In the world of business, Wall Street is like the major leagues. If we use a baseball analogy, then it would be like every single player using steroids. That’s how bad it is on Wall Street. The level of greed, fraud and illegal activity that takes place every day is simply mind-boggling. It’s so bad that I could literally do a 4 hour show, every single day, just talking about all the people who have been CAUGHT! We can only assume there is far more illegal activity taking place than the authorities are able to manage.
Personally, I’m embarrassed by this behavior and frankly I’m insulted. At what point do the Shareholders become more important than the Customers of a publicly-traded company?
– Former Director and Board Member at Goldman Sachs sentenced to two years in prison and fined $13.9 million for sharing confidential information with a hedge fund manager. Was it worth it? It’s still a good “business decision” if he makes money on the deal right? Read the full article here.
– JP Morgan Chase, the biggest Bank in the United States, attempts to settle a lawsuit for $500 million that alleges the Company traded energy companies illegally. They are also being watched closely for illegal activity in the collection of debt and for the massive trading loss they suffered last year ($6 Billion). What ethical standards do we hold our biggest Bank to? Any??? Read the full article here.
– New U.S. Attorney with jurisdiction over Wall Street says no one is safe from his wrath. “No one is too big to jail…” he said. Talk is cheap. Show me someone you’ve put in jail. The Enron CEO is getting his sentence reduced by 13 years for crying out loud! SHOW ME, I’m from Missouri. Read the full article here.
– Doug Kass gives 7 reasons why the market is ‘forming a top’ at current levels. I think he should have stuck with 5 because a couple of them don’t make any sense to me in the short run. Keep in mind, Kass has been bearish forever and he’s been wrong to-date. Read the full article here.
– Incredible story about a local technology company that provided a custom software solution to the Tailor for the U.S. Marines in Point Loma. You gotta love technology! Read the full article here.