Wall Street believes that money is the be all and end all.
Reader comment on: The New York Times Scapegoats Wall Street
Submitted by Lyle (United States), Nov 27, 2010 23:29
Most other people pick a profession with money in mind but the money is a result of making or doing something that adds value. It is less than clear that Wall Street by encouraging sub-prime loans, running on juiced leverage etc really add value to society or likely subtract value from society.
As an example take the recent GMO IPO, why not run it as a dutch auction where one can bid what price one wants on whatever shares one is willing to buy. When the bidding closes you walk from the top price down until the number of shares to be sold is filled. That is the price all pay. No reserving shares for cronies etc. It is this favoring of friends that has made wall street look bad, let alone the vig they take for running the high frequency casino that is designed to drive the small investor out.
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