3. Secret Society
Wall Street is increasingly turning into a giant favor-and-front-running factory, where the big banks and broker-dealers that channel vast streams of crucial non-public information are also trading for their own accounts.
— Matt Taibbi, Rolling Stone contributing editor, in a column about JPMorgan's $2 billion loss.
Source: Rolling Stone
Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio