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10-18-2008, 11:53 PM #12
OPSenior Member
farewell letter from hedge fund manager
rich people feel guilt, but like most poor people who feel guilt, they usually don't do anything about it, except maybe bite their nails or get drunk
hedge fund managers play by the rules, but the rules are unfair, and their speculation negatively impacts far more people than the parents and people of ivy league schools...they hurt people who don't have a single penny in the market, as was the case with the speculation on oil futures...the speculation on mortgage backed securities is currently hurting people who never had any equities or even a mortgage
in good times and bad, speculators are parasites who get rich without producing anything of value...it's the system we're stuck with, but we should regulate it to minimize the impact on people who aren't speculators
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