Connections, political donations and cocktail parties
So yes I have sold my practice, retired and a lot of you have voiced concern about weather I will continue with this blog. The answer is a resounding yes and I am going to start with a little story about Bernie Maddoff. As you know I have for most of this decade warned many of you that these financial wrong doings are never the solitary acts that the media and the industry want you to think they are. What we have with the Bernie Maddoff scandal is another example of how the rules that the rest of us go by don’t seem to apply to certain people. Connections, political donations and cocktail parties as for most of this decade seem to out way professionalism and ethics. Wall Street in recent years has become a business where the customer’s money has become the firm’s money to do with as they see fit. Don’t blame your local broker he or she is subject to the most stringent rules and requirements imangable but understand that people like Bernie operate outside those legal requirements that you and I are often subject too.