The Conflict di tutti Conflict

As you know, I’ve spent a decade sharpening my axe in the barn out back each night while the brokerage industry slumbered peacefully, enveloped in a blanket of the status quo.

But with the forthcoming release of Backstage Wall Street just weeks away, I’m swinging this axe and lopping off heads where and when a decapitation is in order.  Today, the object of my ire is the Branch Manager – the enforcement guy who does what he knows is wrong just because he’s told to.  I was one of these guys long ago, and I’ll never do it again.

From my new post at the Wall Street Journal:

Ext: Glass office building in January of 2009

Cut to interior of regional branch office of a national brokerage firm, flatscreen TVs line the walls while cubicles are festooned with copies of Tony Robbins books and golf course calendars.

Branch Manager: “Hey Dan*, when you get a moment I just need to sit with you your team for our annual review”

Dan: “I got some time, let’s go through it now if you want…”

BM: “Okay great, so first of all, how did things go with your clients last year? I know it was the worst year for the markets since the crash of ’29 so…”

Keep reading:

Conflict of All Conflicts (WSJ)