Regulators Shocked, Shocked Stock Market Rigged

Michael Lewis was a whistleblower who detailed crime and corrupt on Wall Street in the 1980s in a book called Liar's Poker.  After his book came out, he was astonished to be inundated with letters from the best and the brightest graduates from USA Universities all requesting assistance in landing a jobs where they themselves could engage in crime and corruption on Wall Street.

Michel Lewis has written a new book detailing how computer and software has managed to rig the stock market.  Comments the current head of the SEC:

“The problem with high-frequency trading right now is that there’s a perception that for the little guy, the markets aren’t fair,” Gallagher told CNBC during an interview. “That perception to me is a reality. It’s something we need to address.”

No doubt the requests will renew.  But the salient point is SEC Chairman Dan Gallagher is shocked shocked at what has been going on for a decade, as detailed by a writer.  Why, he had NO idea.   No one at the SEC, known for time logged on to porn sites, had any idea.  Porn, much?  So he will look at it.  As soon as all internet porn has been looked at. (Note he is not even yet accepting it as a fact). And after looking at it, there will be a new SEC director in 5 years, and it will be time to move on.

The amazing thing is scams are always the same thing over and over, so much so they are the basis of popular culture.  But the SEC seems to be populated by people unable to perceive the most common scams.



When your pension is wiped out, you cannot complain.  It is not as though you did not know what was going on.  It is going on now.  And you know it.

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