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Wednesday Humor: Maxine Waters Takes On HFT Rigging And Broken Markets
Yesterday was a bad day for the HFT lobby, after not one but two incidents which exposed the high frequency parasites doing what they do best, and perhaps only: rigging markets.
First, it was a Canadian HFT trader, Aleksandr Milrud who was busted for spoofing (which is "manipulative, high-speed stock trading in which a trader places non-bona fide orders to buy or sell securities and then quickly cancels them before they are executed, in order to artificially move the price of security up or down and to induce other market participants to buy or sell a security at a price not representative of actual supply or demand", something the NY Fed's Chicago JV partner has become an Emini master in).
And then as previously noted, it was the embarrassing bust of the HFT-favorite exchange, DirectEdge, which the SEC charged $14 million for continuing to engage in Hide Not Slide orders long after the practice was slammed in the press.
Of course, by now, between the Fed and the HFTs rigging everything, one needs a microscope to find even a single retail investor as what we began explaining 6 years ago - namely that the markets are rigged, manipulated and broken beyond fixing - is by now clear to everyone, and most would rather gamble at the most corrupt Las Vegas casino. After all the odds of actually winning are better there.
And since it would be laughable if its wan't tragic, we decided to make it even more laughable, by noting that none other than intellectual titan in the House of Representatives, Maxine Waters, had a few choice words to say about the latest HFT rigging busts. That's right: Maxine Waters now opines on market microstructure issues.
* * *
Lynch, Waters Encouraged by Results of Securities and Exchange Commission Investigation of Direct Edge
WASHINGTON, D.C. – Today, Congressman Stephen F. Lynch (D-MA) and Ranking Member Maxine Waters (D-CA), two prominent members of the Financial Services Committee, issued a statement regarding the announcement that Direct Edge will pay a $14 million fine to settle charges by the Securities and Exchange Commission that they failed to disclose how some order types, created at the behest of high frequency trading firms, were being employed on their exchanges. Lynch and Waters applauded the SEC for taking action against the exchange for this fraudulent behavior, which catered to high-frequency trading firms to the detriment of average investors.
The SEC investigation found that the two exchanges offered three variations of “price sliding” order types, rather than the single “price sliding” order type listed within the exchanges’ rules. Certain members of the exchange, including some high-frequency trading firms, were privy to information on how the three variations of order types operated, while retail and institutional investors were not. Lynch and Waters believe it is crucial that all investors have equal access to the rules governing trading on the exchange.
“It is unacceptable to have high frequency trading firms wielding undue influence over exchanges. I am pleased that the Securities and Exchange Commission is finally acknowledging the abusive practice of complex special order types that cater to high frequency trading firms to the detriment of everyday investors. While the fine is an important first step in ensuring fair trading on our public exchanges, we must continue to hold exchanges accountable,” said Congressman Stephen F. Lynch.
“More than three years after being alerted by a whistleblower, the SEC has finally taken action against potentially abusive and manipulative order types that favor high-frequency traders over ordinary investors at our nation’s exchanges. Our capital markets are built on the premise that they are fair and transparent for all investors. As this case illustrates, providing certain customers with an inside track on how trades can be best executed destroys that premise. I hope the SEC continues to examine the use of order types at exchanges and prohibits those that are not in the public interest,” said Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee.

Of course, now that even Maxine has joined in the fray, it's all over for Johnny 5, something which earlier news that HFT titan DRW was set to acquire one of its biggest competitors Chopper Trading, confirms all too vividly.
Oh well, at least the rigging was fun while it lasted.
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Does she look like a person that will take a bribe or one that will enforce the law, or is the first part of this sentence incorrect.
That is racist.
She might be the ugliest human on earth,
if she's human.
My favorite Maxi-W quote was last year when she said that the government sequestration cuts were going to cost 170 MILLION JOBS. That would be ALL OF THEM, sweetie. Here's your juice box, now go play, the adults need to talk for a while.
