Why The Vast Majority Of Investment Professionals Are Not Trustworthy
A big story that made the rounds in the financial media last month was Jim Cramers (of the Street.com) statement that some hedge fund managers spread false rumors about a company to large trading desks and the media to drive a stock price lower. He said this practice is illegal, but easy to do “because the SEC [Securities Exchange Commission, the U.S. regulatory body] doesn’t understand it.” Furthermore, the extremely wealthy former hedge fund manager boasted, Whats important when you are in hedge fund mode, says Cramer, is to not do anything remotely truthful, because the truth is so against your view.
For those of you that remain skeptical about the deceitful practices of investment professionals and firms, perhaps an insiders admission will finally convince you. Why these stories even make big headlines is beyond me. As a former industry insider myself, Ive been saying for years that the investment industry is full of investment professionals, everyone from financial consultants to private wealth managers to professional money managers, hard at work weaving the emperors...
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