How is arbitrage a "fools game"? Benn making a living at it for years. It is not for stupid people, so if you are one of those, or don't understand it, don't comment on it. By the looks of things, you are one or the other or both.
FTC is still an issue. I don't know where people are getting that there are no concerns there and that everyone has signed off on it and the like. They never seem to provide links to filings or articles.