Thursday, January 13, 2005

Wall Street Is Not Your Friend

I just came across another event that proves that Wall Street is not the friend of the average investor. It is a news story in the Wall Street Journal. Most will not be able to access the story since it is for subscribers only, but here is the gist from the first paragraph:

"The Securities and Exchange Commission is preparing to charge the New York Stock Exchange with failing to police its elite floor-trading companies, known as specialist firms, and for ignoring violations that cheated investors out of millions of dollars, according to people familiar with the matter."

What we finance/investment bloggers are trying to get across to you, the average investor, is this one simple fact. Wall Street is not here to make you wealthy. They are here to make themselves wealthy at the expense of you. If a few other investors get wealthy as well, they don't mind. But, they think about themselves first always. Do not be fooled by those nice older "grandpa-ish" gentlemen on the commercials.

Here is my previous post about Wall Street and the "higher-ups" abuse of the little guy.

Best Regards,

The Soothsayer of Omaha

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