Ben Stein is over the moon about the SEC’s fraud lawsuit, which would appear to vindicate everything he’s ever said about the firm.
If the allegations are true, Stein says, it’s the worst behaviour by a major Wall Street firm he has ever seen.
(After getting canned by the New York Times for an undisclosed conflict of interest, Stein appears to have been hired by Bloomberg, which is where his latest column appears.)
If these allegations are true, and maybe they aren’t, this is simply the worst behaviour in finance by a large firm I have ever seen. I taught securities law for six years. I wrote about financial fraud for Barron’s and the New York Times for many years.
I have never seen such a blatant disregard for ethics, and possibly the law, by a large Wall Street firm as is alleged in this case. I wrote about wrongdoing by Drexel Burnham Lambert Inc. in the 1980s and helped bring it to justice and then helped taxpayers recover money the firm had stolen. I never saw at Drexel the level of outright contempt for law that Goldman’s Fabrice Tourre and his colleagues showed in this case…
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