It is the nature of being the general manager of a baseball team that you have to remain on familiar terms with people you are continually trying to screw.

Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.

The arrangement bore the same relation to actual finance as fantasy football bears to the NFL.

People who think they know what they are talking about when they talk about baseball include the announcers and all of the sports press - no matter how much evidence you present them to the contrary they will continue to think that what they think is right.

Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.

When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.

A banking system is an act of faith: it survives only for as long as people believe it will.