Wall Street: It’s More Corrupt Than You Can Imagine (Podcast)
If you rely on a Wall Street salesman to help you make your investment decisions, then you are a total idiot and you deserve what you get if you lose your shirt – from the interview below
SilverFarm.org invited me on to his podcast show to talk about what it was like to be a trader on a Wall Street institutional bond desk in the 1990’s. Back then corporate “social/political correctness” was in an infancy but the compliance and risk management departments were still enforcing rules, regulations and risk standards. Today, if you offend someone with a remark, certain behavior, or even look at them the wrong way, you lose your job; if you violate securities laws, you get a bigger bonus – if you violate securities laws, compliance looks the other way.
In the interview below, I discuss the real life illegalities that I witnessed occurring while working on Bankers Trust’s junk bond sales & trading desk. We got away with numerous illegalities that pale in comparison to the laws violated today at time when rule of law was enforced. Now, the financial rewards involved from breaking the law on Wall Street is many multiples of the rewards in the 1990’s and the laws are never enforced.
If the latest issue of the Mining Stock Journal I feature a stock that extraordinarily oversold and irrationally undervalued relative to the risk associated with the event that drove the stock lower in price. The latest issue explains why this is an incredible opportunity to take advantage of irrational fear and lack of real due diligence by analysts and bloggers: Mining Stock Journal subscription info.
Regarding your thoughts on this stock: this is why I subscribe to your MSJ – excellent analysis – subscriber, “Rob”