In the wake of yesterday's announcement that several Wall Street firms were fined a total of $1.4 billion for misleading investors (and worse), new visitors to this weblog may not be aware that we created a diagram of the various relationships involved. It was posted on 20 December 2002. The link is here.
Essentially, the stock market was rigged, millions of investors lost hundreds of billions of dollars, those responsible will pay fines that will still leave them rich, and there won't be proper restitution. This is your lightly regulated free market at work.
References: Washington Post story. SEC statement. |  |
