The Myth of the Populist Stock Market

Senior Fellow David Callahan explains why the corporate scandals of recent years have done little to debunk the myth that Wall Street is geared toward ordinary investors.

Although it's too early to predict the final outcomes of the mutual-fund investigations — which revealed yet more unfair practices that hurt ordinary investors — it appears that the accused in these cases are also headed for a soft landing, given the lax laws governing the fund industry until recently. In all, it's hard to see why future wrongdoers on Wall Street will be deterred by any of the punishments that authorities have meted out so far.