Pecora judged the Wall Street of his day to be a moral sinkhole, and in the defalcation of Richard Whitney, chairman of the New York Stock Exchange, and in the short selling of Albert Wiggin, he seemed to prove the point. However, he assigned too much to the lightly regulated financial system and too little to the boom. It wasn’t the lack of rules and regulations that raised the depravity index in American finance. It was the conditioned belief in a new era.
“The Miscreants We Deserve,” February 15, 2002, page 210 of Mr. Market Miscalculates by James Grant
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