"Specifically, Cohan dissects a 1947 anti-trust case that was brought against 17 firms for colluding to set prices for investment banking services.
While the suit was thrown out in 1953 for what a judge deemed undue reliance on circumstantial evidence, Cohan thinks the government's argument "was spot on":
"The investment-banking business was then a cartel where the biggest and most powerful firms controlled the market and then set the prices for their services, leaving customers with few viable choices for much needed capital, advice or trading counterparties.
The same argument can be made today."
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