Skip to comments.Finance guru looks at Wall Street scandals
Posted on 06/29/2002 7:06:35 PM PDT by DoctorMichaelEdited on 07/12/2004 3:38:35 PM PDT by Jim Robinson. [history]
Paul Volcker is an outsized man, basketball-player big, and so you listen when he speaks, and he chuckles and chortles, which makes you feel good, even when he tells you nobody has a magic wand to wave over the stock market and make brokers and accountants stop cheating investors.
(Excerpt) Read more at washingtontimes.com ...
"There's still a lot of money to be made."...........THIS may be true and I agree that this may be the buying opportunity of the next 50 years but...............
...........without knowing whose ooks are cooked and the wild card of Al Qaeda terrorism........its dicey out there.
Anyone who didn't figure out that things were a little too good, just wasn't paying attention. Business cycles....period. When the average business didn't cycle, then something was rotten in Denmark. One of the things that brought all this on was the constant rant about how much money everyone was making. When suddenly, there wasn't a good year, the executives started fudging the books so they wouldn't be the only ones losing when everyone else was winning.
These are cowardly men who, rather than stand up and say, we're doing our best and we plan to pull out of this slump by doing thus and so...instead fudged the books.
I'm sure that Arthur Andersen isn't the only accounting firm that was pointing the easy way out, either.
It won't take more than 15 to get back to the 2000 highs.
Think of it this way - the only way money is made is by the U.S. Mint...everybody else has to "earn" it.
So Mr. Volker may be telling the truth...the Government will have to "make" a lot of money to keep its scam going.
There was nothing but Blue Sky ahead. So there was no incentive for anyone to rain on the parade by exposing shady practices. AA could get away with what they did because they never thought that they would have a comeuppance !
Everyone did. And now it is left for Bush to clean up this mess.
Be Seeing You,
The corruption from that era was wide and deep, and it's still with us. My guess is we have only seen the tip of the iceberg.
law firms (that were making millions in legal fees on these fraudulent securities offerings),
that had close personal and political ties to the Republican and Democratic parties and the best way to finance any election campaign was thru securities fraud.
"corruption has been widespread since the 1990s" in the stock market, with "huge amounts of money being made by investment bankers pressing the envelope of manipulation."
Mr. Volcker told a breakfast meeting of reporters that "corruption has been widespread since the 1990s" in the stock market, with "huge amounts of money being made by investment bankers pressing the envelope of manipulation." He said the scandalous implosions of Enron, Tyco, Arthur Andersen and other companies have made just about everybody aware that "we have a lot of people trying to figure out how to get around the rules."
Agreed. There are many older people that need to be 'tapped' for their knowledge.
My understanding is that he is still employed as a "Consultant" in these types of matters. Hopefully the egos in Congress will listen to his opinion
Terry McCauliph (sp?) and his receiving a "personal"- "donation" of GLOBAL CROSSING stock which he turned around and sold at an "opportune" time (ala Martha) comes to mind.