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Saluzzi Educates MSM On PT, Does Not Buy Books

Tyler Durden's picture





 

Irene, I would love to get a copy of your book. Are you willing to exchange one Digital Dickweed coffee mug for a few hundred copies? I am sure you have them lying around, and it sounds about equitable.

Also, good thing of Irene to admit that any variant of forntrunning is illegal. We are with you!

 


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Fri, 07/24/2009 - 14:37 | Link to Comment agrotera
agrotera's picture

I would bet that CNBC is trolling your site for their "top" stories of the day now, so they can diffuse their image as wallstreet shills.

Fri, 07/24/2009 - 16:08 | Link to Comment Freeple
Freeple's picture

To me, that would be the point - forcing MSM to report the truth again, instead of a bunch of fantasy.

Fri, 07/24/2009 - 19:17 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:43 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:46 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:52 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:53 | Link to Comment whacked
whacked's picture

Yes, kiddies out there study your math ...

 

If Irene roll her eyes on more time ... bigger .. .. nothing incenses me more than that, lost interest on the 4th time ..

 

Irene ... you are not at school anymore .. no longer do you have to express yourself by rolling your eyes and having a 100 words a minute without a breath ..

Fri, 07/24/2009 - 14:52 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:52 | Link to Comment deadhead
deadhead's picture

Here is the verdict:

Saluzzi and the truth won.  Irene, you lost.

I will also give credit to MCC and Steve Liesmann for asking the properly tough questions.  I wish they would follow that line of questioning on a consistent basis.

Fri, 07/24/2009 - 18:03 | Link to Comment Anonymous
Wed, 07/29/2009 - 04:35 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:53 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:56 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:06 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:08 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:13 | Link to Comment Oso
Oso's picture

Read the NYT piece today and then revise your comments above.  the colocation is not the issue.  "sniffing" institutional orders is the issue.

Fri, 07/24/2009 - 15:16 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:18 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:20 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:15 | Link to Comment dnarby
dnarby's picture

Can't sniff without a really low latency, thus the co-location problem.

Fri, 07/24/2009 - 15:27 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

dude its not the speed of light thats questionable here, or the location or co-location of the servers ... it's about paying to the exchanges for those 3 microseconds of displaying the price, and that happenes when investor submits the order and for three microseconds the order flashes nude infront of drooling HTF which then buys as many shares of taht XYZ company at lets say 50$ and the order is executed for 50.01 cent .. so they pocket one cent on that trade ... and to know that this shit equals to 21 billion in profits and 70% of the volume says only one thing.... this market is a fucking disgrace to every investor who ever purchased a stock ... oh and if you didnt get what i was saying ... its IT ALL ABOUT THE BOUGHT 3 MICROSECONDs BETWEEN THE ORDER IS SUBMITED AND BEFORE ITS EXECUTED FOR ONE CENT A SHARE HIGHER THAN THE ORDER PRICED THE SHARE ..

Fri, 07/24/2009 - 15:36 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:49 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

actually you are wrong ... i didn't pull those 3 microseconds out of my ass, and i didn't say that the execution time was 3 microseconds but the time the owner of HTF buys from the exchange to flash the order price ... the execution time is what you wrote, i was talking about the unfair buying of 3 microseconds of time to flash the price of the share that has to be executed, and executed it is, for one cent higher than the order price was .... and who's the sucker there ... 1) every small investor 2) every retail investor 3 ) the capitalist system itself ... the machines will soon take over, and when they learn to upgrade themselves and reproduce themselves, humanity will be redundant ...

Fri, 07/24/2009 - 22:56 | Link to Comment Anonymous
Sat, 07/25/2009 - 00:57 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

AMEN brotha .... thats true .. if you have ever been in a VC meeting the first thing those dudes want to know if you have integritiy and if you are fair ... everything else comes after that ... so as you put it, the customers will soon flee from those who front-run this market just for the reason they dont want to be associated with something that is fradulent and without integritiy ... the more media exposure this thing gets the more will people know about the shit thats happening behind the scenes, and the more they now the less they will trust those who have this temporal advantage over a loud majority .... and i trully believe no one would want to be linked or associated with this fraud when charges, bu civil and criminal, start to fly all over the place ... 

Fri, 07/24/2009 - 15:27 | Link to Comment akreitman
akreitman's picture

   It has nothing to do with the speed of light.  Network latency is the killer, all those switches and routers between you and the exchange.

