<a href="https:&#x2F;&#x2F;scottlocklin.wordpress.com&#x2F;2014&#x2F;04&#x2F;04&#x2F;michael-lewis-shilling-for-the-buyside&#x2F;" rel="nofollow">https:&#x2F;&#x2F;scottlocklin.wordpress.com&#x2F;2014&#x2F;04&#x2F;04&#x2F;michael-lewis-...</a><p>Quote:<p>&gt; I think this is the crux of this story: according to Michael Lewis and Katsuyama, we’re supposed to trust people like Einhorn who have been convicted of insider trading, people who are suspected of insider trading (buy side is by definition rife with this; particularly firms that do merger arb and special events), J.P. Morgan, Goldman and Morgan Stanley: we’re supposed to trust these guys more than we’re supposed to trust a bunch of tiny little market making firms who had been inconveniencing them by taking away some of their flow. Lewis tries to make this seem like a battle between the underdog “good guys” and the evil establishment. To believe this, you’d have to believe that Goldman Sachs and people like Einhorn are underdogs, rather than the actual establishment. To believe this, you’d have to believe the tiny industry of HFT traders actually rules the world and buys off congressmen and the SEC more than … J.P. Morgan and Goldman. [...]
Yeah, I might believe that. I might believe that if I were a dribbling retard.