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Here Come The Feds: FBI Probing HFT

Tyler Durden's picture


It is perhaps little wonder that Virtu was in such a hurry to use the cover of the JOBS Act to IPO itself before the whole HFT 'game' was exposed. Just 5 years after we first drew the world's attention to the potential damage that HFT could do; and mere minutes after we posted our article on how HFT is being set up to be the scapegoat for all that is broken with the market and conveniently distracting from the Fed, and god, or perhaps his agent on earth Goldman Sachs, 'completely unexpectedly' sends in the FBI:

  • *FBI Working With SEC, CFTC in High-Speed Investigation
  • *FBI Investigating Whether High-Speed Firms Trade on Nonpublic Information

Now, the question is: how many HFTs will stop trading for fear that any further trading on 'non-public information' will be deemed criminal from this point... or keep trading and lobby/hope that "a reasonable man" will believe their liquidity-providing lies.

Bloomberg reports,

Federal agents are investigating whether high-frequency trading firms violate U.S. laws by acting on nonpublic information to gain an edge over competitors, according to a person with knowledge with the probe.


The Federal Bureau of Investigation’s inquiry stems from a multiyear crackdown on insider trading, which has led to at least 79 convictions of hedge-fund traders and others. Agents are examining whether traders abuse information to act ahead of orders by institutional investors, according to the person, who asked not to be named because the probe is confidential. Even trades based on computer algorithms could amount to wire fraud, securities fraud or insider trading.

And since the FBI can't be expected to know much about what it is actually investigating, considering the entire farcical investigation apparently was triggered by a Michael Lewis book and/or an anonymous phone call from Goldman Sachs, it would be nice if traders actually did the FBI's work for them. Pretty please:

That's right: if you or your loved ones have been hurt or injured by HFT, please call 212-384-1000212-384-1000 . How would you know if you have been hurt or injured by HFT? Don't worry, you will - it's like porn.

Basically the Feds just asked anyone who has lost money in the last 5 years to give them a ring.

To quote Hans Gruber, "You ask for miracles, Theo, i give you the FBI."


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Mon, 03/31/2014 - 18:03 | 4612040 GrinandBearit
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Mon, 03/31/2014 - 18:06 | 4612056 ArkansasAngie
ArkansasAngie's picture

They have been defrauding the public.  


Mon, 03/31/2014 - 18:10 | 4612067 camaro68ss
camaro68ss's picture

i hope to see more bankers trying to fly tomorrow morning

Mon, 03/31/2014 - 18:16 | 4612089 Bindar Dundat
Bindar Dundat's picture

Bullish for nail guns!

Mon, 03/31/2014 - 18:21 | 4612119 waterhorse
waterhorse's picture

I think its time for a bankster belt-sander "accident"

Mon, 03/31/2014 - 18:27 | 4612140 Jlasoon
Jlasoon's picture

Banker suicide by GM power steering failure in 3, 2, 1 ...

Mon, 03/31/2014 - 18:49 | 4612178 SoilMyselfRotten
SoilMyselfRotten's picture

Whats a harmless penny or two among friends?

Tue, 04/01/2014 - 00:32 | 4612978 Blues Traveler
Blues Traveler's picture

HFT has been around a long time, wonder why they are doing this now, something is going on

Tue, 04/01/2014 - 11:18 | 4613796 XitSam
XitSam's picture

I'm waiting for the drill press suicide

Mon, 03/31/2014 - 18:17 | 4612098 SilverIsKing
SilverIsKing's picture

Heard from just outside the HFT data center:

"Quick, turn those machines on low speed!  They'll never suspect us if we disguise ourselves as an LFT shop."

Mon, 03/31/2014 - 18:18 | 4612105 fonzannoon
fonzannoon's picture

"As Obama says, “Let me be clear.”. I am glad 60 Minutes decided to take a look at this issue. It deserves a lot of media attention and questioning. However, 60 Minutes failed to look deeper into why things were the way they were. They gave the SEC a pass. Senator Ted Kaufmann did make some good points, but again, failed to get to the meat of the matter."


