From Ben Graham, the father of the financial analyst industry.
Wall Street people learn nothing and forget everything.
Ben Graham’s career on Wall Street lasted over 50 years and he was one of Warren Buffett’s mentors. Sadly, his long career didn’t leave him with a positive view of investment bankers. In the Sept/Oct 1974 edition of the Financial Analyst Journal he wrote about the:
widespread public mistrust of Wall Street as a whole, engendered by its well-nigh scandalous behavior during recent years in the areas of ethics, financial practises of all sorts and plain business sense.
So, what’s changed? Maybe the fines are bigger!
Shane Leonard, CFA