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Eight Things I Wish for Wall Street
It's a wonderful life on Wall Street, yet here is a holiday wish list to make it even better. 1. The financial sector rids itself of anyone with even the faintest reason to believe that he or she is unusually clever. All those who have scored highly on standardized tests, or been invited to join Mensa, or finished in the top quartile of any graduating class will be banned. Most of our recent financial calamities -- collateralized debt obligations, credit default swaps on subprime mortgage bonds, trading algorithms that prey on ordinary investors, the gaming of rating companies' models, the rigging of the Greek ... (full story)
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