Exactly. I mean, I understand (and even slightly sympathise with) the way big hedge funds and banks hate the way HFT are competing with them and driving their

Exactly. I mean, I understand (and even slightly sympathise with) the way big hedge funds and banks hate the way HFT are competing with them and driving their margins down. ...what I'm confused by is why so many journalists and authors are taking the side of the hedge funds over the interests of retail investors. With apologies to Goldman, but when you have Goldman on one side and Vanguard on the other, my default assumption is that the Goldman side is probably doing something shady. Which is, to be sure, a rebuttable presumption, but not one I've seen rebutted.