Stock Exchange mkt

see white collar crime

see insider trading

see STOCK Act trade

SEE ECONOMY GNP INFLATION

recall the big banks bet against their own toxic assets, that is they sold what they knew were rotten mortgages then bet on them to fail

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AN 1 26

Wall Street calls Trump a source of 'major volatility' as markets tank

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trump said wd collapse if biden elected but see chris hayes 12/14/23 did bogus presser ambused ggl 1700 engr website unlike fail dig at aca but no idea and 1700 engr # fabricated, then mon 3rd biggest drop when exposed?

The Dow closed at a record high of over 37,000, exposing as hollow right-wing warnings that the stock market would crash if Democrats won elections | Media Matters for America

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4 22 no twt

He wants to strip the right to vote from residents of Washington, D.C. and thinks the undocumented should have no path to citizenship. He wants a constitutional amendment requiring the federal government to balance the budget every year but opposes taxing the rich more. He thinks Americans should have an absolute right to gun ownership, the Equal Rights Amendment should not be ratified, there should be no federal requirements to hire women or minorities, women should never be able to have an abortion, and child adoption agencies should be allowed to discriminate against LGBTQ people.

CRT? That’s short for “Communist Race Theory Rep. Pat Fallon is a**freshman Republican from Texas, and already he’s under investigation by the House Ethics Committee< why?

Unreported stock trading.

And not just a few stock trades.

“Between January and April 2021, Fallon made more than 90 stock trades, which were worth a total of at least $7 million,” Forbes reported Wednesday. “The Stop Trading on Congressional Knowledge Act, or STOCK Act, requires representatives to report their securities transactions to the House Clerk’s office within 45 days. Fallon reported his 90-plus transactions in mid-June, meaning some trades were not disclosed until five months after they occurred.”[bloom raskin?]

A spokesperson for Fallon says he didn’t know he had to report the $7 million worth of trades.

He has, his office says, since filed all the paperwork and paid all the fines he owes,

Rep. Fallon is just the latest Republican this month to be under investigation by the House Ethics Committee.

Former Trump White House Physician, Rep. Ronny Jackson, also of Texas, and Rep. John Rutherford of Florida – who serves on the House Ethics Committee – are also under investigation, as is Democratic Rep. Thomas Suozzi of New York. Also in April, theCommittee announced it was closing its investigation into now-former Rep. Jeff Fortenberry, a Republican of Nebraska who resigned from Congress after being convicted of three felonies.

Rep. Fallon’s political positions via BillTrack50 and OnTheIssues.

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https://www.alternet.org/2022/02/stock-trading/

MOC started by peter schweizer docu?!

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amid push for ban, Lawmakers traded $355 million of stock in 2021

Kenny Stancil Common Dreams

As the coronavirus pandemic continued to roil the U.S. economy and take lives in 2021, congressional lawmakers and their family members went on a stock buying and selling...

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https://www.alternet.org/2021/05/black-monday/

HNN

In the days between October 14 and October 19, 1987, major indexes of market valuation in the United States dropped 30 percent or more. On October 19, 1987, a date that subsequently became known as"Black Monday," the Dow Jones Industrial Average plummeted 508 points, losing 22.6% of its total value. The S&P 500 dropped 20.4%, falling from 282.7 to 225.06. This was the greatest loss Wall Street had ever suffered on a single day.

According to Facts on File, an authoritative source of current-events information for professional research and education, the 1987 crash"marked the end of a five-year 'bull' market that had seen the Dow rise from 776 points in August 1982 to a high of 2,722.42 points in August 1987." Unlike what hapopened in 1929, however, the market rallied immediately after the crash, posting a record one-day gain of 102.27 the very next day and 186.64 points on Thursday October 22. It took only two years for the Dow to recover completely; by September of 1989, the market had regained all of the value it had lost in the '87 crash.2

Many feared that the crash would trigger a recession. Instead, the fallout from the crash turned out to be surprisingly small. This phenomenon was due, in part, to the intervention of the Federal Reserve. According to Facts on File,"The worst economic losses occurred on Wall Street itself, where 15,000 jobs were lost in the financial industry."3

A number of explanations have been offered as to the cause of the crash, although none may be said to have been the sole determinant. Among these are computer trading and derivative securities, illiquidity, trade and budget deficits, and overvaluation. Below we have quoted representative analyses.

