Wednesday, Apr. 2, 2014

It is no wonder that "Wall Street" is reviled on "Main Street". Every day brings a new revelation of cheating on the part of banks. First we had investments tied to the LIBOR rate and then we find out that the banks who set the rate were conspiring with each other to maximize their profit at the expense of their clients. We are currently wading through the same scenario with FOREX or foreign exchange rates. Add to this the manipulation of the commodity markets and the energy grid plus the recent allegations that high frequency traders have an unfair advantage and we see that nothing has changed much after the 2008 meltdown. The only thing that could make it worse is if AIG started running TV ads telling America how wonderful they are. OH wait......

I believe in Wall Street; the US capital markets are a national treasure. At best it is the engine which propels economic growth and advances all segments of society. It enables us to build infrastructure, including  schools, roads, bridges and highways. It helps companies secure the financing for expansion thereby creating jobs and opportunities for the whole country. We have always dreamed big dreams and Wall Street can make that happen. It is time for all of us in the industry insist on kicking out the manipulators and demand that the regulators do their jobs properly.