Did the Wolf of Wall Street come in like a lion and go out like a lamb or is it back with a pack, and seeking revenge? You’d think that after bringing the global economy to its knees just a few years ago, that Wall Street would have cleaned up its act. But not according to a recent article entitled, “Wall Street is up to its bad self again.” As author David Weidner so eloquently writes,

“What we’re seeing is a pack of wild dogs that continue to use any means necessary to line their pockets no matter the fines, convictions and settlements that regulators throw at them.”

Mr. Weidner cites three examples: first, a trader by the name of John Rusnak who was convicted of fraud and points the finger at his bank’s bonus culture as the reason why he committed the crime; second, a major investment bank (Barclays) that is as much a household name as liquid-detergent “Tide” was accused of failing to root out cheaters from its trading systems; and finally, three powerful, too-big-to-fail institutions used risky derivatives to inflate returns. They are none other than Credit Suisse, Citigroup, and Pacific Investment Management Co.

For as naughty as Jordan Belfort might have been, and suffice it to say, he sure was naughty, his conduct doesn’t even come close to the level of financial malfeasance that these banks are accused of. And to make matters worse, this is all happening in the aftermath of the global recession, which spawned new legal regulations to prevent the very types of activities that led to the collapse of the global economy — namely currency-market manipulation and disproportionately rewarding risk-taking — from ever happening again.

If these examples are any indication, it appears as though the new regulations are woefully inadequate. Indeed, even within legal boundaries, Wall Street is up to its old ways. After abandoning risk-management practices in the run-up to the mortgage debacle, some institutions just haven’t learned their lesson.

For those who were naïve enough to believe that Wall Street had learned its lesson, Mr. Weidner’s article will be an eye-opener. For those who were pessimistic from the beginning, it might just re-confirm what you believed all along: that there is no changing the culture of greed that has become the hallmark of Wall Street.

Mr. Weidner closes with a chilling quote that is sure to make your stomach churn:

“Wall Street is again playing fast and loose with the stability of the financial system: disproportionately rewarding risk-taking, cutting corners and betting that this time they’ll get away with it.”

Enjoy this gripping article.