“The markets were once non-profit organizations run for the benefit of investors, and the people that worked there and actually traded there. Now it is a for profit operation that, basically is willing to sell their souls out to the highest bidder. So all of these co-located servers the hedge funds are putting at the exchanges in order to get a millisecond advantage over everybody else, it gives them the ability to sniff orders before they go to the market, allows them to front run investors. These guys are literally pulling billions and billions of dollars out and that profit doesn’t come out of thin air, that profit comes out of the actual investing public…these people are stealing money from the investing public and it is really a great tragedy”.
-Barry Ritholtz, February 15, 2011 on the Keiser Report Episode 121