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DoJ Confirms "Insider Trading" Probe Of HFT
And all it took for the FBI, the SEC and now the DOJ to figure out the casino was rigged all along, was for a Michael Lewis book to do their job for them.
- DOJ PROBING HIGH SPEED TRADING FOR INSIDER TRADING: REUTERS
U.S. Attorney General Eric Holder confirms Justice Department investigation into high-frequency trading. http://t.co/ERuwcHcGLt
— WSJ Breaking News (@WSJbreakingnews) April 4, 2014
The Justice Department is investigating high-speed trading practices to determine whether they violate insider-trading laws, Attorney General Eric Holder is expected to tell lawmakers Friday.
Mr. Holder, in prepared remarks, said the practice has "rightly received scrutiny from regulators."
"The department is committed to ensuring the integrity of our financial markets," Mr. Holder said in testimony about the Justice Department's budget before the House Appropriations Committee. "We are determined to follow this investigation wherever the facts and the law may lead."
The Federal Bureau of Investigation said earlier this week that it is probing high-frequency trading. New York Attorney General Eric Schneiderman, the Commodity Futures Trading Commission and the Securities and Exchange Commission are also looking into the practice.
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Maybe Holder will deem HFT TBTF and selectively enforce the law.
maybe market volume will plummet now. And what would happen then?
Why, the market will go up. Little volume is much easier to manipulate.
Maybe Lewis can write an illustrated version of "Where's Corzine" next?
Howlder Is Now Involved???
Wow, I Actually Had Hopes Something Would Get Done...
Dream On... Bitchez...
What a complete circus this is.
As an individual investor, here is a HFT issue I see often:
I put an order an order in for 5,000 shares at $7.00. They sell me 1 share at $7.00, then step in front and buy 4,999 shares at $7.0001, knowing they can most likely sell to some other retail buyer at $7.01 for a $35 profit, or at worst, if the market turns, sell to me at $7.00 for a 50 cent loss. Nice odds. My only recourse is to cancel my order, but then I end up paying a 100% commission for 1 share of stock.
You are a speculator, not an investor.
Quit speculating, money for nothing.
Stack On
If Eric Holder is on the case does this mean he will be delivering HFT servers to Wall St.? You know, to see if they get used and where they wind up?
Let's see, has Holder done anything about MF Global yet?
Lip Service.... Like Feinstein whining about the NSA spying. It's just BS politicians use to make it seem like they have the people's interests at heart. Absolutely nothing positve will result of either of these traitor's words.
Hand over some big Campaign Contributions and the Problem Goes Away.
-- Erik the Holdup Man
Put in a Fill Or Kill limit order.
that's what limit all or nothing orders are for
What a macabre circus this is.
FIFY
Indeed. $0.25 and a DoJ investigation let's you use a payphone. DoJ "investigations" are just busy-work to make it appear they're doing something.
I expect a few FBI raids on the firms of Obama donors to make sure any evidence ends up in the same dustbin as all of the stuff they took at Solyndra.
Something will be done, justice will be served. Brad will be charged for his actions at RBC.
The Jinn's media strategy is working nicely, the press can cover this through Nov elections, see the gov does care about the people. Well actually mr holder, how much money does the HFT actually make on 50 shares of IBM. You get it, this is not about the Lilliputians, this doesnt impact them. It is something bigger.
Public pension funds go boom.
Not to worry Rainman, have you heard about the MyRA program? We can protect your future from deceptive public pension funds, and tuck away your nest egg in safe US Treasuries. Sign here and the automatic payroll deduction can begin.
BTW, do you have health insurance?
If now, after sidestepping so many other issues, Holder decides to make something of this, we can know for certain that the collapse is baked into the cake, and that this failed British spin-off is really dead.
For Holder to sidestep anything, he'd actually have to understand that something is going on- ain't gonna happen, he's paid to be Sgt Schultz....
Which proves my point. He is incapable of independant logical thought, and he is directly controlled by his handlers. A sock puppet with googly eyes.
More like Inspector Clouseau in blackpaint..
Wrong, it is time to get a big bump in those Democratic election campaign donations. They were starting to slide and legal extortion is always the best way to go.
Bingo, I was thinking the same thing. Holder and the 0zer0 administration is just a 3rd world cop, shaking down citizens and businesses with the threat of serious time, just to get more payola to dole out to their sycophants.
depends on the incentives he'll receive at the HTF kickback meeting he's organising this weekend. Nothing is set yet, let the bidding begin!!
My 2 cents? The HTF will pull the plug for 1 hour, the market will crash and at hour 1.00001 they'll be granted all the inside info and a chair at the FED and continue their business.
I think that you are right. It would take about an hour for the computers to show who really controls the economy and the investigation would end promptly. Maybe a .5% fine of profits would be a suitable tithe to make it all go away. The big banks just whisper the word derivitives and the gubmint shits its pants. Same thing.
