I’m sure you all heard the big news last week regarding the charges against two former Bear Sterns fund managers. In case you missed it, Ralph Cioffi and Matthew Tannin were accused of conspiracy, securities fraud and wire fraud. Cioffi was charged with insider trading as well. Cioffi and Tannin violated everything this industry should be about when they allegedly publically pumped up their fund while secretly expressing fears about its viability with the meltdown in the subprime mortgage market. They even claimed to “have skin in the game” when in fact Tannin never invested in the fund at the time the claim was made and Cioffi was secretly pulling his millions out. Investors collectively lost one billion dollars when the fund collapsed. Needless to say, that’s real money and real people were hurt.
As I see it, Tannin and Cioffi betrayed the truth and trust investors deserve. How can something like this repeatedly happen on Wall Street? Where is the integrity? Where is the honesty? Where is the transparency?
Speaking of transparency naturally leads me to ZeccoShare. That’s what we’re all about: transparency, honesty, credibility and truth. On ZeccoShare there’s nowhere to hide. You can’t pretend to be in a stock you’re not holding. What you see is what you get. Real, factual data. Real trades by real people. On ZeccoShare you have to put your money where your mouth is; so if someone is publicly bullish on a stock, you can see whether or not she actually holds shares in it.
In the ZeccoShare community, there has been a lot of speculation about the financial sector since the subprime world blew up. Some people are bullish and some are still scared. There was a great thread about WaMu recently. A lot of back and forth as to whether it’s a buy or still too risky. There has also been talk as to whether Bank of America has hit bottom and is on the way to recovery or if it’s going to keep going down, down, down a la Bear Stearns. Check out the hilarious responses to Skibum510’s question…if you hold Citi. One can only hope brokers some day embrace this level of integrity and transparency in all of their dealings as well. We at Zecco sure do.
Anonymous comments are disabled
The above content is provided for educational and informational purposes only, does not constitute a recommendation to enter in any securities transactions or to engage in any of the investment strategies presented in such content, and does not represent the opinions of Zecco or its employees.