Monday, April 7, 2014

Author of Money Ball shatters Wall Street facade by saying ‘Markets are Rigged’

Highly acclaimed author and columnist Michael Lewis dropped a bombshell on this week’s airing of CBS’s 60 minutes when he said unequivocally that every stock market is rigged, and that high frequency trading computers siphon billions of dollars from legitimate trades every year.
The U.S. stock market is rigged, with elite traders buying access to a high-speed network that allows them to figure out what you’ve just ordered, order it first, then raise the price before your order is complete.
And according to Michael Lewis, author of a new book about high-frequency trading called “Flash Boys,” this form of “front running” is completely legal.

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