In the unseemly and increasingly desperate scramble by the leaders of Wall Street firms to do a deal with the SEC, Eliot Spitzer and the whole posse of state prosecutors pursuing them over bent research and IPO spinning, common sense was ditched long ago.
It’s been apparent since the summer that the senior executives of the leading American investment and universal banks will agree to just about any imposition: they’ll sacrifice any part of their firms, adopt almost any new business model no matter how idiotic – just to get the vengeful lawmen off their trail.
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