What are the ethical obligations of the sellers of financial products to their customers? Stockbrokers in the U.S. have a legal and ethical requirement to recommend only “suitable” investments to their customers. This is a fairly weak standard. Currently, there are proposals to raise the standard to a fiduciary one in which the recommendations would have to be in the best interests of the clients. Brokers sell solutions to financial problems. Similar to an auto mechanic or a doctor, the (...) product often consists of both the professional advice and its implementation. There are numerous conflicts of interest between brokerage firms and their customers in that the products that pay the highest commissions may not be the best ones for the customers. The societal perspective adds complications, however. Society depends on modern financial markets to raise capital for productive enterprises and to spread risk. Issuers of financial products need distribution channels for their products just like the producers of any other products. Commissions create powerful incentives for the distribution channels, but at the same time produce conflicts of interest—a type of ethical pollution. Just as our society tolerates some pollution as a byproduct of other useful activities, it may be useful to tolerate some of these financial conflicts of interest. The nature of the relationship should govern the ethical standard. Those selling advice, regardless of how they label themselves, should adhere to a best-interest fiduciary standard. More limited relationships should be limited to the mandate involved in the relationship. (shrink)

The authors study U.S. stockbrokers, workers directly affected by the technological and economic forces of globalization. Drawing on interviews with 61 brokers and managers in four firms, they find that competition from electronic communication networks and international markets has increased the pace of work for stockbrokers, spurred online and after-hours trading, and may prompt the major stock exchanges to establish later trading sessions known as extended-hours trading. These events are lengthening already long working days for brokers and contributing (...) to a deficit of the time and energy they have to care for their families. These developments also reinforce gender inequality at home and in the workplace. The authors also find an alternative response to this globalization: The discount firm model, which creates the conditions for more gender balance in jobs and careers and thus the possibility for greater gender balance in the provision of care. (shrink)

This article analyzes organizational mechanisms, and their contexts, leading to gender inequality among stockbrokers in two large brokerages. Inequality is the result of gender differences in sales, as both firms use performance-based pay, paying entirely by commissions. This article develops and tests whether performance-support bias, whereby women receive inferior sales support and sales assignments, causes the commissions gap. Newly available data on the brokerages’ internal transfers of accounts among brokers allows measurement of performance-support bias. Gender differences in the quality (...) and quantity of transferred accounts provide a way to measure gender differences in the assignment of sales opportunities and support. Sales generated from internally transferred accounts, controlling for the accounts’ sales histories, provide a “natural experiment” testing for gender differences in sales capacities. The evidence for performance-support bias is women are assigned inferior accounts and women produce sales equivalent to men when given accounts with equivalent prior sales histories. (shrink)

Research about codes of corporate ethics has hitherto taken a hypothetical, correct meaning of codes for granted. The article problematises the dichotomous categories intrinsic and subjective meanings of codes. I address the question if professionals in finance accept codes of business. The particular mentality of stockbrokers and traders constructs the way they judge restrictions such as company codes of ethics. While neglecting dimensions of ethics beyond known rules, brokers and traders distrust good ethics as a possible end in itself. (...) Many professionals in the financial market perceive efforts to integrate ethical reasoning in work as only means for maximising business opportunities. (shrink)

The stock exchange is regarded as one of the key institutions of market economy. Stockbrokers were a truly essential group of workers of the stock exchanges. It was on the level of their organization and professional ethics that depended the level of efficient functioning of this institution. The basic law regulations, orders and stock charters were traced in this paper as well as – essential for exchanges – different documents, which marked principles of stockbrokers’ activity. These principles were (...) considered from the point of view of the ethical norms establishing the contemporary ethics of economic life. My special attention was concentrated on these principles of stockbrokers’ activities which concern the way of their appointing, rights as well as duties. „Ethical aspects” of stockbrokers’ activity on the Polish stock-exchanges were traced for the period from acceptation, in 1921, the first in independent Poland Act of exchanges organization to the outbreak of World War II. Except stock exchanges which were formed during the Period of the Partitions of Poland (in Warsaw and Lodz), and which resumed their activities after World War I, the new ones were created when Poland had regained its independence. Stock exchanges – except the above-mentioned – were organized in Cracow, Poznan, Vilnius and in Lvov. In initial period of the second Republic of Poland acted six commodities exchanges too. The comparatively quick unification of exchange law by the government of independent Poland was the expression of understanding the importance which was fulfilled (not only) in economy by the institution of stock exchange. In turn, issuing separate regulations for stockbrokers was proof of high position held by this group in the structure of the basic organs of a stock exchange. (shrink)

