"Don't underestimate what could happen here," says Mike Mayo of the regulatory risk to banks....

|By:, SA News Editor

"Don't underestimate what could happen here," says Mike Mayo of the regulatory risk to banks. Think of all Japanese banks have gone through, then add to that a government "going after" them, and you get the U.S. environment. He remains underweight the financial sector, with Wells Fargo (WFC) as his top pick.