Mon, 03/31/2014 - 18:32 | 4612157 NoDebt
NoDebt's picture

This is the most scripted shit show yet.  Info has been out there for YEARS.  Now there's a 60 Minutes segment (MSM) and an FBI investigation the next day.  It's like they're just rolling out their new marketing campaign or something.

Yeah, let's NOW, AT LONG LAST go after the guys scalping a penny a trade, while diverting attention from the REAL problem.  Fed wasn't mentioned, SEC wasn't mentioned, CFTC wasn't mentioned.  No government agency or their policies that allowed and ENCOURAGED HFTs to exist in the first place.

Mon, 03/31/2014 - 18:48 | 4612204 hobopants
hobopants's picture

I think it just no longer serves their purposes. Virtu IPO makes this game avaliable to everyone and they either want to prevent that, or now that it's becoming less profitable use it as a nice distraction and good PR for the SEC / FBI. "see we're on your side, promise" 

Mon, 03/31/2014 - 18:56 | 4612223 NotApplicable
NotApplicable's picture

As Tyler has mentioned, the Golden Age of HFT is over, having run all of the carbon-based traders away.

Mon, 03/31/2014 - 19:04 | 4612243 ultimate warrior
ultimate warrior's picture

In the year 2014

The Fed's will extort fine Goldman Sachs $3 Billion and they will happily pay the extortion fee fine. What's a $3 billion dollar loss when you make trillions of HFT.

Tue, 04/01/2014 - 01:09 | 4613030 StychoKiller
StychoKiller's picture

Time to put yer avatar to good use! :>D

Mon, 03/31/2014 - 19:30 | 4612327 EggSlayer
EggSlayer's picture

Does anyone even expect any politicians to understand this shit anyway?

Mon, 03/31/2014 - 18:25 | 4612110 VD
VD's picture

More importantly, who does one call if injured by The Federal Reserve? BC that's almost everyone!

Mon, 03/31/2014 - 18:59 | 4612231 GeezerGeek
GeezerGeek's picture

Call Vinnie or Mario. They and their friends are good at 'fixing' things. 

Mon, 03/31/2014 - 19:56 | 4612388 Dickweed Wang
Dickweed Wang's picture

Fuckin' A!!!!

Tue, 04/01/2014 - 11:19 | 4613804 XitSam
XitSam's picture

"Um. Hello, Vinnie? I have a problem."

Mon, 03/31/2014 - 18:49 | 4612187 hobopants
hobopants's picture

It's all about the Virtu IPO "Can't have the little people having the same odds as the house, shut it down boys."

Mon, 03/31/2014 - 18:57 | 4612229 NotApplicable
NotApplicable's picture

Ummm... no. The IPO is out due to the fact that the scam isn't working anymore.

IPOs are NEVER for the little people.

Mon, 03/31/2014 - 19:17 | 4612281 hobopants
hobopants's picture

IPOs are NEVER for the little people.

I would say they aren't good for the little people, but they most certainly are for the little people. Look at the the bubble when even grandma was buying IPO internet stawks. Good idea? no, but that seems to be what regular people get excited about, look at facebook and twitter.

And HFT is becoming less profitable, but still out there. Although I agree they are probably starting the investigation at this late date because it's nearly a dead horse. 

Mon, 03/31/2014 - 18:28 | 4612142 Stoploss
Stoploss's picture

*FBI Working With SEC, CFTC in High-Speed Investigation


Will they all share the porn sites, or fight for them??

So who's monitoring the SEC, FBI and CFTC??????????

Mon, 03/31/2014 - 19:09 | 4612259 Bangin7GramRocks
Bangin7GramRocks's picture

It's official! Goldman Sachs rules the world! I bow down to you Lord Business. I hope my loyalty will result in extra allotments of gruel.

