Like most people, I hate to admit it when I'm wrong. But today, I admit it.
I have been wrong about regulation. All wrong. I've been calling for more, better regulations to stem the fraud and wicked ways of errant Wall Streeters.
But it's come to light, in a sad and almost tragic way, that this whole regulation thing is wrong from the get-go.
After all, it ruined one poor man's near-perfect life. And that's where I draw the line.
Thanks to a suicide note, penned before (obviously) his attempted mea culpa exit stage left, which thankfully failed, we know why poor Russell Wasendorf Sr. was so distraught.
Yeah, that Russell Wasendorf Sr., the guy who founded and was CEO of failed brokerage house Peregrine Financial, also known as PFGBest.
Well, it turns out poor old Russ actually is poor - "poor," as in he has no more money (still has that jet and a few other little assets, however) - and his firm is being liquidated because of those stupid, useless regulations and those horribly pesky regulators.
According to Russ' suicide note, for almost 20 years, he ripped off his clients by stealing their money to keep his firm afloat so he could continue to service them, his clients, that is... and the regulators.
Now, that's what I call service!
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