One of my first gigs in the investment world was working at a discount broker. Hard to believe, but trading commissions used to be regulated. You might pay $200 to buy a couple of hundred shares of a blue-chip stock. But deregulation changed all that, and discount brokerages popped up everywhere.
Even back in the crazy go-go ’80s, this seemed suspicious, so, of course, we flagged the trade to regulators. Sure enough, Falconbridge received a takeover offer about two weeks later, and the client’s account soared in value. The client took out his giant profits, and I never heard from him or the regulators ever again.Once, as a fund manager, I was having a really good year.
That helps explain why the Street was in shock when a well-known brokerage in 2008 announced its compliance officer had been arrested for robbing banks during his lunch hour. The robber was making far more than $100,000 annually, and likely received nice fat bonuses as well. His 10 convictions only resulted in $33,000 of robbery proceeds.Article content
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