What is Wall Street Really Like?


Cullinane Board members, management, and spouses on the floor of the NYSE watch first trade of company stock on ticker.

“Widows and Orphans” is a walk down Wall Street from the perspective of an entrepreneur. It was written while John was a Fellow at the Center for Business and Government, John F. Kennedy School of Government, Harvard University. Professor John Dunlop, head of the Center, gathered an incredible group of economists, such as Professors Ray Vernon, John Meyer, and others, to address the issues of the day facing business and government such as privatization.

As a result, John had access to some remarkable sources. For example, Professor Vernon wrote the Securities Act of 1933 and he was in his nineties, and still going strong. This was also true of Professor Auerbach of the Harvard Business School, another eyewitness to the great stock market crash of 1929. It was he who told John that the American people were furious with the banks because it was they that sold them the securities that would become worthless. Sound familiar? The title “Widows and Orphans” is a quaint phrase from the Securities Act which means that Wall Street bankers wouldn’t be able to sell risky securities to unsophisticated buyers, anymore. If they did, they would be liable.

Read the paper.

Financial Management Network Interview – John Cullinane discussing Widows & Orphans – August 1991 (video)

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