Occupy Wall Street: It’s Not a Hippie Thing

Don’t be fooled by the drum circles. Today’s protests have more in common with the anti-Hoover 1930s than the antiwar '60s and '70s
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For all its social snootiness, Wall Street has suffered far more from the meddling of members of its own class than from intrusions by those outside it. It was Franklin D. Roosevelt, an aristocrat, who held the lords of finance responsible for the Great Depression—securing legislation to establish the Securities and Exchange Commission, asserting federal authority over the stock exchange, and appointing a wealthy stock trader, Joseph Kennedy Sr., to ride herd. Not much better, from Wall Street’s perspective, was FDR’s Cousin Teddy, who as President prosecuted trusts as illegal monopolies. Or Louis Brandeis, a Harvard-trained corporate attorney turned crusader against the concentration of wealth and power.

These men changed the system from within, as have the ablest regulators in recent times. Arthur Levitt Jr., a vigorous SEC chairman under President Bill Clinton, was first the president of Shearson Hayden Stone. (Levitt is a member of the board of Bloomberg L.P., owner of Bloomberg Businessweek.) Paul A. Volcker cut his teeth at Chase Manhattan before running the Federal Reserve and becoming the gruff animating voice behind the Volcker Rule, which bans commercial banks from engaging in proprietary trading. It’s hard to imagine any of these “opponents” of Wall Street mounting a barricade. They didn’t need to storm the castle to know where the secrets were hidden.