Barry Ritholtz ripped this whole post just in case it went missing from the original site. I thought it’s a
good long read so I shared it here.
The best bits for me in the article was the tale of Patrick Geddes, a former CFO of Morningstar, which is a mutual fund research house.
One of the company’s founders, Patrick Geddes, aged 48, is a renegade from the top echelons of his field. For several years he served, first as director of quantitative research, then as CFO, at Morningstar, the nation’s leading company for researching and appraising mutual funds. But when he left, not only was he disenchanted with his own company’s corporate environment, he was also becoming uneasy with the moral underpinning of the entire industry. “Let’s be straight,” says Geddes in his soft-spoken but zealous way. “Being unethical is a good precondition for success in the financial business....
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