A Quote by Gary Weiss
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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Remember Circuit City? Bear Stearns? Lehman Brothers? Sports Authority? Once, all were billion-dollar companies - then gone in a moment. The fatal problem might be fraud or corruption, but more often, it's simply that management didn't see 'over the other side of the hill.'
The dirty little secret of what used to be known as Wall Street securities firms-Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns-was that every one of them funded their business in this way to varying degress, and every one of them was always just twenty-four hours away from a funding crisis. The key to day-to-day survival was the skill with which Wall Street executives managed their firms' ongoing reputation in the marketplace.
The Government Securities Act gave the Treasury Department some rulemaking authority over all government securities brokers and dealers. But the act also required these firms to register with the SEC.
You're special. I'm special. The whole world's special, so don't you forget it. The universe wants us All to be happy, Full of smiles and all that stuff, All that stuff That's happy and smiley. So get happy, happy, happy right now! Get happy, happy, happy right now! Get happy, happy, happy right now!
Why should the court impose a judgment in a case in which the SEC alleges a serious securities fraud, but the defendant neither admits nor denies wrongdoing?
From coast to coast, the FBI and Securities and Exchange Commission have ensnared people not only at hedge funds, but at technology and pharmaceutical companies, consulting and law firms, government agencies, and even a major stock exchange.
I was an athlete in college, and Wall Street likes athletes because they're very competitive people that are willing to do anything to win. So I got a job at Bear Stearns in the summer of 2007.
We don't understand the equity market well, and so we deploy funds in fixed-income securities, and like any other securities, investment in those securities also need to follow the mark-to-market accounting principle.
The Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a stable currency and maintain its value.
It's the ultimate goal every day you wake up, to be happy. At the end of the week, you want to be happy. Happy in love, happy in work, happy in life, happy with yourself. It's pretty simple.
Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.
We've got the emPHAsis on the wrong sylLAble when it comes to crime in this country. The FBI says burglary and robbery cost U.S. taxpayers $3.8 billion annually. Securities fraud alone costs four times that. And securities fraud is nothing to the cost of oil spills, price-fixing, and dangerous or defective products. Fraud by health-care corporations alone costs us between $100 billion and $400 billion a year. No three-strikes-and-you're-out for these guys. Remember the S&L scandal? $500 billion.
I used to let other people's struggles affect my happiness. If they weren't happy, there was no way I was going to be happy. The opposite was also true: If I wasn't happy, I didn't want anyone around me to be happy.
Benefits are rarely made public in filings with the Securities and Exchange Commission, where companies must report the pay and options that their five highest-paid executives receive.
I try to make myself happy ... because I know that if I'm not happy, my colleagues are not happy, and my shareholders are not happy, and my customers are not happy.
I try to make myself happy, no, because I know that if I'm not happy, my colleagues are not happy and my shareholders are not happy and my customers are not happy.
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