As I neared the end of The Accidental Investment Banker, a very entertaining behind-the-scenes look at Wall Street's power brokers, I couldn't help but think, "So what?" Yes, it's a little shocking, a little fun in a gossipy way, and even a little grotesque when you see the gobs of money bankers make and how they still seem unsatisfied. But, in the end, why should we care about overpaid, whiny brats who believe they're deserving of such ridiculous compensation?

To his credit, author Jonathan Knee predicted readers might have this reaction, perhaps because he seems to have forged a successful run at investment banks Goldman Sachs and Morgan Stanley without losing his amusement at the surreal world in which he's worked. In Knee's view, investment banks had a history of integrity as trusted advisors to businessmen who had difficulty getting straight answers elsewhere. However, the business boom of the late '90s, especially the Internet bubble, turned investment banks into sycophants willing to go to any lengths to do a deal, even if it was in no one's best interests (other than the investment bank's of course). The subsequent bust made things even worse, as mass layoffs created cutthroat competition within the banks, making survival more important than quality of work.

Again, so what? Well, in Knee's view, this shift to focusing on the transaction over the relationship is what leads to advisors becoming "yes men" who rubber-stamp instead of offering qualified opinions. And that is what allows the Enrons and WorldComs of the world to cheat investors as their advisors willingly go along for the ride.

There was a time that investments banks brought an IPO to market with the distinct message that the company was a good buy. These days they take whatever's available - buyer beware. And, while buyers used to be mainly institutions that paid no heed to stock recommendations, in the '90s, we all became the buyers, snapping up Internet stocks through online brokers charging $7.99 per trade - and paying the price when it all collapsed.