 

Fri, 07/24/2009 - 18:00 | Link to Comment Anonymous
Sat, 07/25/2009 - 00:47 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:53 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:59 | Link to Comment Anonymous
Fri, 07/24/2009 - 14:57 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:02 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:09 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:06 | Link to Comment FatuousTwat
FatuousTwat's picture

You are totally missing the point.

Fri, 07/24/2009 - 15:09 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:11 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:13 | Link to Comment FatuousTwat
FatuousTwat's picture

mmmm herbs

Fri, 07/24/2009 - 15:09 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:00 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:01 | Link to Comment Gwaihir
Gwaihir's picture

I not 100% sure she read the book she wrote.

 

Sat, 07/25/2009 - 01:06 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

im not sure she even wrote the book she wrote

Fri, 07/24/2009 - 15:07 | Link to Comment Mako
Mako's picture

I am going to Vegas and play some poker, I pay the dealer a cut if he lets me see the cards before they are dealt.  

Sounds good to me.  Heck, I would gladly give the dealer a cut.

She say's illegal than goes on to say they are doing it and than says it's ok.

I love watching an end to a system.

Tyler, btw I watched "Fight Club" for the first time the other night.  I can see why you picked your name.  Good stuff.

 

 

Fri, 07/24/2009 - 15:03 | Link to Comment svendthrift
svendthrift's picture

That woman was horrible. Who does she work for?

Fri, 07/24/2009 - 15:24 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:36 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

herself by the looks of it.

she should have done herself a favor and stayed in relative anonymity.

i notice an article just flashed across my Bloomberg that Shumer is going to introduce legislation to ban flash quotes.  it is picking up steam, once again TD is in front of the issue.

Fri, 07/24/2009 - 15:07 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:10 | Link to Comment Mako
Mako's picture

I have no idea why people watch that junk. 

I will watch a clip on the internet but all these people need to turn that channel off.

Fri, 07/24/2009 - 15:11 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

i so want to punch  this chick with a polish accent in the face, and this is the first time i ever wanted to hit a girl ... but how stupid you have to be to think that anyone with an IQ over 20 will believe the blatant and illogical lies she says during this interview is beyond me ... jesus christ, you dont even need to hear about HTF to know that the closer the location to the focal point is the exchange of data is faster because the photon needs to travel less distance between a central server and a sever located only a few feet form the central server, than for instance the same data travelling from lower manhattan to Jim Bob Dell Laptop located in Des Moines .... and she constantly says it's illegal, but that does not make it a) not possible and b) that it isnt done this same moment ... this bitch is as thick as tits cabreras .... well ... tits ... the first rule of investment banking is ..... learn how to lie .. this bitch knows nothing of that ... 

Fri, 07/24/2009 - 15:11 | Link to Comment Dr Hackenbush
Dr Hackenbush's picture

"Able Alpha Trading" 

I'm looking for a good Alpha lead dog to front-run my team.  Perhaps I'll be in touch with this mutt! 

 

Fri, 07/24/2009 - 15:13 | Link to Comment Hondo
Hondo's picture

Irene wasn't very creditable at all.  It sounds more like pay to trade.  It’s happening, it’s a scam and the exchanges are trying to boost volume and revenue because they need to show profits.  Buyer beware!

Fri, 07/24/2009 - 15:14 | Link to Comment Mos
Mos's picture

Can't really expect the exchanges to handicap certain participants based on their distnace from the exchange.  However, if these "algos" can pay to see orders before anyone else and then place an order ahead of the original order that certainily is frontrunning.  I liken it to a scalper waiting outside a movie theater not knowing which movie will be the hot one for the night.  He waits for people to get in line for the movie, jumps them in line, then scalps them tickets at a higher price.  Someone correct me if this analogy is different from what these HF traders are doing.

Fri, 07/24/2009 - 15:18 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:44 | Link to Comment agrotera
agrotera's picture

me too!

Fri, 07/24/2009 - 19:23 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Agreed. It's wonderful!

Sat, 07/25/2009 - 01:08 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

kissy kissy <3 ben-mao

Fri, 07/24/2009 - 15:23 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:19 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:26 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:18 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:22 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:28 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:24 | Link to Comment Anonymous
Sat, 07/25/2009 - 01:14 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

mathematics is per se neutral like everything else ... but you can either use it to calculate the necessities for outer space travel or you can use it for front-running the complete equity markets .... 

