Tuesday, September 29, 2009

I bet you would agree..........

that no matter how long you have been in the securities industry, I have only been around since April 1, 1982 (that is NOT an April Fools joke) there has not been a time that confidence in how Wall Street operates is at such a low.

This whole business is about greed and excess. Listening to Ace Greenberg today on CNBC was the icing on the cake after reading "House of Cards" by William D. Cohan (if you haven't read the book I suggest you stop whatever you are doing and either order the book online or drive straight to a book store and order your copy for your library). After reading that book perhaps Ace should be in jail. For what? For not doing his job as a fiduciary of the firm.

The regulators are clueless, the revolving door at the SEC swings in the wind every week, the politicians and lobbyists protect their campaign coffers and the public is as clueless about risk and money management as they ever were. Dark pools, naked short selling, unfunded liabilities, lack of transparency, fragmented exchanges, derivatives and where does it end? The accounting games, the IPO mispricings, the side-pocket hedge fund investments, the bankrupt FHA and FDIC mortgage mess and you know what? In 2009, a large number of Americans still entrust their retirement assets to salesman who are only concerned about their income and not the clients outcome. I guess America deserves what is being shoved down its throat. Until we vote for real change nothing will change. The government is not getting it done.

Today, only two guys are in jail. Sir Allen Stanford and Ponzi Madoff.

Two, only two.

For the love of America, how can that be?

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