Look the Fuck out! You didn't tell me you were calling the Wolf!
Holder is not going to do shit because there is too much money to be made....not to mention the whole system will more rapidly collapse in the coming years once you eliminate HFT or severely restrain it due to regulations.
This is just to scare the rogues in the system to go underground and be smarter so as not to embarrass the SEC any further......and to not take any more time away from their porn watching activities.
What a fucking joke. Like those assholes haven't known about this shit for years and they aren't all in on it. They tweet out a bunch of shit like now they are going to do something about it because a book has made it public knowledge. Fuck all of em. This will be backpage news in a couple days for the mainstream again and they can go back to business as usual
And all it took for the FBI, the SEC and now the DOJ to figure out the casino was rigged all along, was for a Michael Lewis book to do their job for them.
What total bullcrap: the point of Lewis' book is to focus ALL the attention on that small sliver of how the market is rigged, instead of publicizing the majority of the true rigging:
their internalization business, or how the top brokerages funnel 100% of their retail stock sales/trades, almost every day, to the top banks and hedge funds, where they do the matching, and have all the knowledge of said retail stock trades, on their internal systems (hence they are called the internalizers), also known as "dark pools."
(Plus, there's the DTCC's Stock Borrow Program, which allows for virtual naked shorting of stocks.)
The purpose of all of Mikey's books are to refocus or redirect away from the serious stuff, his book on the financial meltdown concentrated on the subprime market, pretty much to the exclusion of all else, the really important stuff, which would have put the banksters away for life.
Speaking of those banksters, the DOJ invokved the Law of Fraudulent Conveyance against an oil corporation for financial machinations to avoid paying fines --- all correct --- but the very same law is what all the banksters violated and could just have easily been used against them (as Prof. Michael Hudson [michael-hudson.com] remarked upon long ago!
5 years too late, fucking Place Holder.
does this explain why the S&P just pooped itself?
well... whenever a comet will hit earth, let's how we see it 20 years in advance...
they'll probably even first IPO it as a metal mine before they'll even call it a comet...
Aren't they investigating the IRS for going after "conservative sheep groups", Benghazi, torture, NSA warrantless wiretapping, gun running, drug money laundering, etc, etc.? Yeah, bury it all in an investigation and continue the fleecing and murdering.
I heard Holder is going to appoint John Corzine as Special Prosecuter to investigate HFT.
Yea and Obama said right after the IRS scandal broke "But I have got no patience with it, I will not tolerate it, and we will make sure that we find out exactly what happened on this,"
IRS responds it will take years too respond accurately to congressional requests for LLearner emails,etc.
You know,we can't talk about it because "there's an ongoing investigation"
Yea keep those investigations open forever,and never allow the truth to emerge. I hate all of those DC fuckers
HFT was really a small time game compared to the Insider Trading still going on by banks. Oh wait, I forgot, the "Chinese Wall" prevents IBD and Prop from talking...
Thanx, firstdivision, you are exactly on target!
Insider trading? Are they really going to indict the exchanges who provided different update rates on quotes when bribed?
Well . . . since all the financial exchanges and clearinghouses are owned by the banks and their oil companies, it seems highly unlikely, but should it be so, it will be done in such a manner that the exchanges get their fines back --- business as usual.
I'm pretty sure that the facts and the law will only lead to extra monies in Place Holder's pocket. So yea, bullish.
Holder is a coward who is bought and paid for. Wall Street will stay rigged as the greedy are rewarded. Is Greenwich fire proof?
James Madison was a revolutionary at 23.
AH I see....so in other words it will all be swept under the rug.
Probing? Like, with one of these famous anal-probes, usually said to be used by aliens?
Now that Holder is on the case, I definitely expect nothing to change.
the algos are trembling in their databases
"And all it took for the FBI, the SEC and now the DOJ to figure out the casino was rigged all along, was for a Michael Lewis book to do their job for them"
They knew it was rigged all along, and they embraced it because the robots helped churn the "market" higher. The book doesn't have a thing to do with their current actions. It would not have seen the light of day if the .gov MSM propaganda machine didn't have something up their sleeve.
This is truly the saddest indictment of our country. The truth only comes out when books move up the Amazon best seller's list for our 'Legal? System' to take action.
That there is more than enough evidence that they knew it was going on but were waiting for the public to catch on before acknowledging it.
Hopefully this will be handled as efficiently as the CFTC investigation of silver manipulation.
He'll be too scared to do anything about it.
Government by "60 Minutes". I wonder if they realize they've got their hand on the tiller?
Eric "Dick" Holder. can you feel the representation America?
Over/under on indictments....anyone?
AG Holder will now hand in his papers and become a partner at a white shoe law firm that has high frequency traders as its clients. The revolving door keeps revolving.
Oh my goodness gracious... What a precious gift we have in AG Holder!
He'll fix it!!!
Right after Fast & Furious..., IRS..., torture...