You mean this: https://www.youtube.com/watch?v=eEVr9sTwTwY
Financial titan is a good explanation of this idiot. She is a total idiot.
The fact that this idiot is on a "financial services" committee should provide proof, beyond any reasonable doubt, that all members of congress and those in .gov are completely useless people and have no clue what they are doing, thereby ensuring that the US is totally and undeniably headed for financial failure.
"I hope the SEC continues to examine the use of order types at exchanges and prohibits those that are not in the public interest,”
Waters needs to be put in a mental institution.
She doesn't even look capable of doing her own grocery shopping.
And certainly not capable of doing anyone else's grocery shopping.
She's a good example of why voting is pointless.
Well, at least she can serve as a bad example.
I would also add she's the perfect example of a voting constituency that is either as dumb as fuck or brilliant to keep this worn out bag in D.C.
No, she's pretty much representative of her community. . . .
You're racist for thinking that she should be expected to do her own grocery shopping. You think she can't afford people to do that for her?!
Can't find it, but my fav was when she asked the Bernank who his CEO was.
LOL
My favorite Maxine moment was during the very funny TBTF CEO
inquisition when she was angrily rambling on and ken Lewis of BoA said
"I don't know what you are talking about lady". LOL
In a sea of idiots, Maxine manages to sit alone as the star moron of this generation- she's proof that a politician with an IQ of 80 can continue to be elected, defying the odds that not even once during her tenure, she might even accidently contribute something to the group.
The Black Simple Jack.
The Black Simple Jack.
+1000
Never go 'Full Retard',
never.
I'm sorry, but y'all are not giving Sheila Jackson Lee enough credit for being the dumbest member of Congress. SJL make Maxine look like a member of Mensa and her dumbness is only surpassed by stories of her meaness.
This is how they get elected and stay elected:
Speaking on the House floor, Congresswoman Sheila Jackson Lee claimed she was once a slave.
“I stand here as a freed slave because this Congress came together.”
Sheila Jackson Lee, February 13, 2013
Neither of them holds a candle to Hank Johnson, of "Guam might tip over" fame.
https://www.youtube.com/watch?v=v7XXVLKWd3Q
IQ of 80? You're feeling generous this morning, I see.
"In a sea of idiots, Maxine is their guiding navigational star."
Fixed it for ya.
She was put in charge because she IS a total idiot, and John Kerry was already too busy.
They put a colossal idiot there because they really want any action against bankers to fail, and like a train wreck, it will.
She once commented something about when man landed on mars or something like that. Yes, shes that stupid, and elicits much facepalm from the gallery when she speaks.
"that all members of congress and those in .gov are completely useless" Beg to differ, but they are useful to the .1%. All fixed now.
I was not sure if it was the pop-up of the 80yr old man who hadnt a bath in 60yrs...
One thing, theres no mistaking her for Jade Bryce!
NoDebt
Maxine Waters and rep. Hank Johnson would make a great couple. Johnson is quoted as stating in some house committee hearing back in 2010 that if Guam, yes the island, had too many troops on it that it might be in danger of tipping over and capsizing......I kid you not. I'm sure some ZHer cane dig it up and post it here.
here ya go
https://www.youtube.com/watch?v=bs23CjIWMgA
ROFL. The Maths isn't Maxie's strong suit.
What does this mean when the number of jobs lost is greater than the number of employed persons? Is this analogous to more votes than voters?
... rigor mortis ...
Nigor mortis.
Nigor Moron.
AHHHH ahaAHAHAHAHAHA
+1000 to Winston Churchill
RIGGER mortis
Since we already have a cat woman, viewable here:
http://jenniferfabulous.blogspot.com/2011/04/legend-of-cat-woman.html
Maxine is an excellent candidate to become deputy dog woman, viewable here:
http://4.bp.blogspot.com/_YMOSo9sflrs/Rf4WR22sHpI/AAAAAAAAALE/0NTSnjg21w...
