In the high-profile Naked Shorting case of Merrill Lynch v. Manning  the Supreme Court affirmed the 3 Circuit on the issue of whether Section 27 of the '34 Act provided federal jurisdiction over state-law claims.  READ the FULL-TEXT Supreme Court and lower courts' opinions at BrokeAndBroker.com Blog. 

Wedbush Didn't Know What It Lost Till Its Employee Was Gone To Stifel

Many popular songs contain a nugget of wisdom; however, we often find ourselves humming the tune but forgetting the lyrics. On that busy byway of Wall Street, the formidable warning of Joni Mitchell's classic "Big Yellow Taxi" is regularly lost upon management. Oh sure, those in the C-suites may remember something about a big yellow taxi or the paving over of paradise, but it's that critical line about not knowing what you've got till it's gone that they just don't quite recall. That's a shame because if you ask former industry employees, you will frequently hear their refrain about how they quit their job because they never felt appreciated -- and when that yellow cab pulled up, they jumped in and gladly paid the fare and added a nice tip for the ride to a new employer. READ