Mon, 03/31/2014 - 18:08 | 4612061 camaro68ss
camaro68ss's picture

WOW, there just starting to look into HFT, maybe they should go on to ZH for all the evidence the Tylor’s provide on a hourly bases.

these .gov types are all ass hats 

Mon, 03/31/2014 - 18:19 | 4612107 Nikki Alexis
Nikki Alexis's picture

Commence hard drive purges in 3... 2... 1

Mon, 03/31/2014 - 18:23 | 4612124 NihilistZero
NihilistZero's picture

The bear market is coming and a scape goat must be found!

HFT in 2016= Subprime in 2008

Tue, 04/01/2014 - 01:55 | 4613071 Colonel Klink
Colonel Klink's picture

I'm sure HFT is well contained and won't affect the broader markets or eCONomy.


Mon, 03/31/2014 - 18:29 | 4612148 FuzzyDunlop21
FuzzyDunlop21's picture

Someone needs to call the tipline and give them the 5-year old ZH article

Mon, 03/31/2014 - 20:53 | 4612506 Freddie
Freddie's picture

Anybody get a feeling this Michael Lewis book launch and story is manufactured?  I like him and I think he is pretty honest but this is how I see this going down.

Uncle O Sam obam has known since 2008 that the public is getting ripped off.  The public gets fleeced in the markets for tenbs of billions.   Then a clever Royal Bank of Canada trader figures out what EVERY hedge fund manager already knew.   They come up with a clever way to go around the HFTs and put them in a loop.  The reality is they just stop sending their orders to BATS. 

Small fish will be indicted, lawsuits where investors get a certificate for a free Big Mac, Uncle Sam Obama gets $3 billion in fines that go around the Treasury to his retirement plan and the DNC.  Attorneys suing the HFT firms get tens of millions in fees. Michael Lewis book goes to Number 1, the Canadian Asian guy who "figured it all out" along with his Mick telecom pal are Heroes!  Yeah!  In the background, the real face behind this exchange (Goldman) stays hidden. 

Meanwhile, the public aka small investors are still f**ked.

Tue, 04/01/2014 - 01:03 | 4613023 StychoKiller
StychoKiller's picture

So, I guess the FBI finally reviewed ALL the pr0n on the intertubez, and are now zipping up and getting back to what the taxpayers pay them for! :>D

Mon, 03/31/2014 - 18:03 | 4612042 salvadordaly
salvadordaly's picture

Oh they are going to investigate. Never said they will do a thing about anything that they find. Party on Garth!

Mon, 03/31/2014 - 18:04 | 4612048 El Vaquero
El Vaquero's picture

It depends.  Is this kabuki theater, or is somebody getting thrown under the bus?

Mon, 03/31/2014 - 18:17 | 4612094 john39
john39's picture

sounds like HFT gets to be the problem that gets fixed...  after that, everything back to normal.  go back to sleep little sheeple.

Mon, 03/31/2014 - 18:38 | 4612139 SilverIsKing
SilverIsKing's picture

FBI: <knocks on door> What's the frequency Kenneth?

HFT guy: I'm a High Frequency Trader.

FBI: You're the guy we've been looking for.  We're investigating High Frequency Trading.

HFT guy: I just smoke some weed and trade a lot.  Is that illegal?

FBI: How frequent do you trade?

HFT guy:  Like two or three trades per day...when I'm not smoking a joint.

FBI:  You do know that smoking marijuana is not very good for you.

HFT guy: Yeah I know but it's the only way I can keep my sanity since I keep losing money to these firms that do computer trading using algorithms.

FBI: Understood.  Have a nice day.

FBI: <on phone> Hi Boss, we just finished our investigation.  Nothing to report.  Just a guy who gets high who trades pretty frequently.



Mon, 03/31/2014 - 18:03 | 4612043 El Vaquero
El Vaquero's picture

Sounds like somebody may be having an uncomfortable encounter with the tires of a bus here.

Mon, 03/31/2014 - 18:08 | 4612062 ArkansasAngie
ArkansasAngie's picture

Gives a whole new meaning for dropping like flies.


Mon, 03/31/2014 - 18:04 | 4612046 ebworthen
ebworthen's picture

Oh sure, Top Men on it, the guys who found the Ark of the Covenant.


