Izabella Kaminska, FTAlphaville, Information asymmetry, bad incentives and Taibbi, here. woof.
Taibbi’s real beef is with the free market system itself. What’s strange is that he accuses banks of acting anti-capitalistically, when it’s precisely the opposite situation. In his world competition is fine — but only so long as those who turn out to be good at it — either due to superior intelligence, cunning or muscle — don’t end up dominating.