No One

[Outlaw]

America's dodgy financial plumbing

Too big a fail count

As well as the concerns about financial stability, there is a question of fairness. Brokers who fail to deliver securities—so they can lend them to other parties, for instance—are gaming the system at clients' expense. Delays caused by settlement failures deprive investors of $300 billion that they could otherwise invest profitably, equating to losses of $9 billion a year at a conservative 3% interest rate, says the Kauffman report. Investors are unwittingly “underwriting this transfer to trading profits on Wall Street,” it says

http://www.economist.com/node/18774844