 The Wild Wild World of Wealth |  |
At SEC, a Scholar Who Saw it Coming I’ve been tough on the SEC. Talked about their incompetence. Blogged (or is it blahhed?) about their failure to catch Bernie Madoff, even after Harry Markopolis served him up. Now, I’m thinking the commission has turned the corner. That the SEC, under the leadership of Mary Schapiro, [...]
Your Custodian Can’t Spell “Goldman Sacchs” Blecch, right? This morning, I was reading a great article from The New York Times: A Safety Net That Tangles Investors. Floyd Norris reported the SEC is separating money management from the custodial function, which made me think, The SEC gets it. They finally get it. “Where an independent [...]
One of my New Year’s resolutions is to examine what money buys in the world of high finance—legitimate or otherwise. At the hedge fund named Galleon, $5,000 bought the right to tase an employee.
Why would anybody invest in a system where king-sized returns accrue primarily to cheaters? Isn’t fair play core to the capital markets?
Let’s face it. Not everyone in finance is doing “God’s work,” the exact words chosen by Lloyd Blankfein to characterize his team’s mission at Goldman Sachs. It makes me wonder whether UBS—presumably on the same spiritual footing as Goldman—is also doing “God’s work” by settling with the IRS over a list of 52,000 clients.
I’m struggling to find answers—explanations for why illegal behavior can endure so long under the noses of our investigators.
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