"What this meant, in its simplest form, is that these traders (or
salespeople) could buy bonds at the “market” price from intelligent
hedge fund managers in NYC and sell this same crap at much higher levels
to unsophisticated (but legally considered “sophisticated”) pension
funds and insurance companies in middle America. What I discovered,
quite starkly, is that the part of Wall Street that I worked in was
simply transferring wealth from the less sophisticated investors, often
teachers’ pension funds and factory workers’ retirement accounts, to the
more sophisticated investors that call themselves proprietary trading
desks and hedge funds."
So is this what a modern, high-tech society wants our of its top echelon economy? The rich secretly sucking the life out of the middle?