[ExI] Efficiency of algorithmic trading

[Rafal Smigrodzki]

On Fri, Apr 29, 2011 at 7:59 AM, BillK <pharos at gmail.com> wrote:

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

### Where did I say there is no prejudice against blacks in the US?

BTW, I agree that a part of the problem in the US banking system were
crooks - but concentrating on them is missing the point. In a way,
Bill, you are like the touchingly naive Russians sending worshipful
letters to Stalin asking to redress grievances against corrupt
officials. The problem is not the crook who absconds with a few
million dollars but the long-feedback centralized system (i.e.
government banking regulators) which allows the crook to cook the
books (or just be stupid) long enough for major problems to
accumulate, eventually leading to a more dramatic explosion.

Rafal