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Strategies & Market Trends : IPPs and Merchant Energy Co.s
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To: energyplay who wrote (3140)3/26/2004 4:57:30 AM
From: Raymond Duray  Read Replies (2) of 3358
 
Re: If Boesky et al, had gotten sentences of 10+ years, and the minor figures 3-5, I wonder if we would have seen the degree of criminality we have now ?

As Ron Chernow noted in "The House of Morgan", there has been a measurable decline in ethical standards on Wall Street beginning very noticably with the rise of the Reagan Right. Not to say that Ron Reagan is a criminal, but he has certainly surrounded himself with dozens of them, and enabled hundreds of others.

Boesky came in during a period of declining standards of enforcement, but the really big moves in laxness came after his time. Things like the easy way that Ken Lay was able to manipulate CFTC regulations by bribing Wendy Gramm with a seat on the Enron BoD, or the ridiculously slack PSLRA of 1995 have really opened us up for wholesale criminality on Wall Street. I see nothing short of a miracle of consciousness striking the American electorate as being capable of reversing the trend toward ever greater corruption. And I ain't holding my breath. Wall Street today would be unimaginable to those who operated in the era after Franklin Roosevelt and Joe Kennedy cleaned up the stench that produced the Roaring '20s and the consequent Great Depression.
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