Don Quijones — Continue to Ignore Writing on Wall

As the London banker deftly explains in his blog, those charged with protecting the integrity of markets from the abuses of financial institutions have instead been going out of the way to facilitate those same abuses:

“It used to be that the role of the state in financial market regulation was to ensure efficient market operations, promote transparency of prices and liquidity, protect consumers from abusive practices, and to resolve failed companies according to principles of equitable distribution of assets among like classes of creditors. If the role of the state now is to shield HFT, dark pool and OTC markets from transparency, provide liquidity where the market fails, oversee the orderly fleecing of consumers, and to ensure that some creditors of failing firms always win while others always lose, then we no longer have a market economy. And as virtually all these regulatory policies have evolved in the absence of public debate and legislative scrutiny, we also no longer have democratic governance of markets.”

Raging Bull-shit
Continue to Ignore Writing on Wall
Don Quijones