CAUSE #1: DERIVATIVE SECURITIES

Bruce Bartlett, senior fellow with the National Center for Policy Analysis of Dallas, Texas:

Initial blame for the 1987 crash centered on the interplay between stock markets and index options and futures markets. In the former people buy actual shares of stock; in the latter they are only purchasing rights to buy or sell stocks at particular prices. Thus options and futures are known as derivatives, because their value derives from changes in stock prices even though no actual shares are owned. The Brady Commission [also known as the Presidential Task Force on Market Mechanisms, which was appointed to investigate the causes of the crash], concluded that the failure of stock markets and derivatives markets to operate in sync was the major factor behind the crash.

CAUSE #2: COMPUTER TRADING

Website, University of Melbourne:

In searching for the cause of the crash, many analysts blame the use of computer trading (also known as program trading) by large institutional investing companies. In program trading, computers were programmed to automatically order large stock trades when certain market trends prevailed. However, studies show that during the 1987 U.S. Crash, other stock markets which did not use program trading also crashed, some with losses even more severe than the U.S. market.

CAUSE #3: ILLIQUIDITY...

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medium 221

Water Is Being Traded on the Stock Market for the First Time

Some say trading water as a commodity could help mitigate future water crises, but others are highly…

Drew Costley in Future Human

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amplifying feedbaCK/ death spiral ~ circuit breakers?

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https://www.alternet.org/2020/12/loeffler-2649526867

roger salon

on Oct. 9, billionaire Ken Griffin, the head of amultinational financial services company, gave $2 million to a super PAC called Georgia United Victory (GUV), which had originally been launched by allies of Georgia Gov. Brian Kemp but at the time exclusively supported Sen. Kelly Loeffler's election campaign.

Griffin ranks among the richest people in America, and during the 2020 election cycle he spent at least $57 million to support conservative candidates, most of that on Republicans in tight U.S. Senate campaigns. He donated significant sums to support Sen. Susan Collins of Maine, Sen. Cory Gardner of Colorado, Sen. Martha McSally of Arizona and Michigan GOP candidate John James, among others. But his $2 million to GUV on Oct. 9 was one of his 10 largest contributions ever, and he had already given the Loeffler-centric PAC $1 million about five weeks earlier.

Most major Republican donors at that time were avoiding Loeffler's race, a nonpartisan "jungle primary" in which she faced not just Democrats like the Rev. Raphael Warnock — her current opponent in the Jan. 5 Georgia runoff election — but also Rep. Doug Collins, a conservative Republican closely allied with President Trump.

Furthermore, there was no indication that Loeffler needed the money. She is the richest member of Congress, with an estimated net worth of $800 million. After Kemp appointed her to the Senate last January to fill the seat left vacant by the retirement of Republican Sen. Johnny Isakson, she had promised to spend as much as $20 million funding her own campaign. She consistently told voters that her independent wealth conferred an advantage: She would not be bought by corporate interests.

Griffin's donation to GUV on Oct. 9 also came one day after the Wall Street Journal reported that one of his companies,Citadel Securities— a separate entity from the Citadel hedge fund, which Griffin also runs — had reached an initial agreement to buy one of its competitors, a company called IMC, for a price "in the tens of millions of dollars."

Citadel Securities is one of the world's leading "market makers" — meaning a company that quotes both a buy and a sell price for a trade, hoping to make a profit on the spread — and the proposed acquisition would make Citadel Securities the largest designated market maker, or DMM, on the New York Stock Exchange, with domain over trades for more than half of all securities listed on the exchange.

But before that could happen, management at the world's most famous stock exchange — a central institution in American capitalism since its founding in 1792 — had to approve the deal. That followed in due course, and according to a Citadel Securities press release, the acquisition of IMC was finalized on Nov. 18.

As it happens, Kelly Loeffler's husband, Jeffrey Sprecher, is chairman of the New York Stock Exchange — as well as founder and CEO of Intercontinental Exchange (ICE), the company that has owned the exchange since acquiring it in a $10.9 billion deal in 2013. Loeffler herself sits on a Senate committee that oversees Wall Street and the financial markets.

To be clear, there is no evidence of any illegality surrounding Griffin's contributions to the Loeffler super PAC. As for the Citadel Securities/IMC deal, a spokesperson for ICE, Sprecher's company, told Salon by email that NYSE approval "was a straightforward, staff-driven process that had zero involvement from Jeff."

