Luke_A_Somers comments on Easy wins aren't news - Less Wrong

39 Post author: PhilGoetz 19 February 2015 07:38PM

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Comment author: ChristianKl 20 February 2015 12:09:01PM 2 points [-]

I think the result should be a net gain to society, as is generally the case when you make markets more efficient.

Taking power away from the most powerful actors is often good a net gain for society. That doesn't make it a "easy win".

Matt Taibbi writing about the municipal bond market is worth reading:

Along with virtually every major bank and finance company on Wall Street – not just GE, but J.P. Morgan Chase, Bank of America, UBS, Lehman Brothers, Bear Stearns, Wachovia and more – these three Wall Street wiseguys spent the past decade taking part in a breathtakingly broad scheme to skim billions of dollars from the coffers of cities and small towns across America. The banks achieved this gigantic rip-off by secretly colluding to rig the public bids on municipal bonds, a business worth $3.7 trillion.

Comment author: Luke_A_Somers 20 February 2015 05:52:49PM 1 point [-]

But that collusion becomes impractical and then impossible as the process becomes more and more transparent. This is helping that problem.

Comment author: ChristianKl 20 February 2015 08:39:13PM 1 point [-]

But that collusion becomes impractical and then impossible as the process becomes more and more transparent. This is helping that problem.

Yes, that's why there a lot of money invested in keeping the process intransparent and making it more transparent isn't easy.