Wall Street.
Despite efforts to stiffen Wall Street rules, these remain too lax. There were several rules implemented after the financial crisis, but these do not go far enough. For instance, big banks were allowed to remain intact. In fact, these institutions grew larger. This creates a system where it is stacked against the individual investor.
The policies are not lax. There are perhaps hundreds of laws and occupational codes helping to keep Wall Street in check. The problem is that white collar criminals hide their misdeeds to make it look like they are obeying the laws. What is perhaps needed is more investigators working under cover to find where the coverups are happening.