Article: The End of Wall Street's Boom
Here
It's by the author of a book called Liar's Poker.
Honestly, it makes me wonder whether ANY money I put in the stock market is safe. I mean, the quotes from that CEO about shifting all the risk to the shareholders... well, if these companies are keeping their shareholders from having an honest picture of what the company's financial picture is, then how can any investor know what they're getting into? In which case, why invest?
What little money we have invested is in an index fund, but even so, I'm worried. This rot seems pretty pervasive.
Moreover, now that Paulson et al are buying preferred stock in Wall Street banks and other institutions -- how do we know that that money will not be mismanaged? If all the risk is on the shoulders of the shareholders...
It's by the author of a book called Liar's Poker.
Honestly, it makes me wonder whether ANY money I put in the stock market is safe. I mean, the quotes from that CEO about shifting all the risk to the shareholders... well, if these companies are keeping their shareholders from having an honest picture of what the company's financial picture is, then how can any investor know what they're getting into? In which case, why invest?
What little money we have invested is in an index fund, but even so, I'm worried. This rot seems pretty pervasive.
Moreover, now that Paulson et al are buying preferred stock in Wall Street banks and other institutions -- how do we know that that money will not be mismanaged? If all the risk is on the shoulders of the shareholders...