# Professor Thomas Philippon's research on the financial services industry is cited

1 Faculty News October 14, 2015 ![MarketWatch logo](/sites/default/files/styles/246w/public/assets/images/marketwatch%20logo.jpg?itok=pHUVfozf)>

Excerpt from [MarketWatch](http://www.marketwatch.com/story/blackstone-penalty-is-just-tip-of-iceberg-when-it-comes-to-fee-abuses-2015-10-14/print) -- "The costs of financial intermediation—including banking, investment management and legal, accounting and custodial support—has generally been rising since 1970, and today is equivalent to about 7% of U.S. gross domestic product, despite cost-obliterating new technologies and market deregulation, according to [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon), a finance professor at New York University."

[Read more](http://www.marketwatch.com/story/blackstone-penalty-is-just-tip-of-iceberg-when-it-comes-to-fee-abuses-2015-10-14/print)