Mon, 03/31/2014 - 18:04 | 4612049 disabledvet
disabledvet's picture

I'm shocked!
(your winnings sir.)

"Round up the usual suspects!"

Mon, 03/31/2014 - 18:04 | 4612050 Stanley Lord
Stanley Lord's picture

If this is true, that the FBI is investigating HFT after a short story author goes on TV to promote a book, the USA is dead as we know it.

This is laughable.

Tue, 04/01/2014 - 01:06 | 4613026 StychoKiller
StychoKiller's picture

Wait a sec, WHAT does HFT have to do with "National Security?"

Ya know it's bad when even the FBI can't keep their story straight!

Mon, 03/31/2014 - 18:07 | 4612059 Winston Churchill
Winston Churchill's picture

Did Uncle Scam just pull the plug out from the punchbowl ?

Mon, 03/31/2014 - 18:20 | 4612113 Nikki Alexis
Nikki Alexis's picture

I hope so but I'm thinking Eric Holder will save their arses


Mon, 03/31/2014 - 18:20 | 4612116 waterhorse
waterhorse's picture

I wouldn't hold my breath that Uncle will be plucking any turds out of the punchbowl.

Mon, 03/31/2014 - 18:13 | 4612078 Smiley
Smiley's picture

Oh look a "special investigations" unit has been formed and fully funded by an undisclosed outside entity.  Looks like we do not need to look any further into this silly HFT business...

Mon, 03/31/2014 - 18:14 | 4612085 fonzannoon
fonzannoon's picture

The SEC issued this statement in response to the Fed's investigation.

Mon, 03/31/2014 - 18:18 | 4612090 buzzsaw99
buzzsaw99's picture

the squid told the fbi to do this. the fbi works for the squid. free sergey. bitchez.

Mon, 03/31/2014 - 18:17 | 4612101 Uncle Remus
Uncle Remus's picture


Mon, 03/31/2014 - 18:20 | 4612111 waterhorse
waterhorse's picture

"Says traders with tips about HFT should call 212-384-1000."

Damn right!  Gotta prosecute those whistle-blowers to the FULLEST extent of the law! /s

Mon, 03/31/2014 - 18:30 | 4612114 1stepcloser
1stepcloser's picture

They will find no impropriety...after millions spent on a snipe hunt.  Remember from which the credit flows..

Mon, 03/31/2014 - 19:30 | 4612324 Sabibaby
Sabibaby's picture

Well at least there will be a 700 page report.

Mon, 03/31/2014 - 18:21 | 4612117 Schmuck Raker
Schmuck Raker's picture

Why didn't Goldman wait until AFTER the Virtu IPO?

Mon, 03/31/2014 - 18:23 | 4612123 Seasmoke
Seasmoke's picture

So bad news for Gold ???


Mon, 03/31/2014 - 18:23 | 4612126 Yen Cross
Yen Cross's picture

     The primary prerequisite for employment at GS aka Squid, is that you have (2) faces and know when to use each at the appropriate time...

Mon, 03/31/2014 - 19:18 | 4612283 Whoa Dammit
Whoa Dammit's picture

Another prerequisite: The most guilty always tries to act the most innocent by requesting an investigation.

Tue, 04/01/2014 - 14:22 | 4614413 detached.amusement
detached.amusement's picture

why does court on the planet of garbage come to mind


guilty, or innocent



innocent - feed them to the sharkacons

Mon, 03/31/2014 - 18:24 | 4612129 Pumpkin
Pumpkin's picture

For fucks sake!  For what, a pretend stamp of approval?  Double jeapardy?  Fuck them!

Mon, 03/31/2014 - 18:24 | 4612132 Nick Jihad
Nick Jihad's picture

Perhaps the FBI will investigate how it was that Martha Stewart did time in a Federal Pen, while John Corzine walked away a free man.

Mon, 03/31/2014 - 18:29 | 4612145 Winston Churchill
Winston Churchill's picture

Martha doesn't  wear WH cufflinks.

