Peenie Wallie

I feel so ignorant. That this was out there and I hadn't a clue.

I never read Liar's Poker. But what I think was most informative was the switch from private to publicly traded firms. Who cares if the shareholders get left holding the bag? Big deal. If it was a private firm, and it was their own money they were gambling with, it would be a different story, I think.

The problem with a publicly traded firm is the "diffused responsibility". The average shareholder doesn't have time or expertise to really evaluate what the company and it's traders are doing on a daily basis. So, they all hand over their money and hope it goes up. How sad.