[yborg]

I actually find his approach illustrative - even those in the business not inclined to completely disregard the intent behind any rules think of the whole enterprise as a great game divided into competitors and civilians, who are mostly just collateral damage in these contests. There is also a general acceptance of the idea that anything not forbidden is compulsory - if someone gets around the rules to do something others outside the game might consider unethical, then that is the fault of the rulemakers for not being clever enough to write the rules well enough, and in fact it is incumbent upon the players to expose such loopholes. Because leaving money on the table is really the only sin on Wall Street.

As a civilian it's important to understand this mindset when dealing with the financial industry at any level because if you don't, you're going to be on the short end of the things Matt writes about.