Home TENAC, The Election & Current Crisis TENAC, the Election & Current Crisis SOME WALL STREETERS WITH SANITY (OR IS IT SENSE OR ETHICS?) CRY: REGULATE US!

SOME WALL STREETERS WITH SANITY (OR IS IT SENSE OR ETHICS?) CRY: REGULATE US!

Written by Jim McGrath Tuesday, 29 December 2009 15:06

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Many top business execs realize regulation is to their benefit.  It's the same old story, honesty is the best policy, as in "Fraudulent or Foolish Business Practices = Failure" and "Self-Policing = Fox Guarding the Henhouse." 

Take the head of Morgan Stanley, Johnny Mack.  In a Business Insider article, Mack reveals that he loves regulation, because it keeps his employess honest, keeps them in line with good investment practices and is beneficial for business.  An attitude, it would seem, of an older era on Wall Street where the current set of young Turks (and older schiesters which seem to have taken over) would prefer free rein to do whatever they want with your money, just as long as it yields them short-term profit.

We think Mack and others like him have a business attitude with sense!

Reason by analogy: a homeowner in a neighborhood infested with dope dealers and buyers (think of a firm infested with investors who love junk and trash for short term gain, er, I mean, present day investors and brokers). The boss (er, I mean homeowner) will want a cop on every corner near his house, and even one or two in between, to guard against the drug plague that threatens his property values (like the company exec who is afraid that sheister investing that will ruin his company's profits, in the long run that is).

Now if the boss of the firm is a sheister, only out for short term profit, damn the consequences, a la subprime, CDOs, default swaps, derivatives, (er, I mean if the homeowner's home is where they manufacture the drugs) then they won't want to be guarded by a police presence (er, I mean, regulators' buzzing around).

One must ask then, is it a tendency for those who shun regulation to be less honest, i.e., may have a lot to hide, while those who welcome it are practitioners of good, solid business sense and ethical investing?

View the Businsess Insider article at: http://www.businessinsider.com/john-mack-i-love-regulation-2009-11

 
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