Fri, 07/24/2009 - 15:27 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:30 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:33 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Look at her educational background, she is an electrical engineer with a degree in financial engineering, she is in love with the math.  Like most of these traders, she probably doesn't understand what she is even trading.  to her there is no ethical dilemma, the "dumb" will be scalped by the "strong".  She even mentioned it in the clip, something about "people should learn math."  I know the type well.

http://www.linkedin.com/pub/irene-aldridge/3/b62/822

Someday this HFT stuff will go away, either by legislation or a market failure a la LTCM, and she will be be out pitching her skills as a "risk manager" or something similar.

Seen this play before.

Fri, 07/24/2009 - 15:29 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:30 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:30 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:32 | Link to Comment steve from virginia
steve from virginia's picture

The veils have been dropped on this market and its sausage- making machinery is plain to see. I imagine this manipulation was underway from 2002. It's been hiding under the 'real' (value/performance) trading/hedging and quietly pushing stocks higher the entire time. Now that the retail trade has vanished or been busted out, the (remaining) institutions are forced to choose between buying their own co- locations/HFT schema or having their portfolios eroded.

'Irene' is simply rationalizing theft, because its 'successful'.

 

Sat, 07/25/2009 - 01:21 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

try 1987 ... they deliberately turned the puters off to see what happens ... and what happened was one of the largest DJIA drops in the history + a recession ...and that was back in 87 ... can you even imagine the power they concentrated since then ... its fucking mind boggling

Fri, 07/24/2009 - 15:32 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:35 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:35 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:01 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:38 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:39 | Link to Comment grunk
grunk's picture

Irene chirps the company line to keep herself in Jimmy Choo's.  There is a recession on, ya know.

Fri, 07/24/2009 - 15:42 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:45 | Link to Comment Anonymous
Sat, 07/25/2009 - 01:41 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

you are WRANG !!!!1 ... it's not about the HTF goddammit, nor the configuration of the supercomputer, nor is it about the location or co-locations ... its about FLASHING THE PRICE OF THE ORDER BEFORE THE ORDER IS EXECUTED .... get it ... it's ALL about knowing what cards all the other guys have ... and the problem is in THE EXCHANGE ITSELF WHICH GETS A PART OF THE 1 PENNY P/S FOR WHICH THE ORDER IS FINALLY EXECUTED ....  but you seem to be slow, so i'll explain it metaphorically .... there is you and there are other guys round the poker table in Vegas ... and you have an option with the casino which says that the casino will FLASH, for some small period of time, all the cards the other guys have, and you will compensate the casino by giving it a x% of your gains ... of course the casino says that the option does not need to be executed, but if you want to, you can for a certain price ... do you get it now, or do i need to explain thing a bit further ... and stop with the conspiracy bullshit, you're only showing to all of us that you don't understand a lot of things, and so you make it easy on yourself and dismis them as conspiracy theory, because your cognitive development is not developed enough to interpret or understand complex phenomena. 

Fri, 07/24/2009 - 15:50 | Link to Comment Anonymous
Fri, 07/24/2009 - 15:51 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:08 | Link to Comment mdtrader
mdtrader's picture

minus 8% MSFT and minus 8% Amazon after 10 days up and 100 points on the S&P and 200 points on the Nasdaq 100, and the market still doesn't go down.

Conclusion buy long dated puts and go on holiday.

Fri, 07/24/2009 - 16:06 | Link to Comment D.O.D.
D.O.D.'s picture

In Sports, regarding steroids, to paraphrase Irene...

"All we are doing is what nature has been doing for centuries, we are merely introducing the muscle generation manually."

Sat, 07/25/2009 - 01:42 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

LOL

Fri, 07/24/2009 - 16:08 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:15 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:28 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:33 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:43 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:38 | Link to Comment Veteran
Veteran's picture

Since when was this blog about making money?  And by the way, in the end might makes right.  Your money ain't going to protect your sorry ass from the man with the gun

Fri, 07/24/2009 - 17:38 | Link to Comment berlinjames02
berlinjames02's picture

Yup... it'll be like the Incas bringing the Conquistadors gold and silver.

 

I'm glad I'm the guy with the M4.

