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I could tell by your first response you get paid by the profits of the very cons Taibbi is railing against. Answer these questions: So you are OK with front ru
by rrhyne 17y ago
I could tell by your first response you get paid by the profits of the very cons Taibbi is railing against. Answer these questions:
So you are OK with front running clients? Forget about legal... that's moral?
So you are ok with these banks getting dollars at 0% from the tax payer and lending them back to the taxpayer at 3-30% interest?
You are ok with big banks not loaning to small business and entrepreneurs? Likely becuase those are uncredit worthy loans right? How credit worthy are the big banks who screwed us in the first place?
I'm betting as long as you get paid, you'll be able to justify all kinds of cons.
- cynicalkane 17y agoThis is a baseless ad hominem attack. I work for the Chicago Mercantile Exchange. We are not a lending operation. We do not receive money from the Fed. We do not do front-running or flash ordering. The latter is legal, but we do not do it for ethical reasons. Our response to the Lehamn Brothers crisis was measured in minutes, and the time taken to close all their trades measured in days. Our money comes from being a conservative, sound organization; from traders trusting us to clear their trades, and we cleared every trade on time since I don't even know when. We have not failed to clear a trade in the last 110 years. This is the "con" from which I make my money, but you could have figured this out yourself by clicking my profile instead of making things up. I am not justifying "cons". I am defending what I believe. I believe in intelligence over populism, capitalism over socialism, and correctness over incorrectness. What's your excuse? I actually don't want to know what you think; I'm responding only because people are upvoting your comment when they should be downvoting it.
- rrhyne 17y agoForgive me for my incomplete understand of the CME's profits. Does the CME clear trades for JPM or any other large bank? If so you profit indirectly from those institutions. Regardless, too many people who profit directly or indirectly from Wall Street and it's surrounding economies are apologists for the TBTFs actions. Back to my questions. You agree with Taibbi on front running/flash. 2 more to go.
- andrew1 17y agoIf you're going to go down the 'indirectly' profiting route, then where do you want to stop? Does the grocery store where he spends his wages also profit? Does the farmer that they but their food from indirectly profit? Does the chemical company that creates the fertilizer they use indirectly profit?
- infinite8s 17y ago"I believe in intelligence over populism, capitalism over socialism, and correctness over incorrectness." What's happening in the financial industry at the moment is definitely not capitalism.
- cynicalkane 17y agoI agree with this. But the solution to this problem will not be found in nonsense articles printed in Rolling Stone.