How Corrupt Is Wall Street?
" The damage goes way beyond the tattered reputations of the firms and their beleaguered analysts. The entire economy depends on the financial system to raise and allocate
capital. And that financial system, in turn, is built on the integrity of its information. Should investors lose confidence in that information, it could deepen and prolong the bear
market, as wary investors hesitate to put money into stocks. And it could easily put a damper on the economy if companies are less willing--or less able--to raise capital on
Wall Street. "One of the precious things we have is the integrity of the financial markets. If that changes it could have dramatic repercussions on the dollar, on domestic
inflation, on the economy," says Felix G. Rohatyn, former managing director of Lazard Freres & Co."
Excerpt from, "How Corrupt Is Wall Street? "
New revelations have investors baying for blood, and the scandal is widening
aol.businessweek.com
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Badur, you posted that message in May!!! We may have seen the tip of the iceberg only.
Last Sunday's NYTimes mentioned how wealthy investors would meet up with their analysts
at parties and pass information to each other. They actually call some of
these parties, "charity events." At one party, an analyst was seated at a private table with other
guests who were ALL HIS CLIENTS!
And Bush wants us to believe that he didn't know Harken Energy was going down. Or that Enron was
in trouble! (LOL) |
