Wall Street Just Doesn't Get It

Wall Street, evidently, just does not get it.

The $14 billion paid as a "settlement" — you and I would call it a fine — with the state of New York might have awakened anybody else, but not the greedy piglets on Wall Street.

Oh for the days when the market guys were fat cats. Cats occasionally leave something for someone else.

But these guys — pigs at the trough that's full of your money — think they are so important to the economy, the rest of us are supposed to look the other way when it comes to the stealing they were doing, only to let them do it again... so we can all have a vibrant market and a thriving economy.

The latest outrage was when the head of Morgan Stanley (search) was caught red-handed making its so-called stock analysts tout their crap stock. They were underwriting and trying to foist it off on the public.

I don't know if they had priceline.com or any of those other tech turkeys, but the Securities and Exchange Commission (search) certainly thinks they had their fingers in the till.

So the SEC fined them for it. Morgan Stanley tried to pretend like it never happened, that they were clean as a sheet so that you suckers out there could come right back again with your life savings.

Anybody see the Enron (search) guys getting arrested and hauled away in cuffs? That's what I want to see... over and over again before any of these greedy pigs on Wall Street get any more money from people who actually earn it, hoping an investment would make their money grow.

These guys think they are so entitled to take your money, they didn't get enough of it out of the last bubble. They want the green light to do it again.

Fortunately, the SEC jumped on Morgan Stanley and slapped them. I'd like to see a few more guys who normally take limos riding downtown in the paddy wagons.

Maybe then I'd have more confidence in the market.

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