Prop Shafted

Paul Zubulake, Aite Group

It may not be as famous as other four-letter expletives, but “prop” is certainly a dirty word on Wall Street. Just as public outrage over high-frequency trading and dark pools began to subside, proprietary trading became the latest stick with which to beat investment banks, and given the events of the last two years, visions of unethical brokers front-running clients seem all too easy to believe. 

In the US, the fact that parts of some financial firms that had received public bailout money were

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