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Proprietary Trading Goes Under Cover: Michael Lewis

By Implode-Explode Heavy Industries

``... there is all sorts of flawed logic here, but the point is that...there are a hundred different ways to claim to be acting as an agent or for a customer.? This ambiguity is no doubt one reason the financial reform bill passed in the first place. Even its clearest prohibitions are couched in language inviting Wall Street to evade them. But the new game of cat and mouse raises a simple, even naive question: Why do these giant Wall Street firms want so badly to make huge bets with their shareholders? capital?''

Full post as published by Mortgage Lender Implode-o-Meter on October 29, 2010 (boomark / email).