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HomeLambs Led to the Slaughter
Posted by Larry Doyle on June 11th, 2010 7:34 AM |
“Here, meet my client. He’s got money. In fact, he’s got a lot of money . . . I like him, I really like him!!”
So it goes on Wall Street, where brokers all too often are focused on landing the ‘big fish.’ The brokers may believe the ‘big fish’ will produce many meals (that is, real payout). Meanwhile, all too often, those structuring highly complex transactions on Wall Street view these ‘big fish’ more akin to ‘sheep’ which can be fed overpriced deals including toxic waste. So it goes on Wall Street, just as it always went.
Who are supposed to look out for the sheep? The shepherds, both brokers and industry regulators. Are these shepherds capable of protecting the sheep? Are the shepherds’ interests aligned with the sheep, or the butchers (I mean, those structuring the complex transactions)? (more…)
