An ATOM BOMB went off under WALL STREET last SUNDAY, March 30thby Anita Sands Hernandez, written Tuesday, April 2nd, 2014
Writer Michael Lewis (on CBS 60 MINUTES last Sunday), ripped Wall Streeters a new one. Veteran of many books on the street, his latest "FLASH BOYS" is a CHANGE PRODUCING expose . The Book's 48 hrs old and CHARLIE ROSE had the author on tonight. Can you get CHARLIE ROSE videos off PBS? Well doesn't matter, you can see the premiere video of CBS' March 30th show on YOU TUBE. as This story is huge:
The biggest, most wired and hired Wall St big boys ( a group called HIGH FREQUENCY TRADERS) were STEALING billions from investors. The book and CBS show were 2 days old and the FBI/ SEC and NY STATE ATTY found out about the grift. All three may prosecute the guilty traders. The felons were skimming all large hedgefund orders with a speed wire like Redford Newman had in THE STING. When hedgefund or bank ordered a BIG ORDER, 50,000 shares, at 'going price,' A short mile long cable in Brooklyn could ---in milleseconds ---read the order and shoot back a new, upped price. Author called it 'front running'.
ONE Canadian banker, BRAD KATSUYAMA has the job of buying huge stock orders for a Canadian bank, noticed how price went up as soon as he pressed button to order. He sensed the goblin in the system. He
investigated, found a cable expert, discovered this 'SKIM' going on and how it was accomplished and where the 'sting wire' was located.http://www.cbsnews.com/news/michael-lewis-explains-his-new-book-flash-boys/
http://www.cbsnews.com/news/michael-lewis-explains-his-new-book-flash-boys/
http://nymag.com/daily/intelligencer/2014/03/michael-lewis-flash-boys-could-shake-wall-street.html
This is unique. NO WALL STREETER HAS ever BEEN PUNISHED for fraud, except Bernie MADOFF, MARTHA STEWART and RAJ Rajaratnam but he doesn't count as he's an outsider.
http://www.wsws.org/en/articles/2014/04/02/pers-a02.html
Wall Street High Frequency traders, caught by Katsuyama with hands in
the cookie jar, say 'hey it's legal and if we hadn't made all this
moola, all those traders would have gone broke in the 2008 crisis. FBI/
SEC and NY state Atty will decide.After KATSUYAMA told the cops, he decided to make a "FAIR" stock marketplace to pull clients away from the crooked one that everybody has been using.
HOW the WRITER Michael Lewis stumbled on this story is interesting. Goldman Sachs accused one of their junior traders of stealing the secret programming to do SPEEDY MIDDLE MAN TRICKS by emailing it to himself. He was convicted, was in prison and then reached out to this particular author. http://en.wikipedia.org/wiki/Sergey_Aleynikov
MORE: http://www.vanityfair.com/business/2013/09/michael-lewis-goldman-sachs-programmer
<===BACK TO SNOOKERED INDEX
<===BACK TO THE HEROES OF THE REVOLUTION LIST