Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Is The U.S. Stock Market Rigged?

Monday, March 31, 2014 - 4:29 AM
From CBS News:
Steve Kroft reports on a new book from Michael Lewis that reveals how some high-speed traders work the stock market to their advantage

Read more
This was on 60 Minutes last night.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,600
1. Monday, March 31, 2014 - 9:36 AM
Thank you for posting this. Everyone has to see this. 
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,704
2. Monday, March 31, 2014 - 10:09 AM
Wow!  If this isn't another form of Insider Trading, what is?  I have never trusted the stock market due to the fact that a "rumor" can cause it to go up or down and now we have this?  Welcome to the Electronic Age folks.  This was on 60 minutes but I was not able to watch it.  Thanks for posting the info.    Stuff like this isn't just going on in the stock market.  I am filing a complaint with my credit card company due to a terrible experience I had this weekend with their online "auction" and what happened.  Somebody had to be on the other end doing things people like myself were not aware of.   It reminds me on a smaller scale of what I read in that report about the stock market.  I think a lot of things can be "rigged" in other's favor due to the internet and our new electronic age.
paoli2paoli21,398 posts since
Aug 10, 2011
Rep Points: 6,127
3. Monday, March 31, 2014 - 5:45 PM
The information technology (IT) whiz kids are working 24/7 to develop even faster programs for the high-speed trading industry. A mere millisecond can be worth an untold fortune at the end of the trading day.
ShorebreakShorebreak2,670 posts since
Apr 6, 2010
Rep Points: 14,473
4. Monday, March 31, 2014 - 6:36 PM
Yes,  300 million was spent to get 3 milliseconds faster. 60 minutes CBS or 60 minutes CNBC had where computer rooms are built near Wall Street because the closer  you are to Wall Street they said the quicker the  trades were done. These rooms were rented out to the highest bidder.  They interviewed one of the guys that was writing algorithms for the trades. The room are scanned for bugs, they are careful when they talk because of things that can hear through walls from the street. Not a world that I would want to live in. 
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,704