The commodity exchange is regarded as one of the key institutions of market economy. Stockbrokers were a truly essential group of workers of the commodity exchanges. It was on the level of their organization and professional ethics that depended the level of efficient functioning of this institution. The basic law regulations, orders and stock charters were traced in this paper, which marked principles of stockbrokers’ activity. These principles were considered from the point of view of the ethical norms (...) establishing the contemporary ethics of economic life. My special attention was concentrated on these principles of stockbrokers’ activities which concern the way of their appointing, rights as well as duties. „Ethical aspects” of stockbrokers’ activity on the Polish commodity exchanges were traced for the period from 1921 to the 1950. In initial period of the second Republic of Poland acted six commodities exchanges. In 1948 year stockbrokers institution was done away. The comparatively quick unification of exchange law by the government of independent Poland was the expression of understanding the importance which was fulfilled in economy by the institution of commodity exchange. In turn, issuing separate regulations for stockbrokers was proof of high position held by this group in the structure of the basic organs of a commodity exchange. (shrink)

Brian Loar [1976] observed that, even in the simplest of cases, such as an utterance of (1): ‘He is a stockbroker’, a speaker's audience might misunderstand her utterance even if they correctly identify the referent of the relevant singular term, and understand what is being predicated of it. Numerous theorists, including Bezuidenhout [1997], Heck [1995], Paul [1999], and Récanati [1993, 1995], have used Loar's observation to argue against direct reference accounts of assertoric content and communication, maintaining that, even in these (...) simple cases, the propositional contribution of a referring expression must be more than just its referent. -/- I argue here that, while Loar's observation is correct, the conclusion he and others have sought to draw from it simply does not follow. Rather, his observation helps to remind us of an important Gricean insight into the nature of communicative acts—including acts of speaker-reference—namely, that there is more to understanding a communicative act than merely entertaining what a speaker is intending to communicate thereby. Once we remember this insight, we see that the phenomenon to which Loar is calling our attention should actually be expected given the direct reference theorist's assumptions, together with independently plausible Gricean principles concerning how we make our referential intentions manifest in communication. More generally, the Gricean strategy for explaining the challenge posed by Loar cases suggests a novel way to account for certain crucial anti-direct reference intuitions—one requiring no modification of the original theory (e.g., no invocation of ‘descriptive enrichments’ as in Soames [2002]), thereby allowing for a direct reference account of what is asserted in utterances of ‘simple sentences’ such as (1). (shrink)

This paper provides a detailed study of fraud in practice through an empirical investigation of B.P.Sayers, a family-owned stockbroking firm that had been in existence for over 100 years and that collapsed due to the fraudulent activities of the firm's junior partner. An interpretive narrative methodology has been employed which has resulted in the development of a detailed understanding of fraud and moral breakdown in organizations, resulting from a failure of responsibility that arises from a dysfunctional work identification and its (...) moral implications. In developing this account of fraud, the conceptual framework utilized is drawn from the moral philosophical work of Emmanuel Levinas who explicated how the breakdown of social relations of responsibility results, in turn, in moral breakdown. (shrink)