Two articles today, Joe Lavorgna and Maxine Walters, both I am convinced they are not human.
I'm still trying to figure out the gender.
She's obviously a fan of "Testosterone Tips She Doesn't Want to Share"
The chimp wants her share. That's all.
If she understands what "trading" is -- I would be surprised.
Here staff certainty understands that, for congressional staffers, insider trading is legal.
What do Representatives from Compton CA know about HFT?
Dat be meanin' Higher Fuckin' Taxes to be payin' fo' alla dat gubmint cheeze, yo.
On the street she goes by "Ma'zeenie Wah'atters"
kudos to Key&Peele
I prefer calling her Marxine, she loves herself some Castro brothers
Here's how they trade in Compton...
http://www.businessinsider.com/the-tide-black-market-2013-1
And if she were really concerned she would propose a Tobin Tax i.e. tax on trades.
our dear City of London bankers patiently explained to us continentals that such a thing would be "socialist" and against Nature
Classic truth inversion. Transaction taxes are probably the least socialist form of taxation.
No, just impose a fee (or tax if you will) to cancel an order placed within 5 seconds.
do you understand trading, or markets?
I recently wrote this:
"as a reminder, a every market has good, positive speculators. those buy when it's low and sell when it's high. net result: lower volatility and purposeful use of liquidity
but if there is an excess of speculators, or an excess of their ammunition or seriously big speculators, the game changes, and they might start to "shake" the market
net result: higher volatility and deleterious use of liquidity
markets, too, are facilities. they are not for the enrichment of a few insiders, they serve a purpose for the non-insiders. I know, a very oldfashioned view, but there it is..."
take it apart for correctness or incorrectness, if you can. it applies to those HFT leeches, too
if you love free markets... what's your position about marketmakers? oldfashioned marketmakers of their own "product"? (and what about oligopolies?)
Am I omnipotent? No. Do I definitely understand it better than her? Yeup.
That being said -- look how "progressive" you are. Sticking up for her. How cute.
sometimes that little thing about europeans being "progressive" in the same way as East/West Coast Liberals are is... damn annoying
we have conservatives, too, for example. or over 100 political parties roughly grouped in seven major directions (and you happen to know it)
nope, nothing I wrote has anything to do with your "potency" or with me sticking up to her (I have only a faint clue who she is)
you say you understand markets (at least better then her). prove it. take my statement apart, and give a comment on it
come on, it's easy. it's about markets, and how they ought to be or ought to be regulated or not. I'm astonished nobody replied to my comment, yet
I know people here who have answered your questions a dozen times before around here.
It has always been about the enforcement of regulations, not the amount of regulations themselves. And stop bullshitting about political parties, they mean nothing when addressing these fraud ridden and crime infested markets. The enforcement agencies like the SEC, CFTC and FBI have all failed the the American public.
Maxine Waters is a complete fucking stooge, and dumber than a rock. She is part of the problem. That was his point.
"It's when you give me money, and I say what you want me to.
-M. Waters
Haus-
Come on man, day do its all the time in da hood. Trades day EBT card for all kindsof shits.
"Hank, what is a stock market?"
"I thinks it be where you go to buy supplies, Maxine."
"Thanks, I knew you would know, Hank. Can I use my EBT?"
Uhh, are you talking about the part of the sentence where you refer to Maxine Waters as a person?
She's married to a banker and banker's aren't people, they're reptiles. Given Maxine is also a politician, it's likely she is some sort of cross between a reptile and a parasite.
Even a broken clock is correct twice a day!
It's probably best she doesn't drive a convertible
She's as dumb as a rock
Say what? Wha chu talkin bout?
Deer in the headlights
Often wrong but never in doubt.
