Can Wall Street self regulate?
That is a loaded question… so many dimensions to the idea… I suggest instead that Wall Street swings to the broadest extremes of behavior… money madness run wild… then ashes and greyness as all goes bust… I could list the years of bust… look here at this post…
Today the Muni Czar tells of Wall Street ashes… Joe Mysak of BBG writes…
~~~~ “Then the stock market crashed in October 1987, and later that year the beleaguered Hutton, which had never really recovered from the scandal, was purchased by Shearson Lehman Brothers Inc. The usual ritual slaughter began.
Floors of chairs. See-through office buildings. Lots of parking. And wondering: Where is everybody? These are the prospects for a recessionary 2009, if the aftermath of the 1987 Crash is any guide….” ~~~~
We also hear of nonsensical excesses from Lazard at the peak of the cycle… from the Securities Law Prof Blog…
~~~~ “The SEC settled charges that Lazard Capital Markets LLC failed to supervise three employees who collectively spent more than $600,000 while improperly entertaining traders at Fidelity Investments in an effort to generate brokerage business. The SEC also charged the three employees and a supervisor for their roles in securities laws violations by Fidelity traders. Earlier this year, the SEC charged Fidelity and current and former executives and employees for improperly accepting lavish gifts provided by brokers. Among those charged were former Fidelity equity trader Thomas H. Bruderman.
The Commission’s orders issued today found that former head of Lazard Capital Markets’ U.S. sales and trading department David L. Tashjian and former registered representatives Robert A. Ward and W. Daniel Williams facilitated Bruderman’s violations of the securities laws by taking him on trips to such destinations as Europe, the Bahamas, the Caribbean, Florida, and Napa Valley, Calif., often by private plane, and paying for his meals and lodging at high-end restaurants and hotels. According to the orders, Bruderman also was provided with race car driving lessons, adult entertainment and expensive wine, and approximately $50,000 was contributed toward his elaborate bachelor party in Miami….” ~~~~
Think about it… floors of empty chairs… private jets to luxury destinations… a little self regulation would be in order… and of course more “good” regulation from Washington could help too…
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Its amazing how the money madness of the world has taken over in every aspect of this country…and now the world! It’s disgusting! I feel blessed to be working with an amazing author, after he helped change my financial life drastically… his name is Spencer Sherman, and his focus is on money madness! His book The Cure for Money Madness comes out this February, and its a must read for anyone who suffers from money madness…which i believe we all do. Check him out: http://www.curemoneymadness.com/blog
By the way, Great post!
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