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JAN 21, 2013 - Zero Hedge

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A Rally Without Investors And Other Musings

Over the course of the last two weeks, I attempted to explain to the general investing public how, thanks to the virtual impossibility of distinguising between 'legitimate' market making and 'illegitimate' prop trading, some of America's systemically important financial institutions are able to trade for their own accounts with the fungible cash so generously bestowed upon them by an unwitting multitude of depositors and an enabling Fed. Of course, as I noted recently, simply taking excess reserves and using them "to make big bets in the credit and equity markets would be too transparent ... Read More

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