The Street's Dark Side
Well, let's hope they "address" the "practices and conflicts of intereste on Wall Street" BEFORE the Congress hands over corporate control of social security. Wanna bet they don't? Just in case you don't want to read the whole article, "social security" doesn't show up once in it...
MSNBC - The Street's Dark Side: "Despite the changes, however, Wall Street remains a treacherous place for the small investor. The big financial firms are still rife with conflicts that put their own interests, and those of big banking clients, ahead of everyone else's. (Just last week, for example, Citigroup was fined $275,000 for steering customers to invest in certain Citigroup funds that were 'unsuitable'' for them.) Also, watchdog agencies like the SEC, even with bulked-up resources, continue to be ill-equipped to root out corporate crime. And when investors think they've been cheated, the system for ruling on their complaints remains stacked against them. 'There are all sorts of practices and conflicts of interest on Wall Street that still have to be addressed, ' says John Coffee, a Columbia University law professor."
MSNBC - The Street's Dark Side: "Despite the changes, however, Wall Street remains a treacherous place for the small investor. The big financial firms are still rife with conflicts that put their own interests, and those of big banking clients, ahead of everyone else's. (Just last week, for example, Citigroup was fined $275,000 for steering customers to invest in certain Citigroup funds that were 'unsuitable'' for them.) Also, watchdog agencies like the SEC, even with bulked-up resources, continue to be ill-equipped to root out corporate crime. And when investors think they've been cheated, the system for ruling on their complaints remains stacked against them. 'There are all sorts of practices and conflicts of interest on Wall Street that still have to be addressed, ' says John Coffee, a Columbia University law professor."
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