60 Minutes this Sunday-Stock market rigged, says Michael Lewis
The U.S. stock market is rigged in favor of high-frequency traders, stock exchanges and large Wall Street banks who have found a way to use computer-based speed trading to gain a decisive edge over everyone else, from the smallest retail investors to the biggest hedge funds, says Michael Lewis in a new blockbuster book, "Flash Boys."
The insiders' methods are legal but cost the rest of the market's players tens of billions of dollars a year, according to Lewis, who speaks to Steve Kroft in his first interview about the book. Kroft's report will be broadcast on 60 Minutes, Sunday, March 30 at 7 p.m. ET/PT.
High-frequency traders have found ways to use their speed to gain an advantage that few understand, says Lewis. "They're able to identify your desire to buy shares in Microsoft and buy them in front of you and sell them back to you at a higher price," says Lewis. "The speed advantage that the faster traders have is milliseconds...fractions of milliseconds."
When an entity has to counterfeit $10 trillion dollars to "support" a blantantly manipulated stock market, that is not capitalism. Bit then when parasites like you profit from it, that is the word you choose to hide behind.
If we had a choice not to play the game we would not. But when an unconstitutional entity decides to commit economic genocide on an entire country by debasing its currency and creating unemployment and poverty via the outright theft of trillions we have no choice.
This is not about money,,,,,,,,,,,,,,,,,it is about how REAL Americans find and destroy parasites like you!!!!!!!!!!!!! You promote the fascism taking the US down,,,,,,,,,,,,you and your FAMILY will pay at some point!!
Lewis says a former trader at the Royal Bank of Canada in New York, Brad Katsuyama, figured this out after he consistently failed to have his entire order filled at the price he wanted. Katsuyama, who speaks to Kroft, put together a team of experts to figure out how to defeat the problem and started a new exchange, IEX, that he believes will level the playing field. Katsuyama launched IEX in October and investors, large and small, can route their trades through IEX without fear of predators lurking. IEX has accomplished this by creating a unique speed bump. "They slowed down high-frequency traders' ability to trade on their market," says Lewis.
While many on Wall Street are trying to starve IEX because it has upset the status quo, large institutional investors are onboard. Hedge fund manager David Einhorn of Greenlight Capital, has invested in the new exchange and tells Kroft that he believes IEX is "going to succeed in a very big way."
I hope this becomes the way of the future very soon, many of us are sick of this corrupted corruption that these Wall Street firms are getting away with,, and that that useless Women who is in charge of the SEC and afraid of these criminals, and has let these CROoooks rip off the public, and do nothing about it, five years ago I guy could trade and make some money, with out getting robbed and raped half as bad as these days.