Tag Archives: Wall Street Crooks

Ethics and Wall Street

Hedge fund worried that its employees are trading on inside information. Reaction: search them for wires. I don’t think that’s the response they encouraged in the Boy Scouts.

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A good guy dons the black hat

Back in my stock broker hunting days, I always admired Raymond James for running a clean operation with few rogue brokers and a willingness to own up when a broker screwed up. But perhaps that honesty had a price limit, sort of like the lawyer who’ll return a billfold with $10 bucks in it but keep all bank overdrafts in his error for more than $1 million. Turns out, Raymond James sold $800 million of auction rated securities to its customers, pocketed the fees and when the “good as cash” notes froze solid, refused to buy them back.  Lots of banks sold this stuff, UBS being a prime local example, but they’ve grudgingly made good on their error. James refuses to do so because it would be financially awkward, just as it would strain our hypothetical lawyer to repay the million that wasn’t his. But sometimes we have to do what’s right instead of what’s convenient. If Raymond James won’t do that, I take back all the nice thoughts I’ve had about the firm over the years. Question though, is there a firm left on Wall Street with ethics?

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Henry Blodget, call your office – all is forgiven!

The Merrill crooks are back and BOA’s got ’em.

Ah, those crafty Merrill analysts – change an “underperform” rating to “buy” just hours before your employer puts out a new issue.

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First we sell you over-priced lemons, then we buy your lemonade at a discount

Former Countrywide executives start firm to buy bad mortgages. Who said America is no longer the land of opportunity? Question though: Does Chris Dodd get a piece of the action?

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