Monday, August 03, 2009

Criminals

Op-Ed Columnist - Rewarding Bad Actors - NYTimes.com
But crashing the economy and fleecing the taxpayer aren’t Wall Street’s only sins. Even before the crisis and the bailouts, many financial-industry high-fliers made fortunes through activities that were worthless if not destructive from a social point of view.

And they’re still at it. Consider two recent news stories.

One involves the rise of high-speed trading: some institutions, including Goldman Sachs, have been using superfast computers to get the jump on other investors, buying or selling stocks a tiny fraction of a second before anyone else can react. Profits from high-frequency trading are one reason Goldman is earning record profits and likely to pay record bonuses

This kind of activity simply must be stopped via regulation... Allowing a group of people to reap huge financial gain at the expense of others: while adding NOTHING to society -- used to be considered criminal behavior... Now we call it investment banking.

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