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Does that then imply there hasn't been a "losing side" to which the Wall Street rules apply?
by RangerScience 10y ago
Does that then imply there hasn't been a "losing side" to which the Wall Street rules apply?
- nostrademons 10y agoSure there is - it's the ordinary people who make their money through trading their labor and invest it through a retail brokerage. In other words, most likely...you, the reader. Hear that a company is going to beat estimates from your friend the accountant at a party and act on it, and you'll get busted for insider trading. Develop a complex algorithm to identify all the other people who are trading on inside information and do what they do, and chances are nobody will figure out what you're doing. Cheat on your taxes, and you'll get busted for tax fraud. Move earnings through a complex web of offshore subsidiaries in Ireland, Dubai, and the Cayman Islands, and you're technically following the laws of all of those individual countries, but still end up paying less taxes. Start a pyramid scheme through an e-mail chain letter, and you'll get busted. Start a pyramid scheme by creating a ride-hailing app and bringing on progressively wealthier and more powerful investors, and soon you'll own transportation. Borrow lots of money on your credit card, and you'll be dealing with aggressive debt collectors for the rest of your life. Borrow lots of money from banks for a series of increasingly more speculative real estate & casino deals, go bankrupt 4 times, start a reality TV show, run for President, and soon you'll own the world.