July 30 (Bloomberg) -- “Sunlight is said to be the best of
disinfectants,” the future Supreme Court Justice Louis Brandeis
famously wrote in a 1913 article for Harpers’ Weekly, and now,
almost 100 years later, there is evidence that Brandeis was
right.
On July 9, I wrote a column describing how the Financial
Industry Regulatory Authority, Wall Street’s self-policing
organization, seemingly out of nowhere fired three arbitrators
in the months after a May 2011 case in which they awarded
$520,000 to the estate of the late Robert Postell. The finding
was against Postell’s former broker, Merrill Lynch, a subsidiary
of Bank of America Corp.