Independent on Sunday October 2nd One of the country's lead­ing philosophical counsellers, and chairman of the Society for Philosophy in Practice (SPP), Tim LeBon, said it typically took around six 50 ­minute sessions for a client to move from confusion to resolution. Mr LeBon, who has 'published a book on the subject, Wise Therapy, said philoso­phy was perfectly suited to this type of therapy, dealing as it does with timeless human issues such as love, purpose, happiness and emo­tional challenges. `Wise (...) Therapy, is part of a series aimed at promoting an integrative attitude as its ethos. Among all the many perspectives of psychotherapists and counselors, philosophy needs to take its place and needs to find its voice. Tim LeBon has provided an effective means by which counselors can bring philosophy into their work with clients' - APPA journal `Tim Le Bon's Wise Therapy is a comprehensible and well argued book dealing with the practical therapeutic applications of philosophical research that may well be of interest to philosophers but -- as the author himself intends -- will be of most obvious benefit to therapists and counselors, both by informing their dialogue with clients in new ways and by helping them become more informed about ways to resolve the ethical dilemmas arising within the context of their own work' - Metapsychology `A fascinating workshop for therapists and clients, backed up a thorough degree if philosophical acuity' - Journal of the Society for Existential Analysis `I strongly recommend the book for philosophers as well as practitioners, teachers, students and supervisors in counselling and psychotherapy' - Self and Society `Provides some additional and valuable arrows for the therapist's quiver' - Irvin Yalom, author of Love's Executioner `Like Aristotle, Tim LeBon examines what is said and extracts what is best from it…. There are many fascinating exercises designed to bring out and enlighten the client's values, conception of the good life, well-being, happiness, pleasure, and the proper place of reason in life…. Wise Therapy is well written and engaging. The case histories are illuminating examples of therapeutic techniques at work, the thought experiments are well designed, and the philosophical position adapted from the internal debates of the philosophers is level headed…. I recommend it highly to philosophers with an interest in counselling, and psychological counsellors with an interest in philosophy' - Jeff Mason, The Philosophers' Magazine `Tim LeBon has… authored a text which should become a staple on the philosophical counsellor's bookshelf…. Wise Therapy is a concise, well-written book…. His ability to relate philosophical concepts to counselling concerns is admirable and attests to the skill and knowledge he possesses as a working counsellor. But, by far the most important part of Tim LeBon's book to PC is the last chapter, "The Counsellor's Philosophical Toolbox"' - Craig Munns in The Examined Life ` Tim LeBon has done a good job of offering practical approaches to some of the most important and vexing issues that arise in counselling…. Tim LeBon's book contains helpful suggestions, practical information, and useful examples, and would make a good addition to the library of any counsellors willing to allow philosophy to turn mere client sessions into wise therapy' - Peter Raabe, Practical Philosophy Wise Therapy is an original and practical guide to how philosophy can benefit counselling and psychotherapy. Tim LeBon argues that therapy, informed by philosophy, can help clients make better decision and achieve emotional wisdom. He uses philosophical approaches to explore issues of right and wrong, the emotions and reasons, well-being and the meaning of life, and develops a 'counsellor's toolbox' of techniques that can help practitioners apply the wisdom of philosophy to good therapeutic practice. For counsellors who may find philosophical approaches to therapy useful, this work addresses key philosophical topics - the emotions, free will, the meaning of life and ethics. It is jargon-free where possible and assumes no previous philosophical training. From The Independent, 16th November 2004 Plato is my agony aunt It was the end of a love affair that broke her heart. Could the wisdom of the great philosophers show her how to be happy again? Claire Smith tries a novel form of therapy "The unexamined life is not worth living," Socrates said. Nor is the life you're left with after your boyfriend has left you for another woman - at least, that's how it felt in October last year when mine broke rank and went off with an art student from Cleveland, Ohio. We were over there for the opening of his new art exhibition. He'd flown over four days before me and had met her at a party. Supposedly, they "connected". The five months that followed were a roller-coaster of confusion, vitriol and despair. I knew there'd been problems in our relationship. We saw the world very differently; he delighted in the charm of the ordinary, I wanted maximum divinity. He walked; I galloped. He drank tea; I loathed the stuff. But, along the banks of the Thames, we'd made a promise to always stick together. Our love was something unique: "transcendental", I called it. And besides, we recycled. Surely a commitment to save the world would save our relationship? Alas, no. So there I was, a woman scorned. Hell truly hath no greater fury. And what made it worse was that I still believed in our transcendental love. If I wanted to change the way I was feeling, I needed to alter the way I was thinking. But how? A few bottles of wine and a sharp blow to the head might have done the trick. Fortunately, there's an older, more trusted way of turning your head on its head that counsellors are starting to use: philosophy. The idea of employing Plato as an agony aunt was begun in 1981 by the German philosopher Gerd Achenbach. Although philosophy spends a lot of its time asking real-life questions that affect real-life people - What is happiness? And is it always