As he develops his thesis, Bauguess offers us the economist's version of Heisenberg's Uncertainty Principle, which argues that there is a limit as to how precise we can measure certain quantum particles (the trade-off being one between measuring a particle's position versus its momentum). Put another way, the more we drill down and try to focus on a particular sub-set of data, the more questions seem to arise about other issues. READ Was a time when the BrokeAndBroker.com Blog regularly reported about imposters who pretended to be brokerage firm customers and managed to dupe the unsuspecting into issuing wires out of the victim's account. Then there came a time when the BrokerAndBroker.com Blog's esteemed author and publisher Bill Singer tired of writing the same snarky article about how the same brokerage firms kept approving wire transfers without their real client's authorization. After a while, you sort of feel like you're this lone voice screaming in the wilderness and the sound ain't quite carrying. Maybe it's the cool nip in the air heralding the holiday season but we're publishing yet another piece about how easy it is to overwhelm the flimsy first, second, and last lines of defense that Wall Street has half-heartedly erected against online imposters and hackers. Make sure to watch the hilarious embedded TED speech video about online imposters. READ
There are some regulatory cases that leave you discomforted. In those moments of unease, the regulator is right and on the side of the angels but you still feel sorry for the respondent, who did wrong, should have known better, probably did know better, and offered, at best, a lame excuse. Why do you feel sorry for such a person? Perhaps it's what makes us human.
Today's BrokeAndBroker.com Blog presents a Financial Industry Regulatory Authority settlement in which the respondent's conduct was wrong. It's that simple. A text-book case of FINRA doing its job and the respondent not doing hers. Nonetheless, when the dust settles, it's tough not be feel sorry for her. It's tough not to wish that the sanctions were less severe, but that would have required her conduct to have been very different. Yes, justice was done here.. But doing justice isn't always easy to behold. Sometimes we have to hold our nose and then swallow. READ
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