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60. Re: Morning Legal Briefs Oct 30, 2012, 23:56 Wowbagger_TIP
Beamer wrote on Oct 30, 2012, 23:35:
Traders, not investment bankers. They're different things. That was the whole point of what started this line of conversation.

Investment bankers: deal solely with companies and actual assets. If a company wants to get more liquid they guide a company through selling assets or debts. If a company is too liquid they guide a company through expanding or buying another company. They actually buy and sell things that exist in more than just paper (though debt is just paper, they deal with it by having a company issue it, not telling them to buy it.)

Traders: deal with less tangible assets. They're the guys that buy pork bellies low and sell high, all within fractions of a second.

One of those actually adds value to an economy. The other just keeps turning things around that it never actually owns. One of those was involved in this crisis. The other has nothing to do with it.
They are not the same thing and the term is not interchangeable.
I understand that traders and investment bankers do different things, but the big banks are all investment banks, and they all employed traders to do what they did with the sub-prime securities and derivatives. That's the sense that I'm talking about and why I said it's really picking nits when they all work for the same investment banks. The banks were responsible, even if they had other employees doing more useful and non-fraudulent things.
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