There is a misconception that Wall Street is composed of rich people gambling with other rich people's money. This couldn't be further from the truth. The secret that Wall Street doesn't want anyone to know is that hedge funds comprise less than 5% of assets in the stock market. The real big players in the market are individual households and the pension funds, mutual funds, university endowments, charities and foundations that are entrusted with your savings, donations, retirement funds and 401(k)s--trillions and trillions of dollars that are invested with Wall Street banks. In effect, you are the big player in the market, and when a bank overcharges a teacher's retirement fund or a charity on a complex product; misprices the Facebook IPO, causing billions of dollars of wealth destruction; helps the governments of Greece and Italy cover up their debt; or rigs interest rates, affecting trillions of dollars of loans, it ultimately comes out of your pocket.~Greg Smith-Time Magazine
How Wall Street Is Still Rigging the Game http://ti.me/TCuXcO via @TIME
How Wall Street Is Still Rigging the Game - TIME
