Monday, September 22, 2014
Wolf of Wall Street Back With a Pack, Seeking Vengeance
Wall Street is up to its bad self again (Market Watch, WSJ) -
...bankers and brokers defiantly have hardened in their quest for bigger and bigger paydays. Wolf of Wall Street? What we’re seeing is a pack of wild dogs that continue to use any means necessary to line their pockets no matter the fines, convictions and settlements that regulators throw at them.
Consider that, in just the past week, a trader convicted of fraud cited his bank’s bonus culture as motivation behind his crime; a major investment bank was accused of failing to live up to its own promise to root out cheaters from its trading systems; and three powerful, too-big-to-fail institutions have ramped up the use of risky derivatives to goose returns. ...