July 8, 2002
"Wall street begins at a river
and ends at a cemetary"
I do not, for the life of me, understand why anybody is surprised
by the outrageous thievery of Wall street or of the scandalous behavior
of major corporations.
It has all been there to see for the 45 years
I was in Wall street and a consultant to industry, except that nobody gave
a damn. NOBODY BUT NOBODY GAVE A DAMN.The con job on the american
public was total: it included the Federal government who abandoned every
form of protective legislation that existed, the media who only care about
positive news (their advertisers are wall street) and of course Wall street
that was supposed to govern itelf which is putting the wolf in with the
- The Republicans got rid of every form of national
protective legislation they could think of in the past 50 years. Bush is
no different and his calls for reconstruction are ludicrous, timid ,insincere
and inadequate; it is more than obvious that he and his family have ben
playing the game for as long as they have been around. Lyndon Baines Johnson
came from Texas and he was a thief as well!Go read the history of the radio
stations he owned along with "lady bird"!
- The SEC was neutered more than 35 years ago.It is a government bureauocracy
that looks the other way and is in bed with the thieves of wall street.
- All the self interests and dirty filthy dealings
of the players in Wall street have been around ever since I can remember
and I started as a runner in Wall street in 1939!
- The payoffs of the accounting firms in the nonsensical form of "consulting"
fees has been going on ever since I can remember. For every dollar of auditing
fees the same companies would get 5 dollars of consulting fees. Now wonder
auditing is a joke and it is a hilarious funny foisted on the American
people. The accounting profession has as many whores as the casinos in
Las Vegas. My years of experience with auditors is that they were financial
puppets for management.
- Being a Wall street or industry white collar thief carries very
few penalties that have any meaning!
" Michael Millikin, the Junk Bond King,
stole several billion dollars with illegal financial schemes. He spent
a couple of years in one of our nation's country club prisons where there
are no bars, just a line painted on the ground. Millikin learned French
cooking from the prison chef, and got to keep $2 billion that he stole."
- So called investment counselors have been ridden (as in fleas) with
employees that buy and sell BEFORE their clients.
- Wall street traders are able to change any
trade they want and allocate it any way they want and the poor sucker of
a client will never know! If it is a good
trade it is for their account and if it is a bad trade it is for the account
of a client!
- The banks run investment management accounts in both common stocks
and debt instruments but are not required to disclose their positions or
their costs except in a worthless way.
My bank was going to sell $250,000 of bonds
for me and were ripping me off for $25,000 or 10 percent. I caught them!
- I quit as Chairman of Lionel D. Edie & Company, Inc. in 1966
(at that time number 2 in investment counseling) for a very simple reason.
ALL the Directors were buying the stocks we recommended
BEFORE we put out the recommendations to buy
to our clients or SELLING them BEFORE we put out the sell recommendation! I demanded it to
stop and they told me I had a strange sense of ethics! They voted
me down 11 to 1 and so I resigned. They were cheating in other ways but
this one illustration should be enough.They went
bankrupt 9 years after I resigned but before they did they filed a lawsuit
against the chief financial officer for using corporate money to decorate
- The idiots in the Congress wanted to allow people to put their social
security money into common stocks! Then Wall street could even steal more!
THERE IS ONLY ONE THING YOU NEED TO KNOW ABOUT WALL STREET:
THEIR GREED COMES FIRST, LAST AND ALWAYS.
Most (but not all) are
Email me about anything that interests you and
I promise an answer and who knows, we both might enjoy the exchange!