When [by King World News] asked about to compare the markets half a century ago when he started to today, [Jim] Sinclair stated, “There’s no comparison. Back then they were mercantile, established, professionally traded, ethically operated. Today, you might as well be in ‘Oceans Eleven’ in a casino.
"Even the look on the floor on the exchange, when I was a member of the New York Stock Exchange, you would go over and you would deposit your shoes with the shoe shine fellows, you would have your comfortable stuff for the floor. Everybody would walk around in suits, running around was against the rules. The luncheon club was probably where more business was done than the floor and it was a gentlemen’s club.
"I don’t know if you can clean the system up. I don’t know that we are not dealing with an industry made up of sociopaths. If you don’t have a conscience you can’t grow one. You can have all the rules and regulations you want, but that doesn’t mean you are going to have a better world.
"The destruction, theft and operation of markets have become so prevalent, that it’s actually become a culture. And you only end a culture in some form of significant and traumatic market event.”