Mon, 03/31/2014 - 20:04 | 4612401 Dickweed Wang
Dickweed Wang's picture

Martha won't swallow . . . John will.

Mon, 03/31/2014 - 18:32 | 4612136 SheepDog-One
SheepDog-One's picture

In Maddeline Kahn's voice from Blazing Saddles- 'Oh Hooway...our hewo's'.

Mon, 03/31/2014 - 18:30 | 4612150 Cacete de Ouro
Cacete de Ouro's picture

So, like, doesn't the NSA splice into the HFT cables and servers? One would think so...or do they just patch straight into the DTCC up on Water St.?

Mon, 03/31/2014 - 18:32 | 4612156 elwind45
elwind45's picture

Bytes are speech

Mon, 03/31/2014 - 20:08 | 4612411 Dickweed Wang
Dickweed Wang's picture

Bytes are speech

Next thing you'll be saying is that corporations have the same rights as people . . . .

Mon, 03/31/2014 - 18:35 | 4612164 docmac324
docmac324's picture

It takes 60 Minutes for the Fed to respond?  ZH gets no respect.


Mon, 03/31/2014 - 18:56 | 4612222 Slave
Slave's picture


Mon, 03/31/2014 - 18:35 | 4612165 madcows
madcows's picture

Im sure that if there is a true problem, Hank Paulson and Tim Geitner will come riding in to save the day.

Mon, 03/31/2014 - 18:39 | 4612169 Conax
Conax's picture

There they go again.

How many times have they said, "We can't comment on _______ due to the ongoing investigation." ?

Now nobody can find out anything, for three years at which time nothing actionable will be found.

Mon, 03/31/2014 - 18:44 | 4612186 Mediocritas
Mediocritas's picture

Retroactively claw back profits made by HFT from the date Island ECN was first created and disperse it back into pension funds, from where most of it was effectively skimmed. Should be good for kicking the pension Ponzi can down the road for, I dunno, about another 2 months or so.

Mon, 03/31/2014 - 18:52 | 4612191 nakki
nakki's picture

This is all such bullshit. One author telling us what many of us have know for the better part of a decade and the FBI gets involved. Don't worry about banks, government officials, and SEC employees all trade on insider information. Don't worry that the privileged few get information prior to everyone else. Don't worry that markets have been manpiulted for decades. I'm not defending HFT, but come on our system is rotten to the core and all of a sudden, the FBI gets involved with HFT? The FED has manipulated the global markets since 1913, so please, give me a break. 79 convictions, obviously low level programmers and nobody of real consequence.

Mon, 03/31/2014 - 18:53 | 4612214 Mediocritas
Mediocritas's picture

Your odds are nowhere near attractive enough for anyone around here to take that bet.

Couple of wrist slaps, finger wagging, "you've all been very naughty boys", a scapegoat settlement out of court in which a firm pays a "significant" fine that's no more than 5% of the profits it made, some rotation of jobs between HFT firms and regulators, then it's all back to business as usual.

Heaven forbid that the Feds actually shut this racket down. Won't someone think of the childr...I mean, liquidity?

Mon, 03/31/2014 - 19:08 | 4612255 nakki
nakki's picture

That's funny because I had to ammend my statement. Knowing that 10-1 probably was way to low, i just deleted that whole sentence. How about 25-1 that nobody of consequence gets any serious jail time.

Mon, 03/31/2014 - 18:46 | 4612197 logicalman
logicalman's picture

If the Fed is 'looking into' HFT, it's because they see it as a potential problem for the Fed, and no other reason.


Mon, 03/31/2014 - 19:35 | 4612333 Sabibaby
Sabibaby's picture

Lets not get the Federal Reserve and the FBI confused now...

Tue, 04/01/2014 - 14:25 | 4614424 detached.amusement
detached.amusement's picture

see above comment about one arm of the squid being tasked to investigate another...

Mon, 03/31/2014 - 18:48 | 4612203 Son of Captain Nemo
Son of Captain Nemo's picture

My goodness what impeccable timing!

