Junkets With a Twist: Wall Street Clients Get Bills for the Fun.

Focuses on new ethical standards in the financial services industry and the impact on gift giving to clients of financial services companies. Example of a client of investment bank Friedman, Billings, Ramsey Group Inc., who went on a golfing junket and had to pay for his own airfare and hotel; Impact of increased scrutiny on gift-giving by the U.S. Securities and Exchange Commission (SEC) and the National Association of Security Dealers (NASD) is having on investment banks looking to entertain clients; NASD rules regarding gifts; Link between the financial services industry and golf; Comments from Barry Goldsmith, enforcement chief of the NASD, regarding ethical standards in the securities industry.