Fri, 07/24/2009 - 18:23 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

you obviously haven't been buying oil like I have been telling you.

Sat, 07/25/2009 - 03:09 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

if you validate your existence with concentrating the biggest possible amount of FIAT currency than you certainly must be one lone SOB .... like it was said in FC " you're not your bank account "  .... and if you think that money is the answer to the eternal metaphysical question " what is our purpose, and what is the purpose existence " then, again, i feel sorry for you ... oh and yeah ... fuck off ... you're in the wrong place my son, and Gordon Gekko is an extinct specie ..

Fri, 07/24/2009 - 16:14 | Link to Comment deadhead
deadhead's picture

can't wait for robotrader's summary today...COF is definitely a candidate

Fri, 07/24/2009 - 16:14 | Link to Comment Stuart
Stuart's picture

As soon as Irene wouldn't answer the question about whether front running takes place, you knew the jig was up and she was on the wrong side.    Irene, do people run stop signs?  Answer: it's Illegal.  ....  You weren't asked if it was illegal, do people do it.  Yes or No.   She still wouldn't answer.    Reminded me of Geithner deflecting difficult questions.    Saluzzi wins on TKO.

 

 

Fri, 07/24/2009 - 16:21 | Link to Comment Anonymous
Fri, 07/24/2009 - 17:09 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:19 | Link to Comment Anonymous
Fri, 07/24/2009 - 17:10 | Link to Comment Stuart
Stuart's picture

oh, you mean that chicken shit that didn't have the cajones, even though she doesn't have cajones, to answer a straight question....  Even the CNBC hosts clued in to that.

Fri, 07/24/2009 - 18:49 | Link to Comment McLuvin
McLuvin's picture

hahahaha...that reminds me of the "no testicle" support group scene in Fight Club and Marla's expression of how she belongs there more than Jack.

Fri, 07/24/2009 - 16:15 | Link to Comment Stuart
Stuart's picture

hey, what happened to the math questions?   I liked those.   

Fri, 07/24/2009 - 16:29 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:16 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:41 | Link to Comment Woodshedder
Woodshedder's picture

Denninger sends out a ping to ZH, and then tries to frontrun Tyler's posts.

Unfortunately, Denninger is not as good at HFB (high frequency blogging) and therefore his posts always follow Tyler's.

It is definitely NOT because Denninger wouldn't have a thing to write about if ZH didn't write about it first.

Fri, 07/24/2009 - 16:57 | Link to Comment Anonymous
Fri, 07/24/2009 - 17:19 | Link to Comment Woodshedder
Woodshedder's picture

Bingo!!! Hey! Someone gets it! For Karl, its ALL about personality!!!

You did know he wants to be a politician, didn't you?

Fri, 07/24/2009 - 17:25 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:29 | Link to Comment jedwards
jedwards's picture

Wow for someone so blonde and hot, she's pretty well-spoken and knows her stuff.

Fri, 07/24/2009 - 16:36 | Link to Comment Anonymous
Fri, 07/24/2009 - 16:37 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

I'm guessing the issue isn't really HFT per se, but frontrunnig variants of it. I don't see any problem with HFT if there is no frontrunning occurring, provided HFT isn't just a fancy name for frontrunning.

Fri, 07/24/2009 - 16:49 | Link to Comment Anonymous
Fri, 07/24/2009 - 17:41 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:24 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:50 | Link to Comment Anonymous
Fri, 07/24/2009 - 19:15 | Link to Comment Anonymous
Fri, 07/24/2009 - 21:36 | Link to Comment Anonymous
Tue, 07/28/2009 - 18:14 | Link to Comment Anonymous
Fri, 07/24/2009 - 17:05 | Link to Comment Gwaihir
Gwaihir's picture

Tyler... she cannot send you the book - release date Jan 12th, 2010.

http://www.amazon.com/High-Frequency-Trading-Practical-Algorithmic-Strategies/dp/0470563761/ref=sr_1_1?ie=UTF8&qid=1248469165&sr=8-1

Why are they pumping stuff I cannot buy now?

 

Fri, 07/24/2009 - 17:11 | Link to Comment Anonymous
Fri, 07/24/2009 - 17:14 | Link to Comment SWRichmond
SWRichmond's picture

This literally means that each and every time I post an order I facilitate this activity, boost Goldman's profits, AND get cheated.

