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The Folly of Trying to Level the Investment Playing Field
"In a statement, Schneiderman said that "the securities markets should be a level playing field for all investors." Preet Bharara, who is the U.S. Attorney for the Southern District of New York, has also invoked the notion of fairness. He told CNBC's Jim Cramer, "I think people need to believe that the markets are fair, and that the same rules apply to everyone…I don't want to buy a stock because I have a feeling that someone knows more than I do."
Let's give both Schneiderman and Bharara credit for good intentions. What could be more desirable than a level playing field in the all-important game called our financial security? But the playing field isn't level, it never has been, and I'm not sure it can ever be. If history is any evidence, attempts to level it have only tilted it all the more. So, maybe the real problem is the pretense of fairness."
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From the story.
"In a statement, Schneiderman said that "the securities markets should be a level playing field for all investors." Preet Bharara, who is the U.S. Attorney for the Southern District of New York, has also invoked the notion of fairness. He told CNBC's Jim Cramer, "I think people need to believe that the markets are fair, and that the same rules apply to everyone…I don't want to buy a stock because I have a feeling that someone knows more than I do."
Let's give both Schneiderman and Bharara credit for good intentions. What could be more desirable than a level playing field in the all-important game called our financial security? But the playing field isn't level, it never has been, and I'm not sure it can ever be. If history is any evidence, attempts to level it have only tilted it all the more. So, maybe the real problem is the pretense of fairness."
Derf