After considerable discussion off the record, Zia Ahmed, a spokesperson for Griffin, issued a statement placing Griffin's donations to Loeffler in the larger context of his political giving in 2020:

Ken supported several diverse and talented Republican candidates in highly-contested races for Senate this year, including Sens. Collins, [Joni] Ernst and McSally, as well as John James. Sen. Loeffler is a successful businesswoman and an exceptionally strong member of the Senate, and Ken supported both Sen. Loeffler and Sen. [David] Perdue in the general and runoff elections.

Still, the circumstances and timing of the Loeffler donations remain distinctive, and serve to illustrate the haze of money, power and influence that surround the newly-minted Georgia senator, who walked away from an immensely lucrative career as a top executive within her husband's firm when she entered politics a little less than a year ago. Given Loeffler's connections, as well as the government oversight she now exercises over those connections, almost every contact she has with her husband's industry reverberates with potential conflicts of interest.

At the time of Griffin's donations, this had been made clear in months of reporting about Loeffler's wealth and corporate ties, as well as the widespread scrutiny she drew, along with several other senators, for a number of well-timed stock trades ahead of the coronavirus pandemic.

A Justice Department investigation later cleared Loeffler of criminal wrongdoing, but she and her husband liquidated all individual stocks — except for their shares of Sprecher's firm, Intercontinental Exchange, the parent company of NYSE.

On Nov. 18, the same day that Citadel Securities formally announced its purchase of IMC, with the runoff campaign between Loeffler and Warnock underway, Griffin gave $5,600 to the Senate Georgia Battleground Fund, a PAC established to support both Loeffler and Perdue (who also faces a Jan. 5 runoff). That curious amount may reflect a misunderstanding: A PAC can accept much larger sums, but in this instance Griffin gave the maximum any individual could have donated directly to the two runoff candidates.

The NYSE says that DMM firms like Citadel Securities are "the cornerstone of the NYSE market model." DMMs analyze market data to match buyers with sellers, executing trades both manually and electronically in real time, sometimes in flashes of a second. Their matchmaking also helps limit volatility, such as during this year, which has proved a boom time for Citadel. In return, DMMs collect small fees on massive numbers of transactions, scrape potentially useful data and, to some degree, shape markets.

Citadel Securities, however, also excels in high-frequency trading, where nanoseconds can make a difference. The combination presents the firm with a virtually inimitable advantage that has vaulted it to the top of its industry.

Ben Edwards, a securities law expert and professor at University of Las Vegas Nevada School of Law, told Salon that Citadel's purchase of IMC would give it a greater presence into the market, especially with the recent rise of app-based trading, an emergent focus for Citadel.

"As Citadel grows in size, its view of the market also expands — likely allowing Citadel to become even more efficient in market making and high-speed trading," Edwards said. "As retail trading expands with apps like Robinhood, market makers should profit significantly by executing uninformed trades."

Citadel Securities' buyout of IMC was a consequential transaction, according to the Wall Street Journal. It reduced the number of DMM firms on the world's most famous stock exchange from four to three, and gave Citadel oversight of daily transactions for more than 60% of NYSE listings, "potentially raising concerns that the DMM business is becoming overly concentrated," the Journal reported.

That consolidation was unlikely to impact the real-time experience of regular investors, Edwards told Salon, but the NYSE might see it as beneficial synchronicity.

"The NYSE may actually welcome Citadel's acquisition of a market maker because it aligns their interests to a greater degree," he said. "Although Citadel and NYSE may not always agree, Citadel's purchase of a NYSE market maker likely means that Citadel isn't going to undermine the NYSE or try to shift order flow away from the NYSE. If they did, it would result in less business for their market-making subsidiary."

Last year Citadel joined a number of other major firms — such as Merrill Lynch, JPMorgan, Fidelity Investments and Bank of America — in opening its own exchange, MEMX, that would compete with the NYSE directly.

"We will not fight it," Sprecher said on a call with investors after the MEMX announcement, a notably different approach than his purported detachment from Citadel Securities' bid for IMC. "We think it has spillover benefits for the New York Stock Exchange."

Sprecher and Griffin were the top two donors to Georgia United Victory, the pro-Loeffler PAC. The third-biggest donor gave $500,000. Again, Griffin was one of the biggest individual donors of the 2020 election cycle, ranking sixth out of all Americans, according to data compiled by OpenSecrets. Sprecher, too, has spent tens of millions of dollars, much of it on his wife's campaign.

But it's also true that before the Nov. 3 general election, GUV apparently received contributions from only a few donors. In the four months between the PAC's July launch and Election Day, Griffin and Sprecher were among only 26 contributors. Griffin's $3 million was exceeded only by Sprecher's $10.5 million, with all other GUV donors chipping in a combined total of about $3 million.

