Wall Street's New Honor Code

Analysts got rich promoting bubble stocks and IPOs. Now they say they'll come clean. Whom are they kidding?

The evidence of naked greed on Wall Street is, and long has been, as plain as the words spilling from bankers' mouths. Bear Stearns boss Ace Greenberg once said he didn't give a hoot about job applicants' education so long as they had "a deep desire to become rich." Donald Trump opined that "you can't be too greedy." Who can forget the greed-is-good speech from the felon Ivan Boesky, memorialized in the 1987 movie Wall Street?

From Michael Milken to Mary Meeker, me-first Wall Street has been billboarded for two decades. Even before that it was an open secret. The mystery...

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