 

Hell, I know how to protect myself from that.  CASH OUT OF THE FUCKING CROOKED EXCHANGES.  I wonder if there's a local credit union that lends against its deposits locally and that would like some nice IRA money?

Fri, 07/24/2009 - 17:49 | Link to Comment Anonymous
Fri, 07/24/2009 - 17:59 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:18 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

That was my take, she seems very naive, running a two-bit fund.

http://www.ablealpha.com/

 

 

Sat, 07/25/2009 - 02:41 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

two-bit bimbo running two-bit fund

Fri, 07/24/2009 - 18:01 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:05 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:07 | Link to Comment Anonymous
Fri, 07/24/2009 - 19:50 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:05 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:08 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:35 | Link to Comment Anonymous
Fri, 07/24/2009 - 18:38 | Link to Comment jym
jym's picture

They own the government :)

Fri, 07/24/2009 - 18:58 | Link to Comment Eagle
Eagle's picture

Oh boy! Irene makes boxes of rocks seem eligible for MIT fellowships.

Fri, 07/24/2009 - 19:21 | Link to Comment mellmeister
mellmeister's picture

That cute face wasn't made for talking.

Fri, 07/24/2009 - 19:07 | Link to Comment Anonymous
Fri, 07/24/2009 - 19:29 | Link to Comment Anonymous
Fri, 07/24/2009 - 20:00 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

In the "enemy of my enemy is my friend" department

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajcRCWFi5MLs

Schumer Asks SEC to Ban Flash Orders Used by High-Speed Traders

 

“Flash orders allow certain members of these exchanges to obtain access to order flow information before that information is made available to the public,” Schumer wrote. That allows “those members to use rapid trading programs to trade ahead of those orders and profit from advanced knowledge of buying and selling activity,” he added.

The senator said that if the SEC doesn’t prohibit flash orders, he will introduce legislation that would.

Fri, 07/24/2009 - 20:42 | Link to Comment deadhead
deadhead's picture

thanks for the Schumer article...it's interesting to note that the senior NY senator is typically viewed on a historical basis as Wall St.'s guy. 

It's interesting to see Schumer go against the street here (he has a couple of other times as well) as he does play both sides, i.e. the populist politician and then the backroom defender of the street. 

As has been discussed previously, the only way to get the political establishment to move against the goldman sachs of the world is to keep the light on and the pressure high.  Zero Hedge and others are making a huge difference in that the MSM is being forced to cover the issues that are surfacing from the new media world.

Fri, 07/24/2009 - 21:13 | Link to Comment Anonymous
Fri, 07/24/2009 - 21:45 | Link to Comment Anonymous
Sat, 07/25/2009 - 00:00 | Link to Comment deadhead
deadhead's picture

,,,,"but I detest a member of Congress asserting such pressure on an independent body.."

 

Anon 14743.  Perhaps a basic lesson in American governance would be helpful.  Congress makes laws. The Executive Branch enforces said laws.  I would argue that the SEC is hardly an independent body but more of an arm of the Executive Branch. Even if we put aside the independence issue or "arm of Exec Branch" matter, the fact is that a member of Congress can introduce any legislation that he wants.  If it passes, it is law and the Executive Branch must enforce it.  Any independent body (or individual for that matter) must comply with said law.

 

I hope this helps.

 

 

Sat, 07/25/2009 - 03:34 | Link to Comment Gwaihir
Gwaihir's picture

Well said. There has been times when subsystems were set-up to control other subsystem, today this is approach is considered inefficient or confusing.

Fri, 07/24/2009 - 20:57 | Link to Comment Anonymous
Fri, 07/24/2009 - 21:10 | Link to Comment Tyler Durden
Tyler Durden's picture

while i agree in principle, i disagree in practice. flash is just a part of it - a big one... once you get discovery from NYSE and some TBTFs, it will get very interesting.

Fri, 07/24/2009 - 21:15 | Link to Comment Anonymous
Fri, 07/24/2009 - 21:30 | Link to Comment Anonymous
Fri, 07/24/2009 - 21:34 | Link to Comment Tyler Durden
Tyler Durden's picture

I appreciate your patronizing tone, it really helps your credibility. If I had followed the advice of everyone who knows much more than I do, I would still be trying to put the first post up on blogspot. As for order flow, it is up there in priority.

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