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The Opacity of Wall Street

October 17th, 2013 - 7:33 am

How honest is your broker — who knows? WSJ reports:

Stockbrokers are being routinely allowed to scrub some customer complaints from their public records, leaving investors in the dark about potentially troubled advisers, according to a study of more than 1,600 arbitration cases.

Brokers asked to remove customer disputes from their records in 1,625 arbitration cases filed from 2007 through 2011, according to a report by the Public Investors Arbitration Bar Association, an association of securities lawyers. Arbitrators approved removal requests in more than 90% of the 629 cases that settled. In the other cases, which went to an arbitration hearing, almost half the requests to clean records were granted. During the period, there were 17,635 arbitration cases overall, the bar association report shows.

They told me if I voted for Mitt Romney, rapacious Wall Streeters would be set loose to rip us all off — and they were right!

And, uh, sorry for stealing Glenn’s schtick.

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"rapacious Wall Streeters would be set loose to rip us all off"

The Fed has the first go, then the state... We should be happy we still have things left to get ripped off by Wall Street.
27 weeks ago
27 weeks ago Link To Comment
I was explaining to distaff members of my household why the stock market doesn't react to news the way people expect.

Once upon a time, Wall Street, Main Street, and consumers all had the same general idea of what constituted good economic news and what didn't. That has been broken, and it's the increased size and scope of government -- and Obamarrhoid cronyism in particular, though not solely -- that's responsible. "Too big to fail" doesn't apply to most job creators, and certainly not to you and me.

Wall Street now has a completely idiosyncratic concept of what's good for it, which the rest of the nation's economy simply does not, and cannot, share.
27 weeks ago
27 weeks ago Link To Comment
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