Today's Elites

Wednesday, December 14, 2011

Financial Comic Relief

According to Reuters today, a regulator, heading the Commodity Futures Trading Commission's review of the MF Global debacle, Jill Summers, not intendimg any irony, declared, "Now it's just finding out which ones of those transactions are legitimate and which ones of them are illegitimate."

Now, of course, in any sane world, the whole kit and caboodle of these hedge funds activities selling financial futures  would be prima facie illegitimate. But, dear friends, we apparently live in some strange corner of a delirious mathematician's nightmarish sort of multiverse where "all is permitted." The never never land where financial leverage may legitimately be used to take down the very means of sustaining the future well being of our nation. So long as it is done according to the tune of the statistical formalae spewing from Wall Street's idiot savants otherwise known as "quants."   

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