Another Paul Farrell screed about some of the less desirable aspects of how Wall Street does its business. This time out, Farrell goes over the myths and fantasies that are part of the Wall Street marketing machinery:
know Wall Street and Corporate America hate the regulatory spotlight.
They also hate dealing with Main Street investors. They prefer the
shadowy world of lobbyists, campaign donations and mega-billion-dollar
private equity buyouts that take blue-chips off the market and out of
the eyes of securities and banking regulators.
More proof? Corporate America and Wall Street are now engaged in a
relentless PR campaign to convince Congress and the SEC to roll back
"burdensome" Sarbanes-Oxley requirements and other market reforms in
order to minimize disclosures, raise the "wall of secrecy" higher and
hide as much of their activities as possible from America’s 95 million
Main Street investors."
Wow, that’s a pretty serious accusation. So what are these myths that are used by The Street to confuse and bamboozle investors? Here’s Farrell’s top 10 list:
1. Divine intervention2. Sci-fi movies, cartoons, self-help books3. Investing as a sport4. Wall Street’s gambling casino5. Conspiracy theories6. America’s shadow government7. Investing on ‘The Planet of the Apes’
8. Wall Street’s war against Main Street9. Psych-ops warfare10. Psychological war within your soul
The excerpt does not do the piece justice — go read the entire article.
The 10 myths Wall Street employs in its war on Main Street
Paul B. Farrell
MarketWatch, 7:16 PM ET May 14, 2007