Otherwise, as mentioned above, major Republican donors mostly stayed away from Loeffler during the "jungle primary." That wasn't true of Griffin: Two of his 10 largest donations went to Loeffler, with the rest going to national Republican-oriented committees and to a PAC supporting John James, the Republican candidate taking on Democratic Sen. Gary Peters in Michigan.

In the period before the Nov. 3 election, GUV entirely deployed its resources in going after Rep. Doug Collins, Loeffler's principal Republican opponent, and did not spend a dime attacking Warnock or any other Democrat. From Election Day onward, GUV raised only about $2 million — and that came from 850 individual contributions, which together account for less than Griffin's two contributions before the election.

Collins attacked Loeffler's wealth and her stock trading scandal throughout the fall campaign. "Raising money — especially from small donors — is a great barometer of support and it is clear that Doug has a dedicated grassroots army marching with him," Collins campaign spokesperson Dan McLagan told ABC News in July. "Kelly Loeffler is mainly supported by Kelly Loeffler, her super wealthy stock-exchange-owning husband and a bunch of lobbyists. She leads a very small and lonely parade."

Collins, however, had also vigorously supported President Trump's 2017 tax bill, which disproportionately benefited corporate and financial interests and multinational firms. Between 2014 and 2016, Collins voted against multiple efforts to close offshore tax loopholes like the ones Loeffler and Sprecher have so successfully marketed through Intercontinental Exchange.

In other words, there are no obvious political or ideological reasons why Ken Griffin would value Kelly Loeffler so much higher than Doug Collins, or why he was evidently so much more invested in her success than were other GOP mega-donors. As noted above, however, Loeffler sits on the Senate committee that conducts oversight of stock trading.

"It's safe to assume that the donations are being made because Citadel stands to benefit by keeping her in office," Edwards told Salon. "It may be as simple as desiring to keep Republican control over the Senate. If Sen. Sherrod Brown [a liberal Ohio Democrat] gained control of the Senate Banking Committee, it could create political risk and increased oversight for the industry. Griffin may also believe that she's more likely to understand and support their industry than most because of her prior work and husband."

Loeffler estimated wealth of $800 million makes her by far the richest member of the Senate, but that's only 4% of Griffin's Bloomberg-estimated net worth of $20 billion, which makes him one of the 50 richest people in the U.S.

For millions of Americans, 2020 has been a financial nightmare, but for Griffin — who last year bought the most expensive home in the country, a Manhattan penthouse — it has been a bonanza. The acceleration in stock transactions has made Citadel Securities one of the financial world's biggest winners of 2020: The firm doubled its profits in the first half of the year as compared to 2019, increasing Griffin's personal net worth by about a third, or $5 billion, according to Bloomberg.

"Sen. Loeffler's close familial ties to market makers and the NYSE may make it less likely that she'd consider policy reforms which might benefit the public and hurt Griffin's business," Edwards said. "For example, a transaction-based tax would likely significantly shrink overall trading volume. That isn't something I'd expect her, Griffin or the NYSE to support."

While Griffin's $3 million might seem like pocket change for someone with his immense wealth, it is not paltry to most Americans, or to most political campaigns. Loeffler's campaign, for instance, raised $28 million in total, and only $3.8 million of that amount came from individual contributions. Another $23 million came from the candidate herself.

The Loeffler campaign did not reply to Salon's request for comment. Citadel Securities eventually provided a comment from Griffin's spokesperson, printed above in full.

FROM YOUR SITE ARTICLES

Will an oil tycoon who donated $500,000 to support Trump’s re-election get bailed out by his administration?

https://www.alternet.org/2020/03/will-an-oil-tycoon-who-donated-500000-to-support-trumps-re-election-get-bailed-out-by-his-administration

no lnx

Will an oil tycoon who donated $500,000 to support Trump’s re-election get bailed out by his administration?

Written by Igor Derysh / Salon March 12, 2020

With oil prices plunging during the coronavirus outbreak, the Trump administration is weighing a federal bailout for oil and natural gas companies, according to a new report.

President Donald Trump has repeatedly touted a fracking boom under his administration, but oil and gas companies have seen profits drop amid an oil price war between Russia and Saudi Arabia.

“Alarmed” by the prospect that some of these companies, many of which are already in debt, [see desmog]could go out of business, White House officials have pushed for a federal bailout in the form of low-interest government loans, The Washington Post reported.

