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Well put. Finance has seen its fair share of this. As an example, I was ashamed to see the difference in reactions between when it was Knight Capital [0] vs Go
by alehul 8y ago
Well put.
Finance has seen its fair share of this. As an example, I was ashamed to see the difference in reactions between when it was Knight Capital [0] vs Goldman Sachs [1].
For Knight Capital, the entire company floundered after a trading glitch, and they closed shortly after.
When it was Goldman who suffered a glitch, many of their trades "qualified for cancellation". Co-author of the Black Scholes formula even spoke up against this hypocrisy.
Both companies lobbied to the exchanges and the SEC, but one had more capital. If this is any indicator, a company like FanDuel may be let off.
[0] https://dealbook.nytimes.com/2012/08/02/knight-capital-says-trading-mishap-cost-it-440-million/ https://dealbook.nytimes.com/2012/08/02/knight-capital-says-...
[1] https://www.ft.com/content/37fff9c6-0b36-11e3-bffc-00144feabdc0 https://www.ft.com/content/37fff9c6-0b36-11e3-bffc-00144feab...
- jessaustin 8y agoGoldman have a strong political game. Even over those periods in which the Secretary of the Treasury is not one of theirs, they occupy lots of other appointed positions in government.