wrong to lie? - most of the debate goes on in ivory towers. What Achenbach and subsequent philosophers including Tim LeBon, the chairman of the UK's Society for Philosophy in Practice, wanted to do was "give practical application" to this gigantic library of great thoughts. So how does it work? Like most types of therapy, you sign up for a set of sessions. "Two would give you a new perspective on one issue; six would help you to make a major life-decision, like a career change; with 12 you can start to rethink your entire life philosophy," explains LeBon. Each session lasts 50 minutes and costs £50 - and, no, you don't have to have any previous knowledge of philosophy. "If you think of Friends, it would suit Ross and Chandler more than Joey," LeBon says. "It's for anyone who wants to make their emotions more intelligent. Or for those who have tried other kinds of therapy, and want something more cerebral." The first session begins with the patient venting off about whatever's troubling them. The rant over, the counsellor then picks out some key concepts that are crucial to the problem - in the case of heartbreak, it is love and happiness that come hurtling to the fore - and then gets the patient to define what they mean. So, what is love? What is happiness? To kick-start the patient's thinking, LeBon describes what a great philosopher had to say about it. In my case, he tells me what Plato wrote about love in his Symposium: that to stop man fighting the gods, Zeus decided to cut each human in two, so they would lose their strength. "This, then, is the source of our desire to love each other," Plato said. "Each of us is a 'matching half' of a human whole, because each was sliced like a flatfish, two out of one, and each of us is always seeking the half that matches him." This method of probing what we might think are "obvious" ideas, such as love and happiness, was devised by Socrates in the squares of Athens. "The only I thing I know is that I know nothing at all," he boasted. What Socrates showed was that although many of the thinkers of his time thought they knew what justice, happiness and goodness meant, their understanding was tied in to their personal agenda and world view, and, what's more, when pushed, their ideas often contradicted themselves. A bit like me on love. Whereas part of my understanding of love was something that gave life meaning, made it worth living and bound us together, I also believed that true love was "transcendental": that it was out of this world, and it didn't matter if the two people who loved each other couldn't get along in the day-to-day. Love was bigger than the mundane. But when it came to the next stage of the therapy, critical thinking - "to check out whether your assumptions stand up to examination" - I walked head first into a contradiction. If I think love's purpose is to make life worth living, but then say it's irrelevant to daily life, surely my two ideas of love are not compatible? As the cogs in my brain start to creak into motion, I feel myself taking a step back from my predicament: thinking about how I've been thinking. This idea I had of transcendental love might have started off as a romantic dream. But when the relationship stopped working, and I found myself feeling trapped and frustrated, I used it to justify the mechanics of a relationship that just didn't work in the daily grind. I used it to lie to myself. In the final stage, LeBon gets me to start thinking about how to go forward. "You can't change what has happened," he says. "You can't change that he's left you, or how you behaved in the relationship. So, as the Stoics did, let's work on controlling the controllables: the things that you can change." To work out what can be changed, he gets me to try out a thought experiment, a method often used in philosophy to imagine other worlds where people can have different codes of behaviour. Thought experiments shatter your preconceived ideas of how the world should be and let your imagination run wild to how the world could be. "I find Viktor Frankl very useful here, the Austrian psychiatrist and concentration-camp survivor who actually believed that everything in life happens for a purpose," LeBon says. "Suppose this break-up did happen for a reason that will work to your benefit," he suggests. "What might that be? The answer might be that you can now focus on something important that was denied in the relationship. Or - the Hollywood version - so you'll meet someone who is really right for you." Temporarily freed of any sense of responsibility for the relationship that was, and its sorry demise, the list came fast. I could now travel more; he didn't like me travelling on my own, but too often he didn't want to go anywhere, preferring to stay in his studio and make art. I'd love to meet someone with a similar sense of adventure to mine. For the first time in two years, I was being honest with myself about what I really wanted - listening to those voices that we all have inside our heads, and too often try to muzzle. So did philosophy save me? Well, I'm now dating a travel writer I have to run to keep up with. I still haven't got over the fact that my replacement came from Cleveland, Ohio. But I guess I never will. Tim LeBon can be reached by e-mail at [email protected] A FEW WORDS FROM THE WISE Compiled by Ed Caesar · "At the touch of love, everyone becomes a poet" - Plato · "There is always some madness in love. But there is also always some reason in madness" - Friedrich Nietzsche · "That man shall live as his own master and in happiness who can say each day 'I have lived'" - Horace · "The good of man is the active exercise of his soul's faculties in conformity with excellence or virtue... Moreover this activity must occupy a complete lifetime; for one swallow does not make spring, nor does one fine day; and similarly one day or a brief period of happiness does not make a man supremely blessed and happy" - Aristotle · "There is nothing on this earth more to be prized than friendship" - Thomas Aquinas · "Whatever you do... love those who love you" - Voltaire · "Happiness is not an ideal of reason but of imagination" - Immanuel Kant · "Happiness is a state of which you are unconscious. The moment you are aware that you are happy, you cease to be happy" - Jiddu Krishnamurti · "Love is an ideal thing. Marriage is a real thing" - Johann Wolfgang von Goethe I shrink, therefore I am Therapy has many answers, but some questions require the help of a philosopher, says Clint Witchalls Sunday November 21, 2004 The Observer Danny had worked in the City of London for 10 years. As a research analyst, stockbroker and fund manager, he'd made a lot of valuable contacts, earnt a lot of cash, and learnt some important business skills. However, as he approached his mid-thirties, he no longer felt good about himself or what he did for a living, and he found his colleagues cold and unfriendly. A chronic illness made him realise his mortality, and he began to reassess his priorities. Danny had been struggling with his career conundrum for nearly five years when he met David Arnaud, a philosophical counsellor. After a few soul-searching sessions, Danny arrived at a decision. Today, he teaches economics to sixth-formers, and he loves it. 'It's a much better lifestyle,' he says. Many people are turning to philosophical counsellors to get answers to questions such as: 'How do I make sense of myself?' 'What is important to me?' 'Where am I going?' These are perhaps not the sort of questions that require psychiatric intervention, but Arnaud, who recently completed the first empirical study of philosophical counselling in the UK, has found that within just five sessions the majority of clients, with important decisions to make, tend to move from a state of concern and confusion to a resolution. Modern philosophical counselling can be traced back to 1981, when the philosopher Gerd Achenbach opened the first practice near Cologne. Achenbach referred to the new discipline as 'therapy for the sane.' Today, there are hundreds of philosophical counsellors around the world, with the movement particularly strong in the US, Britain and the Netherlands. 'The dilemmas people face aren't always primarily psychological,' says Alex Howard, a philosophical counsellor from Newcastle. 'If people face problems that are social or economic, it doesn't make sense to define their problems in purely psychological terms.' Tim LeBon, a founder member of the Society for Philosophy in Practice (SPP) and author of Wise Therapy, adds: 'We are faced with far more life choices than our grandparents, yet have far fewer resources to deal with them. Our grandparents may have gone to a priest or to other family members for advice; most people don't trust these solutions any more and so want to make their own well-informed, well thought-out choices. Philosophical counselling can help these people - people in mid-life crises who are wondering how to make the most of the rest of their life. People who want to take stock of their values.' Where stressed executives might once have been prescribed a course of tranquillisers or antidepressants, they can now get a dose of Bertrand Russell instead: 'Success is too dearly purchased if all the other ingredients have been sacrificed to obtain it.' While some philosophical counsellors do recommend books for their clients to read, most sessions are about helping the client identify faulty thoughts. For example, a briefing in Aristotelian logic might show a client why their beliefs are erroneous. The person might infer that they're a screw-up because they've screwed up. The counsellor could point out that they're making an error called 'fallacy of composition' - that is, what's true of the part isn't necessarily true of the whole. In philosophical counselling, problems aren't pathologised as they are by the psychiatric profession, and the dialogue between client and counsellor is more like a meeting of equals, compared to many therapies where the client is treated like a patient and seen as someone who is, in some way, inadequate. 'Anybody can benefit from philosophical counselling,' says Howard. 'But it does require someone who is willing to take stock.' Lou Marinoff, author of international bestseller Plato Not Prozac! has done much to promote philosophical counselling. 'Some people who have stabilised their neurochemistry and validated their emotions now wish to examine or re-examine the criteria of their beliefs, the principles of their conduct, or the meaning of their lives,' he says. 'With whom shall they do this? Psychologists and psychiatrists can shed light on such issues - as can rabbis, priests, imams and gurus. Philosophers are now rejoining the ranks of helpers.' LeBon believes certain therapies (such as cognitive behavioural therapy) don't go far enough in helping their clients. 'For instance, if you are anxious about your relationship, a cognitive therapist would try to dispute your catastrophising and jump to conclusions to make you feel less anxious,' says LeBon. 'A philosophical counsellor would do this, but would also look for existential meaning in your anxiety - perhaps you really don't want to be in the relationship and that is what your anxiety is telling you.' LeBon also gives short shrift to psychoanalysts. 'There's very little evidence for the Freudian unconscious, and it's time to move on to more intellectually satisfying and helpful therapies,' he says. However, Alain de Botton, the man who popularised philosophy as self-help, isn't ready to bury psychologists and their ilk just yet. 'The truth is that psychoanalysis grew out of philosophy - it's not some completely new idea, and in fact, done properly, psychoanalysis is philosophical anyway. It may even be dangerous to the mental health of some people to suggest a philosopher rather than a properly trained analyst. The knowledge of analysts when it comes to many emotional problems is now much greater than that of most philosophers.' Guardian Unlimited © Guardian Newspapers Limited 2004. (shrink)

