In defense of Wall Street speculators

03/21/2010 | New York Times (tiered subscription model), The

Speculators have been blamed for a host of recent financial debacles, but some industry observers suggest they may actually lessen risk by targeting troubled stocks and bonds. "If there are heroes in the financial system, these are the heroes," said Frank Partnoy, a professor of law and finance at the University of San Diego. "They're the people who bet against Enron, who bet against Lehman and warned it was insolvent."

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