Yet, the very power generated by the trading floor presents both the possibility of vast financial rewards as well as intense psychological pressure. In the past, that pressure has lead to outrageous behavior on the trading floor, even to the use of street drugs and pharmacopeia as a way to deal with the stress. According to Business Week's Steve Rosenbush:
While Wall Street still has its rough edges, the culture is far more straitlaced today than in past eras. "It's more institutionalized," says one hedge fund manager. It's no longer acceptable to deal with your stress by hurling a computer on the floor or by indulging in drink, drugs, or alcohol. As a practical matter, the threat of a lawsuit is much higher than before. And traders are generally a more professional group than in past decades. "There weren't as many Wharton MBAs on the scene during the 80s," says the fund manager, who spoke on condition that he not be identified. (Business Week, 10-16-07)
With energy pirates literally hijacking fuel tankers in some parts of the world-off the notorious coast of Somalia and in the treacherous waters of Malaysia, to name just two trouble spots, Americans are extremely vulnerable to pirates in three-piece suits, who ply their trade in the nation's investment houses and fly under the radar of an increasingly angry public.
California electricity and natural gas prices were driven higher because of widespread manipulation and misconduct by Enron and more than 30 other energy companies during the 2000-2001 energy crisis that threatened the state's solvency, federal energy regulators said today. (NYT, March, 2003)
What is good for the aggressive investor in the nation's trading houses, what is good for the managers and investors in the future's markets and hedge funds, often is downright detrimental, even dangerous for consumers-that's the folk who have to pick up the pieces after the sharks have fed. With more families needing energy assistance and less funds available, this is going to be a hard winter-even without the possible manipulation of futures and funds.
Watch out folks. We have a perfect storm brewing and it's gonna blast a big hole in your wallets. Start looking for a second job to pay your heating bill this winter-you're gonna need one.
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