Poor DOJ and SEC; there is so much online porn they have to review and now this.
Oh this will SURELY change things.
"We are determined to follow this investigation wherever the facts and the law may lead."
To borrow from the movie Night Patrol:
The mayor always said he wanted to drive all the postitutes out of town. [Mayor drives by in a car full of prostitutes].
... with holder in charge what could possibly come out of this?
This whole mess just gets funnier by the minute.
At what point do these guys realize they are going to be the sacrificial lamb and stop trading? Every algo could be a felony with Holder at the wheel. The minute Goldman turned it was time to turn off the machines. It would be interesting if they decided to burn the place down on the way out
Well, if Eric 'I Don't Know' Holder is on the case, then say no more...
Why is the DOJ launching an investigation into HFT and 'insider trading'?
I have never heard an allegation being made about HFT and insider trading.
The issue that needs to be investigated surely is the allegation of 'front running'?
www.kingoftherepublic.com
https://www.indiegogo.com/projects/silver-manipulation-anti-trust
Those are my two campaign websites to sue the banks for silver price suppression via HFT.
Give unto Caeser his clawback on the skim. This is what broke governments do when they can't squeeze anymore blood out of the plebian stone.
I would have left the country before 60 minutes was over. That was the signal , the jig was up.
Yeh cause the IRS and Fast and Furious and benghazi are all figured out.... let's move onto HFT trading.... Holder you feckin' corrupt cwunt. You belong on the Zimbabwe High Commission.
"And all it took for the FBI, the SEC and now the DOJ to figure out the casino was rigged all along, was for a Michael Lewis book to do their job for them."...
Now.. Now... Wouldn't have taken place without the sound journalistic integrity of Steve Kroft at none other than "60 minute" that made this dream possible?
Somewhere between starting the next World War with Russia and China his mug needs to be on the next cover of TIME magazine with Pulitzer scribbled at the bottom...
I was going to vote for all the Republicans in November. But now that Obama is going after the bad guys. I'm voting for all the Democrats.
In very fine print at the top of each ballot it says, "All parties listed below fall under the Scum Party."
The flash crash was when exactly? Oh yeah, 2010. I'm sorry but what was clowngress considering at the time, when the flash crash happened? Oh yeah, auditing the FEDERAL RESERVE.
Pfft. Eric Holder? Oh yeah he'll get to the bottom of this alright.
Mr. "I'll give guns to criminals so I can impugn the second amendment" Holder.
Eric. Fucking. Holder.
Communist traitor fucking scumbag.
That cock sucking shyster Holder is the last person that should be investigating anything... Benghazi, IRS, Fast & Furious, jetting around on the taxpayers dime ect...That parasite should be locked in a steel chest and thrown in the Mariana Trench!
Wow, The DOJ is Trying to figure out if Organized Front Running the US Exchanges is Illegal. Very ambitious.
Deja Vu http://www.youtube.com/watch?v=oGaVIS_3h8I
Nobody will go to prison.
But some congresscritters will see a serious uptick in their campaign contributions from the HFT crowd.
Move along, nothing to see here.
"Hey buddy, we're looking to write some new regulations regarding your industry and we really want to make sure you end up on top after we're done you know. BTW, how much did you say you were going to donate to our campaign exactly?"
Himpton Doctrine... Planned demolition version.
Put Lanny "ripple effect" Breuer on the case. Better yet bring back Bart "the mullet" Chilton. He perfected the measurement of investigations in dog years.
This will be the dead skunk evidence held up high for all to see justifying Obozo Bonds. Everyone needs to be safely tucked into treasuries and saved from the evil weasels of street.
insider trading lmao.
And politicians can do it without fear of reprisal.
SYSTEM IS A JOKE
HELLO
HELLO!
THE SYSTEM HAS FAILED.
What's that? Holder is on the Job? He must be looking to learn some dirty new tricks he can utilize in future political endeavors. Fucking criminal should be hanged.
The guy who already announced he will never prosecute a banker is doing an investigation? Eat a dick, Holder. You are just looking for payola. The best we can hope for is that tyou are scaring the turds who cannot afford your bribes into turning off their machines.
Well, if Holder is on it, then the HFT's have nothing to worry about based on his track record.
Holder's first "probing" question to the HFT outfits:
"What were you thinking... none of this had to happen - why wasn't I getting MY cut?"
"DoJ", WTF
What year is this? Have I suffered amnesia and woke up 20years from O' potus and Holder justice??????
Just another dog and pony show to limit the damage to the muppets' confidence in the whole scam.
And how is Holder finding the time while he is so diligently investigating Cozine?!
Someone got unpopular with the politburo all of a sudden.
If Holder is on it, then he's only going to use this as an opportunity to extract campaign money.
If the feds are involved we can be assured settlements, plea deals and non-prosecutions are eminent, these people may even get suspended with pay like those crooked on the take CA senators