Crime Boss: Wall Street Has No Ethics
The Colombo crime family’s former boss – Michael Franzese – says even he doesn’t trust Wall Street.
Franzese – played by Joseph Bono in the 1990 Martin Scorsese movie “GoodFellas” – spent 10 years in prison after he was convicted on federal racketeering charges.
When he was 35, Franzese ranked No. 8 on Fortune Magazine’s list of the 50 most wealthy and powerful mafia bosses (44 of those on the list are now dead, and three are doing life in prison without parole). He reportedly raked in up to $8 million a week. Franzese is the only surviving high-ranking member of a major crime family to publicly walk away and refuse protective custody.
Franzese told CNBC:
I did a lot of things at times with people on Wall Street….
A lot of [Wall Street] guys are shady and they did shady things with me and I don’t trust them. And I don’t like other people that I don’t know really well taking care of my money. I think that I can do it better.
No matter what, it’s [i.e. physical gold and silver] always going to have a value.
Unlike stocks, where in our country, you go to sleep, everyone tells you everything is wonderful, you wake up and everything is gone.
Other crooks – like Bernie Madoff – have confirmed that the big banks are crooked.
Wall Street learned some of its cons from the Mafia. And some Mafioso conquered Wall Street. But as some of the biggest organized crime kingpins have noted, Wall Street is the big time (mob boss Meyer Lansky – after hearing about Wall Street banking – reportedly said: “I’m in the wrong business”).
Note: We are not investment advisers, and this does not constitute investment advice.