The Wall Street Virus, Pt 743
Finally. Calpers sues the NYSE (and Goldman Sachs and assorted minor players). It's about time - the gaming of the system that goes on on the trading floors and in the pits is unconscionable, and are the big reason that the market is still underperforming, innovation is stifled, corporates are forced to resort to accounting tricks, and you get taken for a lot of money.
The exchanges (and banks) need serious reform - and it's only the biggest institutional investors like Calpers who can force it on them.
The worst part is that the information asymmetry is locked into place by an iron-clad incentives mechanism: if you're not a member of the club, you have very little idea of the magnitude of what I'm talking about - but if you are, it's in your best interest to shut up and enjoy your bonus.