This is the worst sort of hn pedantry, but I have to agree. The security premium paid by cartels down through street dealers is indeed real, but QC and regulato

This is the worst sort of hn pedantry, but I have to agree. The security premium paid by cartels down through street dealers is indeed real, but QC and regulatory compliance would eat a lot of that savings. And the executive tax at cartels is probably similar to public firms.