Though no defense is needed

Mustering the courage to launch a public criticism of financiers these days doesn’t exactly require the grit of Dietrich Bonhoeffer or the bravery of a Navy SEAL. Today, the very terms “hedge funds,” “private equity,” “Wall Street,” and “investment banker” have a pejorative connotation. Critics of finance feel no need to distinguish between good actors and bad actors, and in fact the criticisms are hardly ever personalized; it is the capital markets themselves that have become unwelcome in our society, not just David Solomon or Jamie Dimon.

But establishing that finance is not popular does not tell us whether the critiques are right. …