Reload

Although many people on Wall Street regard regulatory issues as nothing more than a line item on their P&L, developments in Washington impact everyone.

The regulatory pendulum might soon be swinging back toward a more laissez-faire attitude. The cubs and clubs on the Street certainly have been arguing that less is more, and Sarbox related issues should stay on the front burner given the dollars involved in the debate.

But Wall Street’s old boy’s clubs are likely in their death throes. Abelson’s Roundtable participants are more representative of the 1970’s Wall Street than the one we know....which consists of geeky quants, Asian electronic supply chain experts, 25-year old analysts with browser power, and women and minorities who represent the multi-cultural melting pot that is America. 

“The SEC can be a very clubby place. The former director of enforcement gets hired to conduct internal investigations because all of his phone calls get returned in a minute. And the securities bar is rather clubby because people refer cases to one another. She’s certainly not a member of that club.” He concedes, nonetheless, that it might be good to get someone in there who is not a member.

Yolanda Holtzee might be a long-shot to end up working at the SEC...but Wall Street’s traditional clubs are on the wane. Her salvo is a warning shot...winds of change will continue to blow.

ON DEC. 30, 2006, more than a dozen SEC commissioners and employees received a lengthy email from a woman referring to herself as Miss SEC 2006. “Most Esteemed Colleagues and soon to be employees of mine (SEC staff),” the email began. “I have been urged to run for SEC Chairman in 2008.” read entire Registered Rep article here

We have had the pleasure of meeting some of the Wall Street’s finest over the past twenty years, and many of them shared two attributes.

They were eccentric, and very passionate.

Very much so.

Previous Holtzee piece “No Quarter”

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The content contained in this blog represents the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.

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