Research about codes of corporate ethics has hitherto taken a hypothetical, correct meaning of codes for granted. The article problematises the dichotomous categories intrinsic and subjective meanings of codes. I address the question if professionals in finance accept codes of business. The particular mentality of stockbrokers and traders constructs the way they judge restrictions such as company codes of ethics. While neglecting dimensions of ethics beyond known rules, brokers and traders distrust good ethics as a possible end in itself. (...) Many professionals in the financial market perceive efforts to integrate ethical reasoning in work as only means for maximising business opportunities. (shrink)

“I would go into a lunch of stockbrokers who would be coming to listen to the business philosopher, and I felt so nervous because I thought I was supposed to tell them where they should be putting their clients’ money on the basis of my knowledge of the history of ideas. I felt such a failure because I didn’t know what they should do with their clients’ funds.”.

“I would go into a lunch of stockbrokers who would be coming to listen to the business philosopher, and I felt so nervous because I thought I was supposed to tell them where they should be putting their clients’ money on the basis of my knowledge of the history of ideas. I felt such a failure because I didn’t know what they should do with their clients’ funds.”.

The Film Theory in Practice series fills a gaping hole in the world of film theory. By marrying the explanation of a film theory with the interpretation of a film, the volumes provide discrete examples of how film theory can serve as the basis for textual analysis. Fredric Jameson and The Wolf of Wall Street offers a concise introduction to Jameson in jargon-free language and shows how his Marxist theories can be deployed to interpret Martin Scorsese's critically acclaimed 2013 film (...) The Wolf of Wall Street. Beginning with a detailed account of Jameson's extensive writings on Marxist theory and how they have been deployed in the analysis of film writings, Clint Burnham then illustrates how Jameson's theory can help to make sense of The Wolf of Wall Street, a film that shows in all its glory the excesses, lunacies, and inner workings of 1990s finance capitalism. As Jameson has influentially argued, films like The Wolf of Wall Street are both complicit in and critical of their historical subject: Scorsese's film is not about the richest stockbrokers, but the Long Island penny traders who made it big. As a narrative of American success, it is also a film about failure. Clint Burnham's reading of Jameson and The Wolf of Wall Street is a book about a contemporary film, and contemporary events, and contemporary theory. (shrink)

: In the late seventeenth and early eighteenth centuries, stockbrokers, speculators, and stockjobbers were often accused of fraud and price manipulation. Seven key regulatory acts were passed into law in England from 1697 to 1737. Evidence suggests that well into the nineteenth century, virtually none of these laws were adhered to or seriously enforced. An ….

