Seems like it is appropriate to post this again,
Updated for current events
Like a vacant street or abandoned mill in Youngstown or the Mon-Valley; or a railway station no longer in service - evidence of a boom time now vanished. The buildings once looming and powerful became rusty and neglected. Loose paper blows in the wind and the trees and weeds grow between the furnaces and abandoned railroad tracks.
Tokyo Joe no longer runs his service. He paid the fine, whilst the MLCO’s and GSCO’s hyped the stocks. In the spring of 2000, just a few weeks after Joe and the SEC settled, the financial news types were “Shocked” to find that the MLCO’s and the GSCO’s were selling their stock into their own buy recommendations. A stunning revelation of what every trader saw on their level 2. I was reminded of Constable Louie – “Shocked to find gambling” in Rick’s place, as he pocketed his winnings. I found it funny at the time.
Now the scams of the brokerage houses combined with the scams of Enron, WorldCom, Tyco et. al., have inflicted a damage that will take years to repair. And yes the brokers were running scams. Audacious scams so grand in their scale and broad in scope that they could not be imagined, even by the most seasoned traders. But the SEC got their Tokyo Joe; fiddling while Rome burned. Good job guys.
And in 2003 the warnings came from the Whitehouse, from the regulators, from Greenspan: Freddie and Fannie are train wrecks and could impact the entire world economy. 2005 the senate banking commitee passes sweeping regulation,,, Barney Franks and Maxine Waters, senate Dems et al blocked all reform and regulation, and pulled of the grandest of whoppers, blamed it on George Bush. The dems got their Tokyo Joe. Good job guys.
What the hell… I made money. Is there anything more to say? Except maybe:
ROFLMAO ! |
