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Posts Tagged ‘cheating on Wall Street’

Financial “Family” Collusion Will Likely Increase

Posted by Larry Doyle on March 30th, 2010 9:18 AM |

What will be the next explosion in financial chicanery if not outright fraud? Collusion, that is price fixing. Why? A number of reasons, including:

1. The financial industry has become an oligopoly, (some may say cartel) thus setting the table for increased collusion to propagate.

2. Lower volumes across exchanges, which pressure revenues and incentivize market participants to collude to generate greater profits. (more…)

Who Is David Slaine?

Posted by Larry Doyle on January 17th, 2010 7:45 AM |

Editor’s Note:¬†Please see LD’s update to this fascinating story just published on Tuesday evening February 2nd at 10:02 PM.

With friends like these, who needs enemies?

I have written previously on the importance of strong relationships while working on Wall Street. While the Wall Street numbers and dollars are voluminous, ultimately Wall Street is a ‘people business.’

I have also written previously how ‘information is everything’ on Wall Street. Traders work tirelessly to determine what is moving or what will move the market. Utilizing this information, millions of dollars can be made or lost in the course of a very short time span.

Combining these two critically important factors, it should be no surprise how some will use – but then abuse – these two primary cornerstones of our financial industry.

Folllowing this line of reasoning, are you ever shocked when a guy who cheats on his wife also then cheats on his girlfriend? Where am I going with this? Let’s enter the world of David Slaine, the government’s mole in the insider trading scandal currently rocking Wall Street. (more…)

When Did Cheating Become Acceptable?

Posted by Larry Doyle on October 28th, 2009 4:13 PM |

There have been cheaters and con artists throughout history. While I do not present myself as an economic historian, I think it would be interesting to review the depth of cheating and scandals today relative to other eras. The challenge for many individuals and businesses is competing honestly yet coming up short in the process. What is one to do?

We witness this cheating throughout society. From the steroid scandals in sports to financial frauds on Wall Street and at every point in between, the lack of real moral integrity has eroded our economic foundation. The excuse commonly utilized by cheaters is the need to keep up with the competition.

I lost all respect for Bill Belichick of the New England Patriots when it was revealed he cheated. What was the common refrain around the NFL? “If you’re not cheating, you’re not really trying.” (more…)






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