Right after the nationally televised "60 minutes integrity stunt" with Michael Lewis...  And the only reason CBS decided to air it is because their ratings have been in the shitter for too long and they are losing money on the show.  Much for the same reason MSNBC broke with tradition in this story.  They are being honest for a change not out of choice but more of necessity!

Hemorrhoids feelin' any better America?

Mon, 03/31/2014 - 18:49 | 4612206 kragsquest
kragsquest's picture

Line the bums up against the wall and gun them down!!!

Confiscate their stolen assets

Tue, 04/01/2014 - 05:08 | 4613214 grekko
grekko's picture

See comment above about Sharia Law.

Mon, 03/31/2014 - 18:55 | 4612220 Bubenthauser
Bubenthauser's picture

Blah blah blah, the dumb FBI is now getting on the train? Get outta here, please.

This is all media stunt BS. And it is only gonna bring one thing: even more fragility in the markets, as HFT/algo players will be forced to resort to new, more subtle and certainly more extreme methods to keep their game going.

And as someone else mentioned here, HFT will be the "scapegoat" for the next inevitable bear market. How convenient.

Mon, 03/31/2014 - 18:57 | 4612228 Cornholiovanderbilt
Cornholiovanderbilt's picture

The sociopaths really are guarding the hen house. Oh boy!!

Mon, 03/31/2014 - 19:07 | 4612253 NoWayJose
NoWayJose's picture

Of course, the investigation is NOT whether HFT is legal or abusive of the system, but rather whether they are trading on non-public information. Good luck tracing that through the HFT trading desks.

Tue, 04/01/2014 - 05:07 | 4613213 grekko
grekko's picture

Electrons never rat out their masters.  It's like Omerta.

Mon, 03/31/2014 - 19:11 | 4612264 NoWayJose
NoWayJose's picture

Instead of $6 billion fines, the better solution might be Sharia law applied to those who steal via HFT. A different way to think about missing digits.

Tue, 04/01/2014 - 05:06 | 4613210 grekko
grekko's picture

Would they have their right hand cut off for stealing?  Or would it be castration for the butt fucking rape they committed?

Mon, 03/31/2014 - 19:14 | 4612274 royal
royal's picture

HFT should be illegal.



Mon, 03/31/2014 - 19:17 | 4612280 djsmps
djsmps's picture

60 Minutes did a piece on HFT a couple of years ago, but it was more like the fluff piece they did on the NSA, They trotted out a bunch of Indian guys who exclaimed how smart they were, and in their best stereotypical Indian accent, they all said "We provide the liquidity the market needs."

Tue, 04/01/2014 - 01:52 | 4613065 StychoKiller
StychoKiller's picture

Brawndo™!  Its got what stawks crave!

Mon, 03/31/2014 - 19:19 | 4612285 ReactionToClose...
ReactionToClosedMinds's picture

what makes anyone think they will find anything since the biggest financial crime in my memory stymied them ala Jon Corzine and the 'one witness'

Mon, 03/31/2014 - 19:22 | 4612294 Remington IV
Remington IV's picture

HFT = front-running scumbags


Mon, 03/31/2014 - 20:57 | 4612519 slightlyskeptical
slightlyskeptical's picture

That was pretty obvious from day one. Any program which makes trades based on orders being placed and circumvents those orders is front running.

Since they let it go on for so long, i can only come to the conclusion they shut it down before the markets turn the other way. Front running the downside in the fashion of the last few years of HFTwould be pure havoc for the averages. .

Tue, 04/01/2014 - 05:04 | 4613209 grekko
grekko's picture

Yep!  Take gold/silver for example.

Mon, 03/31/2014 - 19:22 | 4612296 q99x2
q99x2's picture

Basically the Feds just asked anyone who has lost money in the last 5 years to give them a ring.

Fuck them. It was the Government's money that I lost.

Mon, 03/31/2014 - 19:23 | 4612300 Remington IV
Remington IV's picture

"provide liquidity" = buy ahead of your order and sell it back to you at higher prices

Mon, 03/31/2014 - 19:25 | 4612305 walküre
walküre's picture

Once HFT is turned off all that "money on the sidelines" will finally come back into the markets.