$14 million? Cost of doing business.
by Mike Caswell
The U.S. Securities and Exchange Commission and the U.S. Department of Justice have charged a Canadian man with fraud for a multimillion-dollar market manipulation scheme that ran over a two-year period. Prosecutors claim that Aleksandr Milrud of Ontario masterminded a "layering" operation. He allegedly employed traders in Asia to manipulate many high-volume stocks by pennies, profiting from small price variations. FBI agents arrested Mr. Milrud in Florida on the charges Tuesday morning.
The scheme, as described by prosecutors, was a form of high-speed trading in which groups of traders working for Mr. Milrud used specialized software to rapidly place orders. The traders entered false buy and sell orders to influence the price of a stock. As the market reacted, the traders were able to rapidly profit from small price fluctuations, prosecutors claim. Mr. Milrud allegedly told a broker that his scheme generated $1-million every month. (All figures are in U.S. dollars.)
SEC nabs the little fish while JPM and the Banksters rake in billions doing the exact same thing.
Check that, worse things. Much worse...
She is simply amazing....
I am continually "dump"founded by what comes out of her mouth.
Affirmative action working wonders
Because Black Women are the epitome of intelect. Didn't Larry Summers say something like this at Harvard that got people's panties in a knot? Yes. Some ZH'er can find it I'm sure.
She is simply amazing....
I am continually "dump"founded by what comes out of her mouth.
She is simply amazing because "we" are simply amazing!!!
" PEG! PEG! I'm blind! "
GREAT! a california political assclown has decided to show us how far over her head she is. Who's next, Boehner?
"There is something odd about this wine....Blartentendler!"
Hey Maxine, our own former treasury secretary admits that "arsonist burnt down the financial system and profitted from it".
Start here.
He was the Fire Marshall at the time...didn't he understand how self-incriminating that statement was?
Amazing isn't it? Blatant, full on, corporatism/fascism with a "fuck you, I am a criminal and there is nothing you can do about it" attittude.
I have been going back and forth with one of my employees about starting guillotine manufacturing company just for the hell of it. The media attention alone has got to be worth something.
Put a big adverb in WSJ and NYT about how people can buy now and pay you after they get paid by the public.
Laws,
I'm with you on the guillotine building!
I've been threatening to build two, one for political signs in the front yard, and one to put on EBay (just to check the pulse, so to speak).
No! Maxine would nationalize it and use it on us.
Shes a rank member alright..
You look at her and you know there is nothing going inside that mellon.
Sortition...because buying politicians hasn't been working.
"the high frequency parasites" - "but, but, they provide liquidity!" though, actually, they don't. well done, ZH
Maxine Waters quotes:
http://humanevents.com/2011/08/27/top-10-outrageous-maxine-waters-quotes-2/
Waters is a great example of black intellect in America.
sometimes idiots can be useful....wait was I talking about Obama?
Is she the one who thought the island in the South Pacific would tip over if we had too many people on one side? Maybe that was Cummings. They seem to have both gone to the same government schools...
CAC
That was Hank Johnson back in 2010. Yet another black prodigy.
His knowledge of geology is Astounding.
Maxine Waters on the Finance Committee? A factory worker, local politician, now Fed head. Barry, can you put a more useless cunt on this committee?
Oh right, barry the community activist lawyer - another useless cunt.
“It is unacceptable to have high frequency trading firms wielding undue influence over exchanges"
Yeh? Take a look at CBOE Holdings Inc major shareholders. Gonna do something are you?
That's what I thought.
Maxi-pad Waters has to be one of the dumbest women I have ever seen. How anybody can hold a straight face while talking with her is beyond me.
This does not surprise me. I've seen it happen over and over again that when it comes to any large organization in the US, "folks" get hired or promoted to a certain level mostly on "HR points". How else can one explain the blatant disparity in competence between such people and their competitive peers, who seem eminently more qualified?
If it were me, I'd put in a Constitutional Amendment, requiring ALL candidates running for Public Office, to pass a series of 'Aptitude Tests', which test their IQ, and educational and cognitive competence. IOW... "Dumbos and Clowns need not apply".
