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Technology Stocks : All About Sun Microsystems
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To: Charles Tutt who wrote (42275)3/22/2001 10:39:09 PM
From: QwikSand  Read Replies (2) of 64865
 
At the risk of sounding like a cynic, I think the announcement of layoffs at major brokerage firms could work wonders for the professed sentiments of analysts and brokers. Knowing that their jobs might depend on the market recovering, I expect a profound bullishness to suddenly arise on the Street.

I don't know how true that is, but it sure is a good summary of the esteem in which financial "professionals" are held. For example, consider a doctor who deliberately diagnoses patients with illnesses that they don't really have in order to earn extra money from unnecessary treatments. The patient gets "well"...what's the problem? Of course people would be waiting outside the courthouse with a noose in case the physician could pay for a good enough lawyer to get him off. Absolute integrity is assumed to be a required of a physician.

Even lawyers, who are by profession paid advocates for thieves, scoundrels and murderers, and whose job is to persuade people that lies are the truth, commit an unthinkable breach of ethics when they collude with your adversary once you have paid them to take your side.

But if an analyst or broker whom you pay (directly or indirectly) to advise you, lies to you and cons you out of your money strictly to advance their own interests, it raises nary an eyebrow. At the most, we shrug and go on. What were you expecting? Which world did you think you were living in?

At the risk of sounding like a dweeb, I think that's pretty interesting.

--QS
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