The Wolf Is Still In The Henhouse

Wall Street remains dishonest. New York's attorney-general, Eliott Spitzer, has found that mutual funds have been giving serious kickbacks to hedge funds who promised to put money with them. So what's new? Bernie Ebbers of WorldCom personally got shares in hot IPOs if he gave them corporate investment banking business. The press is full of gruesome Spitzer-discovered stories.

Remember three things about Wall Street: 1. Wall Street works by the "I scratch your back. You scratch mine." rule. 2. Not everyone on Wall Street is a crook, incompetent or lazy. You can find honesty and competency. But you got to work to find it. It's rare. 3. Spitzer is running for governor. That means getting good and constant press is key. Even appearing on CNBC wins him votes.