Among those pushing for the bailout is Harold Hamm, a billionaire Trump adviser who owns Continental Resources, an energy companywhich lost half of its market value Monday.

Hamm told The Post that although he had not made “direct” contact with the president, he advised the administration to consider “any action that the administration might take to protect and preserve American interests at this time from being unfairly disadvantaged.”

Hamm has given more than $500,000 to support Trump’s re-election effort since 2017, the government watchdog group Citizens for Ethics and Responsibility in Washington noted.

Some Trump advisers told The Post that the administration was eyeing “targeted assistance” for the companies. Though under consideration, another official warned that “political blowback over the idea may eventually lead campaign advisers and others in [the] administration to talk Trump out of it.”

Chris Rupkey, the chief economist at MUFG Union Bank, told the outlet that he expects significant political backlash.

“It’s difficult when governments selectively target individual industries,” he said. “And there’s going to be pushback on it, because it’s political and may be tied to the administration’s contacts and the people it knows.”

Cornell University professor Robert Hockett, who has advised Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., on economic policy, added that it was ridiculous to look out for big fracking companies while millions need relief.

“We are in the midst of a crisis where people are literally having to skip work and may miss paychecks or face medical debt,” he said. “The idea you would look to help out shale companies now is like something out of a satire or a bad movie. It’s absurd.”

Trump also said that he was looking at bailing out airlines, cruise lines and the hospitality industryTuesday, as they reel from the impact of COVID-19, the disease spread by the novel coronavirus. But the bailout proposals have received public pushback from Republicans.

mma

Amid coronavirus fears, Fox News tries its best to blame Bernie Sanders and socialism for the stock market downturn

an 220

how the stock market’s peculiar psychology explains its reaction to coronavirus

Alex Henderson

Although Fox Business’ Charles Payne has been mocked and ridiculed a lot this week for his ridiculous claim that Sen. Bernie Sanders’ surge in the 2020 Democratic presidential primary is responsible…

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trump betting 2020 reelection of stock mkt? joe conason pts out that mkt cannot deal with problems like epidemic

https://www.alternet.org/2020/02/trumps-lies-and-deception-are-catching-up-to-all-of-us-as-the-stock-market-posts-worst-point-drop-ever-on-record/

no lnx

Trump’s lies and deception are catching up to all of us as the stock market posts ‘worst point drop ever on record’

President Donald J. Trump, joined by Vice President Mike Pence, listens as Secretary of Health and Human Services Alex Azar speaks to members of the press Wednesday, Feb. 26, 2020, in the James S. brady Press Briefing Room of the White House. (Official White House Photo by Joyce N. Boghosian)

Written by David Badash / The New Civil Rights Movement February 27, 2020

In a muddled, dishonest, rambling news conference from the White House press briefing room, President Donald Trump for over an hour talked to reporters Wednesday evening about coronavirus in an attempt to stave off three days of market near-collapse. He lied. He twisted the truth. He displayed little grasp of basic facts. He didn’t let the experts run the show.

He instilled no confidence Wednesday night. In fact, the DOW futures dropped as Trump began speaking:

Dow Futures dropped when Trump said the market fell 2k points because of the Dem debate pic.twitter.com/cvbviB2l9a

— Evan Siegfried (@evansiegfried) February 27, 2020

The markets on Thursday rewarded his efforts with the DOW posting the largest single-day loss in history.

BREAKING: Dow Jones Industrial Average records worst point drop ever on record, plummeting nearly 1,200 points https://t.co/T8yrpR8LHE pic.twitter.com/EaOeKgC34O

— CNBC Now (@CNBCnow) February 27, 2020

Why?

The Trump administration has known about coronavirus since at least December 1, 2019. It did nothing until January 29, when the White House posted a memo announcing President Trump’s Coronavirus Task Force. The task force did not even include the surgeon general, making it clear the White House had little interest in communicating to the American people any sense of competence or delivering even an iota of public education.

Nearly an entire month went by. Trump and the First Family played in India, posing at the Taj Mahal, refusing to eat the specially prepared foods their hosts created just for them, and praising Prime Minister Modi as Muslims were being slayed just streets away from where the Trump family was staying.

The grandeur and beauty of the Taj Mahal is awe inspiring! ???? ???? pic.twitter.com/jcYwXHxf4c

— Ivanka Trump (@IvankaTrump) February 24, 2020

“The losses mark the worse week for U.S. stocks since the financial crash of 2008. The S&P 500 and Nasdaq each also plunged by more than 4%,” reports ABC News, calling it the “worst week” since the 2008 global financial crisis.

