The Big Brokers Blew It. They Should Bear the Cost. (Washington Post)
Story date: 2008-04-04 05:47:47
Added on: 2008-04-04 23:36:04
Once upon a time on Wall Street, in the days when investment banks were small private partnerships, a simple but ingenious idea kept bankers and traders accountable for their actions: the collective-liability clauses in their partnership agreements. A mistaken trade here or bad advice there, and all the partners suffered. Conversely, if things went well -- as they mostly did -- these same ...
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