Wall Street’s Kangaroo Court Gets a Black Eye
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July 30 (Bloomberg) -- “Sunlight is said to be the best ofdisinfectants,” the future Supreme Court Justice Louis Brandeisfamously wrote in a 1913 article for Harpers’ Weekly, and now,almost 100 years later, there is evidence that Brandeis wasright.
On July 9, I wrote a column describing how the FinancialIndustry Regulatory Authority, Wall Street’s self-policingorganization, seemingly out of nowhere fired three arbitratorsin the months after a May 2011 case in which they awarded$520,000 to the estate of the late Robert Postell. The findingwas against Postell’s former broker, Merrill Lynch, a subsidiaryof Bank of America Corp.