This, as the First Family played, pretending to be on official business as the coronavirus outbreak exploded earlier this week.

Trump returned after two days of about 1000 point drops in the DOW each day. He hastily called a press conference for Wednesday at 6 PM. Just after it began at 6:30 PMit became clear there was not going to be a coronavirus czar, there was no real plan, other than to put in charge Vice President Mike Pence. Even a Fox News pundit eschewed that decision, noting Pence doesn’t believe in science, is not a doctor, and has a horrific record when it comes to public health – he oversaw an explosive HIV outbreak during which he decided to pray for guidance rather than listen to what experts told him he had to do.

And now, as the markets tumble, as Trump lies about the number of coronavirus cases in the U.S. and pretends that there might not be “community spread” – the first case of which the CDC literally announced just after Trump’s news conference, it’s become even more clear Trump and his administration aren’t interested in protecting the American public, but rather, they are interested in appearing to be doing “things” that might make it appear they are protecting the American public – when their goal is to protect the markets.

That’s why Vice President Pence’s first act as head of the Coronavirus Task Force was to add top and Trump economic advisor Larry Kudlow, and Treasury Secretary Steve Mnuchin to the Task Force, along with the surgeon general (finally).

Absent from the list: any public health experts, any crisis experts, anyone not from the Trump administration, the CDC, or the NIH. In other words, there is no one on the Trump Coronavirus Task Force the Trump administration cannot control.

That’s dangerous. It’s dangerous because the administration has already told the federal government all communication, to reporters and others, is to go through Vice President Pence, and it’s dangerous because there is no one who will tell Trump or Pence anything they don’t want to hear.

And what else is the Trump administration doing?

Campaigning at CPAC, the Conservative Political Action Conference.

Over the course of Thursday through Sunday, 21 top Trump administration officials, including the President and the Vice President, and a large number of Cabinet Secretaries, will all be attending and speaking at the far right-wing conference. CPAC over the years has hosted some of the most extreme groups and fringe elements in conservative America. Groups like the John Birch Society, and extremists like Milo Yiannopoulos — whose invitation was pulled when a vile video of him was released.

The Democratic primaries are just getting started but the markets have already voted. They have made clear they have no confidence in this President and this Vice President.

Unfortunately, those who will pay the price form that vote are, as usual, the Americans who can least afford a hit to their life savings – if they have any – or to their 401(k)s, or to the number of hours they work which will be cut so their bosses can save a few bucks when business gets bad.

The stock market has now plunged about 3200 points this week, and there’s no reason to suggest Friday will be any better, because there’s no reason to suggest this president will be any better.

kpfa 220 stats show bot 20% not helped by stock price or even low unempl in terms of wage growth?

Top Trump economic advisor slammed for claiming coronavirus ‘contained’ after CDC warns of spread

David Badash / The New Civil Rights Movement February 26, 2020

Larry Kudlow, President Donald Trump’s top economic advisor, is falsely claiming the U.S. has “contained” the coronavirus, literally minutes after reports broke that the CDC is warning of a spread of the deadly virus that has killed 2600 people, mostly in China.

Traditional Ways of Paying for Fires and Floods Aren’t Cutting It

Climate change is driving up the expense of natural disasters and sending some of the nation’s largest utilities to the bond market to cover huge, unexpected bills. Claims Journal

RMI 220

https://en.wikipedia.org/wiki/Flash_Boys

Flash Boys: A Wall Street Revolt is a book by the American writer Michael Lewis,^[1] published by W. W. Norton & Company on March 31, 2014. The book purports to be a non-fiction investigation into the phenomenon of high-frequency trading (HFT) in the US equity market, with the author interviewing and collecting the experiences of several individuals working on Wall Street.”^[2] Lewis concludes that HFT is used as a method to front run orders placed by investors. He goes further to suggest that broad technological changes and unethical trading practices have transformed the U.S. stock market from "the world's most public, most democratic, financial market" into a "rigged" market.^[3]

The book has drawn criticism from some academics and industry experts, particularly on Lewis's grasp of HFT and other factual inaccuracies in its depiction of trading.^[4][5][6]Other critics have praised Lewis's explanations of trading concepts and concurred with his criticism of HFT; however, it is suggested that he neglects to pay attention to the larger issue of financial regulation, and had excessively simplified the relationship between various institutions in the financial market.^[4][7][8] A few executives in the industry have also responded by dismissing the book's content as "closer to fiction".^[9]

...

predicted by Jaron lanier