Forum Post: Here's a guy who understands wall street's complex scams

This was written in 1997 by Frank Partnoy "Given the dearth of regulation and proindustry balance of power, you don't need a psychic to predict that there will be another Orange County-like fiasco some time soon. The current path seems clear. The financial services industry will continue to pay tens of millions of dollars to lobbyists and congressional campaigns to fend off regulation. Derivatives will continue to cause billions of dollars in losses by hundreds of derivatives victims, along the way destroying reputations, twisting lives, and emptying bank books. Young salesmen will, as I did, continue to join the derivatives business and become rich beyond their wildest dreams. And Wall Street will continue to argue that there is no compelling reason to regulate derivatives. So far, this argument has persuaded Congress and the investing public not to worry too much about derivatives."

Here is a longer excerpt that explains some of the more recent scams http://www.npr.org/templates/story/story.php?storyId=102325715 information is power