WALL STREET: The New Moonlighters

In its palmier days, the New York Stock Exchange sought to preserve its affluent image and guard against conflicts of interest by sternly forbidding licensed security salesmen of member brokerage firms to take a second job. Lately, however, the exchange has had to greatly relax its longstanding rule against moonlighting. Reason: thousands of expensively trained sales specialists were leaving the brokerage business for other fields, as the stock market's deepening slump dried up commissions. Today, more and more securities salesmen who want to stay in the business and yet continue to eat are doing after-hours stints as bartenders,...

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