Wall Street Misconduct?

The news is filled with stories of Wall Street and banker misconduct — and rightly so. Interest rate rigging, phony interest rate bids, defrauding investors, irresponsible lending, wildly — and I mean WILDLY — oppressive practices towards credit card borrowers. All of these things have happened.
They are betrayals of the duty of trust that Wall Street owes America for the privilege of handling America’s money. Wall Street owes America a huge amount for allowing so many of Wall Street’s practitioners to become rich. They should not forget it.
But let’s also not forget that America and the world owe Wall Street a great deal as well, and that usually gets forgotten.
Wall Street has perfected a system in which the ordinary investor can own a piece of the corporate structure in the whole world. Usually, if the investor is even a little bit careful, these investments can be made at extremely low cost, with minimal fees. Usually, if the investor is even a tiny bit prudent, the investments can be made with sufficient diversification in cash and bonds and in various industries of various sizes and in companies with high and low capitalization so that even in bad times, the investor’s risk is limited.
The investor in Peoria can with a click of a mouse button get her investments diversified from Beijing to Bangalore and Brazil. The access to investment opportunities is stupefyingly good and usually at low cost.

Read more: http://spectator.org/archives/2012/07/20/wall-street-misconduct

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