How about "fair" as opposed to equal?? Should everybody in a market have a right to "fairness" in their access to the market, if not equality? I'm not suggesting "fairness" as an enumerated right, as such, but should it at least be a baseline expectation that a "free" market should encourage (and regulate)? And more importantly, is it even remotely possible?
How about this one: Should all market participants be equally "accountable"?? I have observed quite often a school of thought which suggests that statements made by companies (and their perceived agents) should be held to a different standard than statements made by every other participant within the same market -- be they hedge fund managers, self-appointed internet message board "scam" busters, media pundits or well-meaning individuals. Is it securities fraud for a company to knowingly or recklessly omit or misstate a material fact about itself, or its investment banker to do the same, but free speech for an individual (or group of individuals) trading in the stock of a company to deliberately engage in mass publication of half truths, distortions of truth and outright lies (under the imprimatur of constitutionally protected opinion), with the intent to affect a stock's price?? Personally, I don't see the difference, at least not enough of a difference to get righteous about the one but indifferent or tolerant of the other.
I don't blame the mechanisms of the market for the bad acts of those who have figured out how to manipulate those mechanisms, and choose to do so, although it does suggest that a regulatory infrastructure must be given the means to hold all forces within the market accountable for ill-motivated behavior. To me, the great myth is that only touts, promoters and traditional industry professionals are guilty of such manipulations -- although clearly they are by far the most likely to be held accountable.
MST |