Actually I'd like to take this a step further... An explosive charged placed at the back of their neck wired to a lie detector.
Standard Disclaimer: This would solve so many problems.
My rule would be anyone wanting office is disqualified.
Reps to be pulled from a bin of voters cards.
"Jim, you came up. You have to go to Congress for two years and serve."
"But my business...family, hell, I do not want to go."
"It's your Duty."
"Awright."
Next I would shoot all lobbyists with permanent dye. Build a barracks for the congressmen, like the shitty hole I was in at Ft Jackson. Cafeteria food. No Pages, they can find their own shit. Make them follow all laws they pass on US.
Finally, like this sy-fy story I read once, if you can Prove the senator or congressman is lying, you can shoot him. If he was not, the judge shoots you.
I wonder if shes related to Hank Johnson? https://www.youtube.com/watch?v=zNZczIgVXjg&spfreload=10
"Well, Congressman, we propose to distribute the marines evenly over the island so it does not tip over."
Thats gotta be a wig...
"who's tradin what and how fast did you say daye was doin it???"
Someone forgot to make a campaign contribution. She will STFU for about $800.
And if the banana eating coconut skulled one along with her counterpart in the Oval Office is wise enough to comprehend that her time in office and on this earth is about to run out when "small time investor" sees nothing but red on the HFT needles she will simply disappear one day with a new identity!
After all?... Once the illusion translates itself into no more football, basketball, baseball and hockey players getting their weekly salary for what they do, the game of musical chairs stops for all of them in D.C.!
By the way? I happen to love bananas and coconuts.
The "eating kind" that is!
careful what you all say here, i guarantee this site is being read and scanned for "extremists". SERIOUSLY.
careful what you all say here, i guarantee this site is being read and scanned for "extremists". SERIOUSLY.
But "nappy hair" in the White House said (I am he is)...
"Je suis Charlie Hebdo"?!!!
Should we just adopt Moby's "Extreme Ways" as an anthem?
At least Waters ain't waysist!
"While the fine is an important first step in ensuring fair trading on our public exchanges, we must continue to hold exchanges accountable"
Like charging drug smugglers a toll is a good first step.
Finish your thought, we must continue to hold exchanges accountable....HOW? Continue with 1% of revenue fines, move over Wyatt Earp.
Forgot which pristine territory Waters was a leader in, CA, makes perfect sense.
She'll do a wonderful job cracking down on financial misdeeds according to this headline:
"Scandal-Plagued Maxine Waters Top Dem on Banking Committee""she's a malignant cunt"
-Paulie "Walnuts" Gultierri
Am I the only one who didn't think those 10 quotes were that terrible? She simply doesn't understand how things operate, but it seems like her heart is in the right place. She basically believes in santa clause - free stuff without side effects.
Of course they know what HFT are. A consultant hired for fundraising ideas gave the Water's staff a 15 minute power point presentation for possible contributors to target. "High Frequency Trading" was right in there, between "Hat Makers" and "Horse Trainers".
The letter says Congress is going to hold a gun to the head considering federal regulation of your industry, that Representative "X" is an essential and key member of the Congressional committies shaking down that regulate your industry, and wouldn't you like to contribute to Representative "X''s reelection.
Seriously, Congress critters understanding HFT, please.
Holy Fucking Trinity (HFT) see 'TRIAD' group of 3.
'More than 3 years after being alerted by a whistle blower .....' Wow! Just Wow!
She is appearing at Zanies In March
https://www.flickr.com/photos/31126705@N02/16253647986/
Maxine Waters understands organized cirme. Intimately. Anything goes as long as she gets her cut.
"Oh well, at least the rigging was fun while it lasted." What? That's ridiculous. Rigging will just take another form is all. Rigging could even take the form of outright monetization, liquidity injections, fraud, wash trades, naked shorts, or any number of.. oh.. wait... we already have all these other forms of rigging, don't we? What's the problem, again?
