American - Journalist | -
Humiliating events have a way of capturing the public's imagination. So it has been since antiquity, when gladiators were pitted against each other and the legions of Spartacus were crucified in endless rows on the way to Rome.
Gary Weiss
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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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MF Global used to be known as Man Financial, and it had a reasonably good reputation. It did a humdrum business placing commodities trades for fund managers as well as farmers, grain dealers and others whose livelihoods depend on the vagaries of commodity prices.
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No other facet of American business is more corrupt, more intoxicated with illegality, more weakly regulated, and has a greater impact on poor and working people than debt collectors; not credit card companies or subprime mortgages, not even payday lenders.
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People are told their rights when they're arrested. Consumers getting collection letters are entitled to the same courtesy.
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Mutual funds dare to be average. In fact, they dare to be lousy. They have long since ceased striving for anything resembling perfection when it comes to managing your money.
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Numerous academic studies have shown that amateur investors make poor traders - buying stocks for the wrong reasons, holding losers for too long, and acting on whims and emotions.
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Some hedge fund managers have made big bucks trading oil futures - George Soros is one.
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With such enormous bucks devoted to trading in oil and other commodities, the distortions that they cause have been exacerbated.
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Oil futures were originally created to give heating oil dealers, gas retailers, aviation companies and other businesses a method of hedging against adverse price changes. Instead, they've become just another Wall Street plaything.
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Beefs against debt collectors are consistently among the top complaints received by both the FTC and state attorneys general.
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Debt collectors should be required to disclose the applicable statute of limitations in the body of their collection letters, in bold type. While it's not illegal to dun a consumer for an old debt, it is illegal to sue for one.
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