THE STOCK MARKET POSSE

ON WALL STREET, COPS ABOUND, BUT THEY LACK AUTHORITY

When cops gather at a press conference to announce the arrest of Wall Street crooks, the swarm of officials on the podium is enough to violate the fire code. In the 1980s, then U.S. Attorney (and now New York City mayor) Rudolph Giuliani would lead an entourage befitting a heavyweight boxing champ.

Sharing is nice. But sometimes it's a lesson best left for two-year-olds. And applied to policing the stock market, it clouds the issue of who deserves more authority on the next go-round. So it was with the recent arrest of 46 illegal stock promoters in New York. The FBI,...

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