It makes me sad to continuously read about any underwriter or specialist charged with a “crime” with this broker mess. Underwriters, or book managers, were for the most part doing what they were told by their higher ups. Pressure was placed on them to get it done at whatever cost, and in some cases they were reminded there continued employment was dependent on the bottomline results.
Now, some are losing their job anyway! Because what they were doing was illegal?
To Spitzer and any other state authorities – get it right! Go after the real guilty parties here. They are the Greenberg’s of the world, that are taking their greedy and manipulative ways of doing business and putting a viable business industry on it’s ears. “Storm the Bastille!! and throw the bums out!!
It makes me sad to continuously read about any underwriter or specialist charged with a “crime” with this broker mess. Underwriters, or book managers, were for the most part doing what they were told by their higher ups. Pressure was placed on them to get it done at whatever cost, and in some cases they were reminded there continued employment was dependent on the bottomline results.
Now, some are losing their job anyway! Because what they were doing was illegal?
To Spitzer and any other state authorities – get it right! Go after the real guilty parties here. They are the Greenberg’s of the world, that are taking their greedy and manipulative ways of doing business and putting a viable business industry on it’s ears. “Storm the Bastille!! and throw the bums out!!