Astonishing report on '60 Minutes' last night.
The upcoming book by best selling author Michael Lewis entitled 'Flash Boys' details how the US stock markets are rigged, with big players making tens if not hundreds of billions of dollars on insider information.
How does the scam work? Let's say a large mutual fund or pension fund was to execute a substantial stock market trade, the button was pushed, and the insiders having this information would put in their own trade milliseconds or fractions of a millisecond beforehand, reaping untold bounty.
Large trades were traditionally executed through the stock exchanges computer networks based in New Jersey, it was discovered that when trades were executed through other routes than the central networks run by the exchanges, the problem of "front running" didn't happen.
'60 Minutes' and this new book does a good job of showing just what a sham Wall Street remains.
It reminds me a little bit of a nervous period for investors way back in October of 1987. The markets were volatile, and '60 Minutes' did a timely interview with the reigning Wall Steet Guru and Oracle from on high of his day Elliot Prechter, who went on to explain his "Elliot Wave" and Fibonacci numbers and how everything was just fine.
Wall Steet Guru Elliot Prechter looked like a utter loon, and the Dow dropped 22% the very next day, 2nd only to the crash of '29.
The words gonna get out on this book. Wall Street has been exposed as a sham once again. Hopefully the reaction won't be as bad as it was back in 1987.
https://www.cbsnews.com/news/is-the-us-stock-market-rigged/
The upcoming book by best selling author Michael Lewis entitled 'Flash Boys' details how the US stock markets are rigged, with big players making tens if not hundreds of billions of dollars on insider information.
How does the scam work? Let's say a large mutual fund or pension fund was to execute a substantial stock market trade, the button was pushed, and the insiders having this information would put in their own trade milliseconds or fractions of a millisecond beforehand, reaping untold bounty.
Large trades were traditionally executed through the stock exchanges computer networks based in New Jersey, it was discovered that when trades were executed through other routes than the central networks run by the exchanges, the problem of "front running" didn't happen.
'60 Minutes' and this new book does a good job of showing just what a sham Wall Street remains.
It reminds me a little bit of a nervous period for investors way back in October of 1987. The markets were volatile, and '60 Minutes' did a timely interview with the reigning Wall Steet Guru and Oracle from on high of his day Elliot Prechter, who went on to explain his "Elliot Wave" and Fibonacci numbers and how everything was just fine.
Wall Steet Guru Elliot Prechter looked like a utter loon, and the Dow dropped 22% the very next day, 2nd only to the crash of '29.
The words gonna get out on this book. Wall Street has been exposed as a sham once again. Hopefully the reaction won't be as bad as it was back in 1987.
https://www.cbsnews.com/news/is-the-us-stock-market-rigged/
