In popular usage, the word ‘watchdog’ has two unrelated meanings. In computer terminology, a watchdog is a program or device that safeguards machines against software and hardware failure. Speaking more generally, the word ‘watchdog’ is used to refer to individuals or organizations who protect people against system inefficiency and illegal practices. Therefore, by extension, a Wall Street watchdog is a group or company or website or individual who keeps an eye on stocks and the trade practices on the Wall Street to protect the interests of investors. http://www.stockpatrol.com/ is a leading Wall Street watchdog. It is run by a veteran New York-based corporate lawyer, Hartley Bernstein.
Watchdogs on Wall Street are absolutely essential to keep the trading practices in line with the best interests of investors and the general public. They have been around for as long as the trading itself. They work by educating and informing investors about the practices - good and bad - that are currently prevalent on the Wall Street. For instance, a recent piece on Hartley Bernstein’s http://www.stockpatrol.com/ guades individual investors against unethical practices and unsuitable trades they may encounter on the nation’s biggest stock exchange. There are many other such helpful write-ups on the website.
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