In lieu of an abstract, here is a brief excerpt of the content:Proust and the Phenomenology of MemoryThomas M. Lennon"I still believe that anything that I do outside of literature and philosophy will be so much time wasted." Thus did the twenty-two year old Marcel Proust (1871–1922) write to his father, reluctantly agreeing to consider a career in the foreign service as an alternative to the legal profession otherwise being urged upon him. ("I should vastly prefer going to work for (...) a stockbroker," was his comment.)1 Happily for us all, Proust was obliged to do neither, and in fact was able to do both philosophy and literature. As André Maurois puts it, "[Proust's] great novel is philosophy incarnate."2 Certainly, In Search of Lost Time is saturated with philosophy, the appreciation of which cannot help but enhance our understanding of this great work. The thesis here will be that a loosely phenomenological account of the work's central concept of memory gives us the structure of the work as a whole.The biographical facts suggest such an approach. Proust received a license from the Sorbonne in 1895, and, more importantly, had previously been a student of the philosopher Alphonse Darlu at the Lycée Condorcet. Although he published very little, Darlu was a charismatic, inspirational figure for his students—not least of all for Proust himself, who described him as "the great philosopher whose inspired words, more certain to last than any writing would, gave birth in me as in so many others to thought itself."3 A touching artifact of Proust's time with Darlu is his report card, preserved in the Proust Museum at Illiers-Combray. Not incidentally, it shows a concentration on the classical authors who will be deployed here. We also have a wonderful little text that argues a kind of phenomenalism influenced perhaps by Hume, and certainly by Kant.4 The one author important to our account whose name does not figure as such in any of this material is Malebranche; but we know [End Page 52] that Proust was familiar with the great Oratorian since he quotes him.5 In fact, the only author appearing below who could not have been on Proust's shelf is Kundera, the most philosophical and Proustian of all recent novelists.We begin with a text; it is the most famous of all in French literature, the episode of the madeleine from the Search. The text has become so well known—through hearsay more than from having been read, no doubt—that it has invited "kitchification."6 Even so, it is an exquisite piece of writing, which, in any case, is essential to the thesis here.Many years had elapsed during which nothing of Combray... had any existence for me, when one day in winter as I came home, my mother, seeing that I was cold, offered me some tea, a thing that I did not ordinarily take.... She sent out for one of those plump little cakes called 'petites madeleines'.... I raised to my lips a spoonful of the tea in which I had soaked a morsel of the cake. No sooner had the warm liquid, and the crumbs with it, touched my palate than a shudder ran through my whole body.... And suddenly the memory [le souvenir] returns. The taste was that of the little crumb of 'madeleine' which on Sunday mornings at Combray... my Aunt Léonie used to give me, dipping it first in her own cup of real or lime-flower tea.... Immediately the old grey house upon the street rose up like the scenery of a theatre... in a moment all the flowers in our garden and in M. Swann's park, and the water-lilies on the Vivonne and the good folk of the village and their little dwellings and the parish church and the whole of Combray and of its surroundings, taking their proper shapes and growing solid, sprang into being, town and gardens alike, from my cup of tea.7There are other such episodes of the past springing into being, but not many, and they occur but infrequently, until the very end of this vast work, when they come upon the narrator rapidly and almost... (shrink)

. Whether to use privileged information as a basis for a decision to sell stock is the central issue in thiscase. A conflict between a stockbrokers perceived obligations to maximize clients stock values and protect their investments (fiduciary responsibility) and violating Security and Exchange Commission insider trading regulations must be resolved.

.Whether to use privileged information as a basis for a decision to sell stock is the central issue in this␣case. A conflict between a stockbroker’s perceived obligations to maximize clients stock values and protect their investments and violating Security and Exchange Commission insider trading regulations must be resolved.