In high finance, a few arenas are subject to some light and transparency—regulated stock exchanges like the NYSE and the NASDAQ, for example, places fit for day traders and suburban retirees and other such PG-rated softies. But for the most part, high finance is a night game where anything goes. This is the legacy of a generation of brilliant lawyers who’ve turned Wall Street into a perfect black box, the industry surrounded by the legal equivalent of tinted windows.
