Courtesy of Pam Martens
Brett Redfearn
Some decades back, the late MIT economist Lester Thurow wrote this:
“Essentially, the economic problem is like that of the wolf and the caribou. If the wolves eat all the caribou, the wolves also vanish.”
What Thurow did not take into consideration is that if the wolf pack is large enough, it can survive for quite a while by turning on other wolf packs.
That’s what is happening right now on Wall Street. The wolves are at war with each other. The New York Stock Exchange and Nasdaq have filed a lawsuit against the Securities and Exchange Commission and are slinging mud in court at a former, long-tenured JPMorgan Chase executive, Brett Redfearn, who now polices them at the SEC. We’ll get to all that in a moment, but first some background.
It all started when the stock exchanges decided they no longer wanted to function like public utilities operating in the public interest to create a fair and efficient market place for stock trading in America and would instead become whore houses for high frequency traders at the Wall Street mega banks and hedge funds.
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