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Chapter Eight
What Your Broker Doesn't Want You To Know
Or Bearing The Bull |
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Regulators Are Potentially Part Of The Problem |
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A mutually dependent relationship could exist between the regulators of the industry and the brokerage industry which may very well hire these regulators in the future. |
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Jobs with the regulatory agencies are plums for anyone with a good education who wants to obtain specialized knowledge, make very important contacts in the industry, and be paid to learn. Today's yuppies may spend more time networking than actually working. It is not unheard of for the right people with the right education to get good jobs with the regulatory agencies knowing full well that they will be joining the industry in a relatively short period of time. |
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Wall Street is a connected industry where everyone with status knows anyone else of potential consequence. I could see where regulators might be tempted to give the industry the benefit of the doubt. Wall Street has a long collective memory. There are no muckrakers in regulatory. Maybe a regulatory job attracts people with a staff mentality instead of people with an innate feeling of being able to make a leadership difference. |
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