A friend of mine, whose job it is managing accounts of the wealthy, views happen to match the most bearish on this thread.
Also one should have seen him tear apart the reform movement as just a lot smoke to hide that nothing has changed nor ever will change, get the richer rich and to hell with the rest, is still the cardinal rule.
He says the big brokerages only have one central motivation, to make themselves rich and to keep their super rich clients happy.
They view the small investor as an essential part of making themselves and their super rich clients richer.
That the past boom was the most manipulated pyramid scheme in our history, and they, the big houses knew it was and were totally involved in it and promoting it.
He says the Merrill Lynch "punishment" is laughable and that everybody that knows anything from the U.S.President to AG to Harvey Pitt KNOW that the vast majority of ML management should now be serving hard time in tough prisons( the management at other big houses,also).
All the arrests are just those necessary to throw the public a bone and let them think the game is changing.
He said smart money is at least 6-months away from going LTBH in equities.
My friend, who works within this dirty system, condemns it.
He also said since 1995 the big houses hired a bunch of young from the campuses and instructed them carefully that their ONE job is to get the public to buy stocks and to speak positively about the market at all times, to do otherwise meant you will be fired.
He said CNBC was the greatest thing to happen to fleece the small investor and the big brokerages and mutual funds knew it and premeditatively exploited CNBC to line their own and their best clients, pockets.
I have said enough.:) Just thought i would pass on what someone on the inside has to say about matters. GD. |
