Gary Weiss
Gary Weiss
Gary Weiss is an American investigative journalist, columnist and author of two books that critically examine the ethics and morality of Wall Street. He was also a contributing editor for Condé Nast Portfolio. His Business Week articles exposed organized crime on Wall Street and the Salomon Brothers bond trading scandal in the 1990s, and more recently he has covered the 2008 financial crisis and its aftermath. Weiss is co-founder of The Mideast Reporter...
NationalityAmerican
ProfessionJournalist
CountryUnited States of America
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There are a lot worse things you can do with all your bucks than giving them to even a mediocre mutual fund - such as, for example, giving them to a mediocre hedge fund. If supporting the lifestyle of a mediocre fund manager is your favorite charity, who am I to stop you?
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Mutual funds dare to be average. In fact, they dare to be lousy. They have long since ceased striving for anything resembling perfection when it comes to managing your money.
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MF Global used to be known as Man Financial, and it had a reasonably good reputation. It did a humdrum business placing commodities trades for fund managers as well as farmers, grain dealers and others whose livelihoods depend on the vagaries of commodity prices.
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For Randy Neugebauer, the Texas Republican who chairs the investigations subcommittee, the top sources of funding for his 2012 reelection campaign are from the insurance, banking, finance, securities and real estate industries.
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Some hedge fund managers have made big bucks trading oil futures - George Soros is one.
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Insider trading by hedge funds has a long and distinguished history, dating to the days when people didn't know that there was such a thing as a hedge fund.
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If you think Wall Street has a short memory, you're dead wrong. No, the folks who work on Wall Street, regulate Wall Street - and, above all, invest in its wares, notably its hedge funds - don't have a bad memory. They don't have any memory at all.
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When Corporate America finds a Jayson Blair in its midst, the standard operating procedure is to circle the wagons and deny that any form of liability extends up the chain of command.
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Short-sellers perform a useful function in the market as conduits of negative information, and shorts often complain that they are discriminated against by regulators.
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Numerous academic studies have shown that amateur investors make poor traders - buying stocks for the wrong reasons, holding losers for too long, and acting on whims and emotions.
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When the Securities & Exchange Commission settled securities-fraud charges against Richard Harriton, former chairman of the clearing subsidiary of Bear, Stearns & Co., there were smiles all around. The SEC was happy. Harriton was happy. Bear Stearns was happy.
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The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices.
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Ordinarily, the feds piggyback on the S.E.C. in complicated financial cases, but history proves that breath-holding on that score is a dangerous endeavor.
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Kochi, formerly called Cochin, is a former European settlement with a large Christian population and a seafaring heritage. It is a town of enormous charm that reminds some visitors of the Caribbean more than India.