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- Greenspan knew that markets were “efficient” because the efficient market hypothesis is the foundational pillar underlying modern finance theory.
- Markets can’t be efficient if there is control fraud, so there must not be any.
- Wait, there are control frauds! Tens of thousands of them.
- Then control fraud must not really be harmful, or markets would not be efficient.
- Control fraud, therefore, must not be immoral. As crime boss Emilio Barzini put it in The Godfather, “It’s just business.”