At SFGate dot com, the San Francisco Chronicle’s website, Leland Faust, a man who has gotten rich investing, considers what’s wrong with the Wall Street banksters. Using Jon Corzine’s ill-fated stewardship of MF Global as an example, he cites ten failings.
1. The cult of a Wall Street superstar.
2. Gambling disguised as investing.
3. The bail-me-out syndrome.
4. Enormous conflicts of interest.
5. Leverage on a grand scale.
6. Failure of regulators and the reform law.
7. Misappropriation of client funds.
8. Worthless rating agencies.
9. Golden parachutes soaring high.
10. Breakdown of morality: Even if something is legal, that doesn’t mean it is right.
Follow the link to see the examples supporting each point.