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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 174.810.0%Dec 26 9:30 AM EST
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To: Elroy who wrote (130181)7/16/2003 9:27:46 AM
From: Jon Koplik  Read Replies (2) of 152472
 
Re : why has "cheating" on Wall Street not been successfully exposed (again and again)

I worked as a trader on Wall Street (options arbitrage, for the firm's own account) two different rounds (back in the 1980s).

I believe that what usually happens when someone dares to be a "whistle blower" is the following :

(And, by the way, this is exactly what happened a year or two ago when someone who used to work at Jim Cramer's hedge fund tried to become a "whistle blower")

The "whistle blower" says his or her stuff.

Maybe 95% of their information is exactly correct.

The other 5% may be totally wrong, a tiny bit wrong, or something that weasel-like lawyers can talk around.

The Wall Street firms have enormous access to money to spend on lawyers, public relations, etc.

The "whistle blower" can be discredited.

The "whistle blower" can be bogged down in legal stuff (over the 5% of information that is incorrect).

The "whistle blower" can be fired immediately (and will most likely NEVER be hired for the rest of their life by any company in the securities business).

Etc. etc.

It is sort of similar to a tobacco company insider deciding to become a "whistle blower" against a tobacco company.

(Ever seen the film "The Insider" ?)

I hope I have made my point ...

Jon.
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