Small Firms Claim FINRA Targets Them
Busacca, who aired his grievances to me in a phone interview, complains that Finra won't take legal action against large firms but has become extremely picky when dealing with small Broker/dealers.Representatives of the small firms who sit on Finra's 22-member board are outgunned by those that represent big- and medium-sized operations as well as the 11 appointed public members. Just a couple of years ago there were more than 6,000 small independents in the brokerage industry, providing thousands of jobs. That number is now down to around 4,100 and there's been a big drop-off in just the last few months.
The Definition Of Insanity
Today is a very sad day on Wall Street. Lehman Brothers (LEH) has declared Bankruptcy and Merrill Lynch ( MER) has been bailed out in a fire sale to Bank of America. Two of the most well known names in Wall Street history have flamed out within a matter of moments and American investors have been shaken to their core. How could this all happen so quickly and how in the world did these two titans of Wall Street get into this mess to begin with