Skip to: Content
Skip to: Site Navigation
Skip to: Search


The Reformed Broker

Is the end of Wall Street nigh?

Wall Street investors couldn't even manage their own money in the economic crisis of 2008, so now, post-crisis, we are way less inclined to allow them to manage ours.

By Joshua M. BrownGuest blogger / February 6, 2012

The Wall Street sign is seen outside the New York Stock Exchange, in this file photo. According to Brown, the recent financial crisis has led many to mistrust Wall Street brokers.

Chip East/Reuters/File

Enlarge

Regular readers here know I've been talking about this phenomenon for two years now - the Emperors have been found to have had no clothes all along and what was seen by America in 2008 cannot be unseen.  They couldn't even manage their own money, so now, post-crisis, we are way less inclined to allow them to manage ours.

Skip to next paragraph

Joshua has been managing money for high net worth clients, charitable foundations, corporations and retirement plans for more than a decade.

Recent posts

It's all over but the crying and a new cycle won't change that.  People who really believed that their work was worthy of an automatic seven-figure annual salary are finding that they are replaceable or even superfluous now that banks are going to be regulated and held responsible for their actions going forward (we hope).  The simple fact of the matter is that Wall Street's megabanks without leverage and a cyclical bull market are nothing special and now everybody knows it.

Today's must-read is Gabriel Sherman's look at Wall Street's existential crisis in New York Magazine...

Banks have always had occasional bad years, but the sense on Wall Street is that this bad year is different. Over the past several weeks, I have had wide-ranging conversations with more than two dozen senior Wall Street executives, traders, bankers, hedge-fund managers, and private-equity investors. And what emerged is a picture of an industry afflicted by a crisis it would not be flip to call existential.

Read the whole thing, this is key.

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here.To add or view a comment on a guest blog, please go to the blogger's own site by clicking on www.thereformedbroker.com.

  • Weekly review of global news and ideas
  • Balanced, insightful and trustworthy
  • Subscribe in print or digital

Special Offer

 

Doing Good

 

What happens when ordinary people decide to pay it forward? Extraordinary change...

Danny Bent poses at the starting line of the Boston Marathon in Hopkinton, Mass.

After the Boston Marathon bombings, Danny Bent took on a cross-country challenge

The athlete-adventurer co-founded a relay run called One Run for Boston that started in Los Angeles and ended at the marathon finish line to raise funds for victims.

 
 
Become a fan! Follow us! Google+ YouTube See our feeds!