The Rules Continue to Be Changed

Monday, February 20, 2012, 12:35 PM
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One of our core operating principles around here is that when pressed by circumstances, the authorities will simply change the rules. And by "circumstances" we mean anything that could destroy the markets, or perhaps be just politically convenient, or anything in between.

Examples include the NYSE unilaterally and without precedent breaking trades following the flash crash of 2010, the mysterious inability to enforce the rules in the case of the "missing" MF Global client funds, and the avoidance of any and all criminal action against banks and mortgage companies caught red-handed in falsifying documents. 

To this list, we need to add the recent actions of the European Central Bank (ECB):


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