"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey http://johnmugarian.com/ Wed, March 11, 2009 Jim Cramer (Mad Money) made a great comment the other day. He said that "Wall Street enjoys more freedom than Las Vegas Boulevard." What he was getting at is the casino business is more heavily regulated than Wall Street. Given these comments, it's obvious that the real gangsters, the real mafia is on Wall Street and not in Las Vegas. 1) Only Wall Street can create crap like SIV's, CDO's, and package good mortgage bonds with sub-prime assets and get a AAA rating. 2) Only Wall Street can get the shysters in Washington to repeal the Glass-Steagall Act. 3) Only Wall Street can get the shysters in Washington to get rid of the uptick rule for short sellers. 4) Only Wall Street can get away with naked short selling, and allow others shysters to place trades on US exchanges that don't require them to borrow shares before shorting a stock. 5) Only Wall Street can get the shysters in Washington to allow hedge funds to go unregulated, and wreak havoc in the US markets. 6) Only Wall Street can allow a crook like Bernie Madoff to be chairman of the NASDAQ. If you want to go back in time, I'll really tell you how crooked Wall Street is. - NASDAQ bubble, investment firms issuing bogus research reports, and knowing companies were cooking their books. If you want a real education, read books such as: -"Liar's Poker" -"Dangerous Dreamers: The Financial Innovators from Charles Merrill to Michael Milken" -"Den of Thieves" -"Wall Street Meat" -"Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score" -"When Genius Failed: The Rise and Fall of Long-Term Capital Management" -"The Asian Storm: Asia's Economic Crisis Examined" -"When Government Fails: The Orange County Bankruptcy" Movies: -"Enron: The Smartest Guys in the Room (2005)" Oh, the mob is definitely alive and well on the corner of Wall Street and Broad. But, it is times such as these that investors can take advantage of turmoil and carnage to enrich themselves. When all is well, and the markets mend, next time don't forget to sell.