Brokerage Days: I’m a Terrible Liar

Fortunately, selling municipal bonds to individuals was a straight-forward business and if you know what you were doing, and I did, you could get quality bonds for your clients and make something for yourself. Inter-Mountain Power Authority was building a whole lot of coal fired power plants in Utah, I think, and all the electricity they generated went to the City of Los Angeles Municipal Power Company under what was known as “Take or Pay” contracts. That is you have to pay for the power whether you take it or not.

Because they have their own municipal power authority, Los Angeles can’t be held up at gun point by the utility companies. I sold lots and lots of Inter-Mountain Power Authority, which were “double, double AA rated” — that is both muni bond rating agencies gave them a double A rating.

Of course, like everything on Wall Street or “the Street”, (the generic term in the financial world for the brokerage business no matter where one’s office is located), a person bent on chicanery could pull it off with ease. These guys would sell crap. The lower the rating, and the more chance a bond could default, the higher the spread, or commission.

Heart throb Leo to play a sleazy Wall Street broker in an upcoming movie based on the memoirs of a sleazy Wall Street broker who was so sleazy he went to prison for refusing to cooperate with the Feds in an investigation of the sleazy securities business. While in prison, he had time to write The Wolf of Wall Street, a book about his sleazy life as a sleazy stockbroker. He is out of prison and the book is being made into a motion picture with Leo DiCaprio playing the sleazy stockbroker. Is this a great country or what? The guy is swimming in cash and Leo is going to play him in a movie about himself! I bet the author gets his own talk show.

[Image courtesy of the FanShare.]

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Charles McCain

Charles McCain is a Washington DC based freelance journalist and novelist. He is the author of "An Honorable German," a World War Two naval epic. You can read more of his work on his website: http://charlesmccain.com/

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