The Lowest Common Denominator

Reader comment on: The Galleon Verdict

Submitted by Michael E. Marotta (United States), May 14, 2011 10:50

Every investor thinks that they have exceptions insight, special knowledge, and inside information of one kind or another. That applies not only to hedge fund managers - of course - but also to all of us shopping for vegetables. We exchange Federal Reserve Notes for carrots and beets because we think that those are a better deal based on our unique blend of theory and practice -- and if they go into the 'fridge, then that must be a futures market transaction. God forbid that the federal regulators should be around when your neighbor asks for a cup of sugar or if you can lend some gasoline for the lawn mower to save them a trip - they'll pay you back next week (when they hope the price will be lower; maybe you could take put or call by having a beer later).

The only defense Mr Rajaratnam needed was the one offered by Hank Rearden in Atlas Shrugged. Twenty-five years ago, Michael Milken said that he read Atlas in prison, but that if he had read it earlier, he would not have gone to prison.

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Title By Date
⇒ The Lowest Common Denominator [186 words]Michael E. MarottaMay 14, 2011 10:50
I think the Goldman Sachs thing cinched it. [168 words]LyleMay 13, 2011 00:52

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