[ExI] Efficiency of algorithmic trading

[BillK]

On Fri, Apr 29, 2011 at 11:52 AM, Eugen Leitl  wrote:
<snip>
> Yes, most of the above are extremely hard problems. The smart
> people who still think Wall Street quant is a glorious occupation
> should get on that track instead.
>
>

Rafal is having a good time trolling everything from finance and
politics to insisting that there is no prejudice against blacks in the
USA.   :)

Your wish for Wall Street to do jail time (while admirable) will never happen.

<http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216>
Quote:
Nobody goes to jail. This is the mantra of the financial-crisis era,
one that saw virtually every major bank and financial company on Wall
Street embroiled in obscene criminal scandals that impoverished
millions and collectively destroyed hundreds of billions, in fact,
trillions of dollars of the world's wealth — and nobody went to jail.
Nobody, that is, except Bernie Madoff, a flamboyant and pathological
celebrity con artist, whose victims happened to be other rich and
famous people.

The rest of them, all of them, got off. Not a single executive who ran
the companies that cooked up and cashed in on the phony financial boom
— an industry wide scam that involved the mass sale of mismarked,
fraudulent mortgage-backed securities — has ever been convicted. Their
names by now are familiar to even the most casual Middle American news
consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP
Morgan Chase, Bank of America and Morgan Stanley. Most of these firms
were directly involved in elaborate fraud and theft. Lehman Brothers
hid billions in loans from its investors. Bank of America lied about
billions in bonuses. Goldman Sachs failed to tell clients how it put
together the born-to-lose toxic mortgage deals it was selling.
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BillK