If you think government regulators can compete with high-speed Wall St. sharks, fuggitaboutit. International Business Times reports,
the regulators don’t seem prepared to handle or to even understand the nature of the risk – “it’s over their heads,” says one former bank executive. “They have no idea what is really happening.”Once a bureaucrat gets sharp enough to figure out what's going on, the regulator knows there's more money to be made in the market than in civil service.
Lewis tells the amazing story of how a geeky entrepreneur with an ethical sense of fairness (Brad Katsuyama) figures out how the big boys are trading, and actually creates his own stock exchange, which now competes with the majors, saving smaller traders billions of dollars.