Why Wall Street Loathes the Possibility of a True and Meaningful Fiduciary Standard

Why Wall Street Loathes the Possibility of a True and Meaningful Fiduciary Standard

I don't know what frustrates me more, the shenanigans of Wall Street or the fact that investors constantly fall for them.  I read this article today about a recent letter sent by SEC Chairman Mary Schapiro to broker-dealer executives and I almost fell over.  This is exactly why the broker-dealer community does not want a true and meaningful fiduciary standard and will fight tooth and nail to "harmonize" it, water it down, create exceptions to it and exploit any loophole possible.

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