It's hard to tell which reaction has been more inappropriate to the Jonathan Moylan-Whitehaven Coal hoax. Was it the Australian Securities and Investments Commission, Australia's usually timid corporate regulator, which allowed scores of executives and directors to walk away from smouldering companies, or the financial media, who not only perpetuated the hoax, but completely fail to understand the effects?

Then there are concerns that Moylan’s prank may have damaged the "integrity" of the market. Leaving aside the fact that sharemarkets have never had much integrity anyway (anyone who doubts that need only look at the share price of companies prior to "confidential" takeover announcements being made) -- those who actually lost money as a result of the Moylan hoax were both foolish and greedy.