There are so many ‘schemes’ and ‘rackets’ at play in the financial industry my head spins.
Just today, Andy Kessler wrote this great piece today on FICO Loans. Read it here .
When I think ‘scheme’ or ‘racket’ here is what pops to mind:
Bernie Madoff
FICO scores and the three credit agencies (Experian, Transunion, Equifax)
The ratings agencies (Moody’s et al.)
Cable
University Costs
Triple Leveraged ETF’s
Vegas Casino Commission
The FED…today’s beauty:
The three new Fed presidents named this year — Kashkari, Kaplan, Harker — are all Goldman Sachs alumni https://t.co/fatos19ABS
— Ben Leubsdorf (@BenLeubsdorf) November 10, 2015
You may find this surprising (thick sarcasm) …but investors think the markets are rigged and are scared to invest. Scared of one of the greatest freedoms capitalism offers.
You may also find this surprising (MORE sarcasm) …but more than half of Americans have a bad credit score (using current ratings system).
Luckily today, in an effort to calm American investors and improve their credit scores the NY Attorney General (Eric Scheniderman) is trying to put a stop to ‘Fantasy Sports’ leaders DraftKings and Fanduel.
“It is clear that DraftKings and FanDuel are the leaders of a massive, multibillion-dollar scheme intended to evade the law and fleece sports fans across the country,” Mr. Schneiderman said, adding, “Today we have sent a clear message: not in New York, and not on my watch.”
The same attorney General did take on Donald Trump University. I guess we can thank him for unleashing ‘Trump for President’.
This is definitely an attorney general focused on New York’s biggest problems and someone who hates the limelight (Mic Drop into Sarcasm).
I love how they ignore deregulating chain of distribution for stocks and making it flatter (customers closer to product—busting up hierarchy and bureaucracy). if you own the casino, you can set the odds of each game.