Category: Ethics
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Monday Ap;ril 26, 2010 Truly there is nothing new under the sun. See our previous post in which the NY Times published e mails from Goldman that the firm had profited from selling short investments sold to clients. One of the students asked if the clients could sue the broker for betting against them. That…
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Monday Apr 26, 2010 Rick Santelli on CNB C suggested months ago that derivatives should be put on the exchanges so that everyone could see what they are worth, who issues them, ie, real transparency, real rules. This is one of the provisions of the Financial Reform Bill. The NY Times, courtesy of the Senate,…
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Sat April 24, 2010 While Wall Street melted in 2008 and President Obama announced more financial reform just yesterday, what were the Jack Bauer watchdogs up to at the SEC? You will recall that the SEC sets the budget for the PCAOB, guardian of the accounting rules of the game these days. Well you might…
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Tuesday April 20, 2010 This list shows that Goldman PAC contributed $994,795 to the Obama campaign. Also note the usual suspects of Morgan and CIti on the list. Here is the big picture. Wall Street helped get Barack into office. He is surrounded by former Goldman employees as advisors. He wants a financial regulation bill…
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Tuesday April 20 Turns out the SEC voted 3-2 on whether to prosecute Goldman, another party line vote. This is hardly the stuff of real ethics. The rules should be clear, ethics in financial dealings should not be a value judgement.
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Tuesday April 20, 2010 One of the emerging ethical issues of our time is organ donation. Here is an interesting story on how Steve Jobs induced the state of CA to become pro active in this endeavor. The truth of the matter is that organs need to be harvested quickly when someone dies. The most…
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Friday April 16, 2010 Credit During the big bank’s annual shareholder meeting in Basel, some 4,700 stockholders representing 1.7 billion shares, voted by a margin of 53 per cent to reject recommendations by the current board to absolve executives from all responsibility for the bank’s staggering subprime losses that prompted a SFr 60 billion federal bailout.…
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Monday March 22, 2010 CPAs were fined and forbidden to practice before the SEC for three years. Seems these two were cooking the books, no doubt to up the stock price. Hmm, do you suppose they owned some stock? This is all pretty typical, some CPA that certainly knows better cooks the books, gets his…
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Sunday March 14 2010 Despite the Administration attempts to spin us into a believed recovery, set your spectacles to green while in the City of Oz, the mood continues to deteriorate. A deteriorating mood makes a bear market. One aspect is that behavior which would be tolerated in a bull market, is not tolerated in…
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Sunday March 14, 2010 Friday we linked to reports by the bankruptcy examiner on the Lehman Brothers Fraud. Those transactions are the subject of longer reports in Section 2 of the WSJ Weekend Edition out now. But the most clear explanation we have seen is from Dylan Ratigan. The video clip runs ten minutes but is…
