Excerpt:
"We’ve seen this movie before. Enron did not implode because there were no warning signs. It imploded because the warning signs were inconvenient. There were whistleblowers. There were people inside the system who knew the numbers didn’t add up. But complexity was treated as brilliance, and skepticism was treated as cynicism. Analysts admired the innovation. Television hosts admired the executives.

And the stock went up—until it didn’t.

The same institutional shrug preceded the collapse of Bernard Madoff. And one line is enough about Harry Markopolos: he handed regulators a mathematical proof Madoff’s returns were impossible, and they filed it away until the financial crisis caused Madoff to collapse.

The common thread wasn’t ignorance. It was incuriosity. Or, more precisely, selective incuriosity.

Now consider Carvana. For years, short sellers have argued that Carvana’s reported outperformance relative to peers strains economic logic. Short seller reports have laid out, in detail, why investors should be extremely cautious with the subprime used car dealer whose numbers blow away its competitors somehow. All you have to do is take an hour and read the damn reports — something apparently no one on the street is capable or doing, or cares to do."
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All of NYC survives only because of Wall Street fraud and theft from small investors and small companies.
Wall St has been nothing but chicanery for decades, hidden by corrupt federal government shills and lying media..