Classic Hypocrisy from the Banks
Oh, how the irony here cuts like a knife!
These guys can use multi-million dollar supercomputers to trade upwards, backwards, and sideways on every piece of news that crosses the wires before our human eyes can process a headline, but they go running straight to the courts crying foul the minute their time-delayed "research" (remember, they've already traded and profited from the information before it ever gets processed for external consumption of any kind) is relayed to the masses.
Bank-lovers can go on and on all they want about how they have a right to control who views their "proprietary research", but since we leveraged our fiscal future (not just TARP) to keep them afloat... (which inevitably introduces all kinds of ethical dilemmas), then what rights do they really have to deny information to the American people that could conceivably aid them in rebuilding equity losses directly caused by their gross collective fraud (see Lehman report and Goldman/Greece deal for examples) and malfeasance perpetrated against each and every one of us? No surprise that a court failed to take such complex ethical dilemmas into account in a simple ruling on property law, but the end result remains a tasteless hypocracy underlining the degree to which banks expect business as usual to prevail despite the massive mass they have created for us all.
It makes me sick to my stomach.
BOSTON (MarketWatch) -- A federal judge has ruled Theflyonthewall.com cannot immediately post news on Wall Street analyst research and recommendations before they are shared with clients, according to published reports. The ruling is a victory for Barclays /quotes/comstock/13*!bcs/quotes/nls/bcs (BCS 21.79, +0.07, +0.32%) , Morgan Stanley /quotes/comstock/13*!ms/quotes/nls/ms (MS 29.82, -0.26, -0.86%) and Bank of America Corp.'s /quotes/comstock/13*!bac/quotes/nls/bac (BAC 16.94, -0.14, -0.82%) Merrill Lynch. The judge on Thursday ruled Theflyonthewall.com misappropriated the "time-sensitive recommendations" of several banks, Dow Jones Newswires reported.
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford