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Posts Tagged ‘ethics on Wall Street’

Wall Street: A Crisis of Culture

Posted by Larry Doyle on December 2nd, 2013 10:22 AM |

Five plus years after the demise of Lehman Brothers and the onset of our ongoing economic crisis, the questions still beg as to whether Wall Street has learned the lessons needed to rebuild meaningful confidence in our markets and implemented real changes to do just that.

The Economist recently released a fabulous report addressing these very questions. For those with even a passing interest in Wall Street, this is a must read. (Props to the regular reader who brought this story to my attention.) What do we learn?

Back in 1980, just 9% of Harvard MBAs went into financial services. By 2008, the figure was up to 45%. Lured to Wall Street and the City by generous pay packages, financiers were encouraged to chase rapid earnings growth.   (more…)

Duncan Niederauer and “5 Guys Named Vinny”

Posted by Larry Doyle on January 9th, 2012 10:09 PM |

I had to chuckle yesterday morning when reading a comment that came in regarding my recent commentary on high frequency trading.

Eddie wrote,

Plain and simple for years I was taught it was not only unethical but illegal to intentionally manipulate stock prices. The only intention of HFT is to do just this.

Joe and Sal are correct when they say the people that are supposed to regulate this behavior are now in their pocket. For years the NYSE protected the Specialists and the public was assured that orders were being handled properly and the SEC audited the exchange and all of these firms quarterly.  (more…)

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