Just one paragraph is all that's necessary:
On Wall Street, there are two interpretations of this business model: Either the firm is so brilliant at making near-riskless bets that it continually attracts more clients, who don’t mind being used for the golden database if it means more profits for them—or it’s a giant casino in which the house has gamed the system by knowing every hand at the table and using that information to enrich itself at the expense of others.
2 comments:
Wasn't this pretty obvious years ago?
Part of smart is figuring out how to gain an unfair advantage.
Always was that way, always will be.
yup, thats what Maddof did - he figured it out...
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