Mon, 03/31/2014 - 19:33 | 4612329 starman
starman's picture

you gotta love this rotten corrupt country!

Tue, 04/01/2014 - 05:02 | 4613208 grekko
grekko's picture

My advice is to sharpen your knives, polish your silver, kick back and wait.

Mon, 03/31/2014 - 19:36 | 4612334 Algosaurus Rex
Algosaurus Rex's picture

Seriously? Haim Bodek's been bitching and screaming about this for years. Maybe he should call the FBI hotline just one...more...time...

Mon, 03/31/2014 - 19:37 | 4612337 nakki
nakki's picture

So basically front running orders is OK, if you're a BANK, but since your HFT computers are faster than our HFT computers the FBI must investigate.

Mon, 03/31/2014 - 19:47 | 4612364 Billy Shears
Billy Shears's picture

Flash,uh,I mean,false alarm. Nothing to see here, move along.
And who investigates the FBI?

Tue, 04/01/2014 - 05:01 | 4613207 grekko
grekko's picture

Don't worry, congress will call up a special panel of poiticians to write a report about it, then classify half of what's in it, then seal the rest for 50 years.  See how easy that was.  Case closed.

Mon, 03/31/2014 - 20:09 | 4612409 ThisIsBob
ThisIsBob's picture

If its anything like their domestic terror investigations, the FBI is going to have to set somebody up first.

Mon, 03/31/2014 - 20:25 | 4612451 FieldingMellish
FieldingMellish's picture

This will go nowhere.

Mon, 03/31/2014 - 20:36 | 4612469 Dimons jock
Dimons jock's picture

HFT to me is like sub prime mortgages - legal but wrong. But legal. No need to waste more taxpayer $ on this bullshit.

It was refreshing to see Mark Cuban tell those jerkoffs what the real deal is. I wish I had enough fuck you money...

Mon, 03/31/2014 - 21:25 | 4612589 robertocarlos
robertocarlos's picture

Fuck you FBI! FBI, fuck you!

Mon, 03/31/2014 - 21:32 | 4612608 El Hosel
El Hosel's picture

Last one to call this a "crisis" is a rotten egg.

Mon, 03/31/2014 - 21:32 | 4612610 yellowsub
yellowsub's picture

I thought FBI is busy probing those who make $5 on a trade?

Mon, 03/31/2014 - 22:50 | 4612797 tnquake
tnquake's picture

FBI and J Edgar says: "Banks are an almost irresistible attraction for that element of our society which seeks unearned money."

SEC says: "Someone needs to take the filters off the gay trannie midget porn"

CFTC says: "We don't have a definition of HFT"

WOW, between the 3 of them they need to drag along NASA, NSA, State, HHS, EPA, CIA, etc... and find a cure for this global climate change!

I picked the wrong week to give up sniffing glue!


Tue, 04/01/2014 - 14:29 | 4614443 detached.amusement
detached.amusement's picture

somehow I dont think the missing link of a viable solar model would help much - but it would get rid of any rationale whatsoever for the government to decide it needs to tax your exhalations.

Tue, 04/01/2014 - 04:57 | 4613204 grekko
grekko's picture

Do you think it worth the dime to complain about HFT and my losses on Gold coins I had to sell during this non-recession and horrible jobs climate?

It won't matter anyway.  The HFT Boyz will take it like JPM.  They'll just pay the pittance of a fine and never admit to any wrongdoing.

Tue, 04/01/2014 - 07:26 | 4613299 Last of the Mid...
Last of the Middle Class's picture

and acutally divert some staff from large scale data collection off of fuckbook? Not a chance in hell. .01% will tell them PDQ nothing to see here move along.

Tue, 04/01/2014 - 11:55 | 4613913 Ariadne
Ariadne's picture

<= Yellen is looking for a new finance strategy.

<= Eric & Barry & Billary & Henry are looking for a new scam

Do NOT follow this link or you will be banned from the site!