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“one of the real wake-up calls was the
way that Wall Street firms moved from
being brokers to being active players
"trading for their own account." ...over
time, Wall Street "firms began to trade
against their clients for their own account,
such that now, the direct investment
activities of a firm like Goldman Sachs
dwarf their activities on behalf of outside
customers," I thought, whither Google,
Yahoo! and Amazon?”

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