She can't even balance her own checkbook.
Wonder what her credit card balances are?
How many pairs of $500 shoes, $70,000 autos does she have?
The SEC is close to getting serious about thinking about seriously contemplating making market rigging and other forms of fraud illegal.
She's a icon for the US.
Want to know what the US is like, look at Maxine.
Thank goodness, we are saved!
Maxine Waters Calls Out Uncle Tom Sellout Allen West
Pure comedy, enjoy.
The gene pool is long overdue for a good draining and cleaning.
Hard to believe she's not carrying a coffee pot around tables in a greasy spoon somewhere in Mississippi.
Yes, but in her defense, she IS a ni88er!
I thought her name was Marxine Waters the way she was talking about "socializing" the oil industry a few years ago
https://www.youtube.com/watch?v=_93SldBytjE
edit-Plus she went to Cuba where she praised Fidel Castro and called for an end to USA's embargo. She wrote a letter to Castro (quoted during an October 2, 1998 newscast on Radio Havana), she wrote that Castro had a perfect right to grant "political asylum" to U.S. citizens fleeing "political persecution." You guys remember any US citizens swimming to Cuba on scrap wood, me neither.
Why so hard on Ms. Waters...? After all, 'black lives matter'...
Thank your lucky stars.
She could be on the Nuclear Energy Oversight Committee.
Congresswoman Maxine Waters slips the truth out- Socialize the Oil industry
Oops. The stupid cunt let the cat out of the bag long ago.
Maxine doesn't know the difference between HFT or EBT but I for one am greatful someone gave her the copy to read.
The fact that she sits on the financial services committee could have something to do with the fact that the banks/HFTs have destroyed the markets, years ago.
With restrictions in new oil exploration, you fundamentally create peak oil rhetoric. Another poker game which will end badly for the crew provoking electric carbon based infrastructure..
If Comrade Maxine wasn't black and a DEM, she and her family would be in prison for pilfering millions from a failed bank her husband [and her] looted. What a fucking hypocrite! But, that shouldn't be a surprise for any friend of Emperor Goebbels.
www.traderzoo.mobi
She sure would be in jail ... Just like poor John Corzine
Maxine Waters staff aid has logged in to down vote ZeroHedge posters.
/sarc
I think you are right. There is a bright side though. At the age of 76, she is probably not long for this earth.
UPDATED: Maxine Waters: ‘Over 170 million jobs could be lost’ due to sequestration [VIDEO]
Scaring the public no longer works.
We don't water the whiskey but someone must have whiskeyed the Waters.
When we stop allowing Congress insider trading privileges then I might start listening to what they have to say about the rigged markets.
Oh No! Congress is looking into HFT. Maybe if the HFT firms started paying kick backs( Cost of doing business) this would be all swept under the rug.
all hand picked retarded blackmailable ZWO sycophant politico puppets 4 u donkey
High frequency traders in Compton
http://www.businessinsider.com/the-tide-black-market-2013-1
Guess this is diversifying across market sectors
http://sanfrancisco.cbslocal.com/2015/01/13/cyclist-hit-by-truck-then-ro...
I would bet that they have to change out her Zionist handlers every few months due to burn out.
"Now what? What was that you said? The FEC, no the HEC, HUD? Shit, tell me again who we is protecting?"
The banksters need to repay us.
Zionist handler: "Just watch for the red or green light in the back. Red means be stern and say no. Green means be nice, and say yes. Got it?"
She done pretty good with an IQ of 85.
Wait, you misplaced the decimal point.
"She done pretty good with an IQ of 8.5."
There. Fixed it for you.
You all must have not heard of Corrin "Delivers" Brown! She makes Maxine look like freaking Einstein! Go GATA!!
Maxine, being the stupidest person in Congress (and that's quite a feat), can't possibly understand what's going on. She's one dumb libtard.