Last week, Citigroup agreed to pay a $25 million fine to the CFTC for violating section 4c(a)(5) of the Commodity Exchange Act.  This section was added after the Dodd-Frank Act was passed in 2010 and it gives the CFTC greater room to prosecute “spoofers”.    The CFTC issued an interpretative guidance of this rule in 2013 where they detailed their new powers: CEA section 4c(a)(5) states that it shall be unlawful for any person to engage in any trading, practice, or conduct on or subject to the rules of a registered entity that: (A) Violates bids or offers; (B) Demonstrates intentional or reckless (more…)

This is really the best paragraph I have read so far in 2017: The world is awash in bullshit. Politicians are unconstrained by facts. Science is conducted by press release. So-called higher education often rewards bullshit over analytic thought. Startup culture has elevated bullshit to high art. Advertisers wink conspiratorially and invite us to join them in seeing through all the bullshit, then take advantage of our lowered guard to bombard us with second-order bullshit. The majority of administrative activity, whether in private business or the public sphere, often seems to be little more than a sophisticated exercise in the combinatorial (more…)