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Wall Street Justice System Is a Kangaroo Court: William D. Cohan

Jan. 13 (Bloomberg) -- There has been a fair amount written recently about various institutional cartels that are thriving in the U.S. despite antitrust laws designed to prevent their existence.

My previous column compared Wall Street’s few remaining investment banks to a cartel, with explicit pricing power over its hundreds of thousands of customers, an advantage that will only grow greater as the economy improves and the number of thriving banks continues to diminish.