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On Flash Crash Anniversary Scapegoat Sarao Says "I Did Nothing Wrong Apart From Being Good At My Job"
To those who lived through the harrowing market plunge in which it seemed that the Fed has finally lost control, the May 6 2010 flash crash feels like yesterday, and to nobody more so than to the person who mysteriously emerged two weeks ago, just days ahead of the 5 years statue of limitations expired, to blame it all on one person as the CFTC's scapegoat: Navinder Sarao.
And while the rest of the world, or at least 1% of it, is enjoying the ongoing "wealth effect" propping up the increasingly more rickety "markets" built on the backs of $22 trillion in central bank assets, or more than the GDP of the US and Japan combined, earlier today Nav was fighting if not for his life then certainly his freedom when he told a London court he had done nothing wrong, the Flash Crash was not his fault, and was just good at his job.
"I've not done anything wrong apart from being good at my job. How is this allowed to go on, man?" Sarao said at Westminster Magistrates' Court.
How is it allowed to go on? Simple: as we showed two weeks ago, you threatened to expose the "mass manipulation of High Frequency Nerds", and since Virtu was about to report its first public quarter since going public, someone had to deflect attention from the true culrpits of the flash crash.
In other words, you were the scapegoat: a patsy who "traded from his parents' modest home in west London."
Worse, this mastermind behind the biggest, if briefest, wipeout in market value in history, is unable to procure the 5 million pounds he needs to post bail. As Reuters reports, Sarao's lawyer James Lewis said Nav had not been able to access the 5 million pounds because U.S. authorities had frozen his assets.
"We cannot obtain any money. Any request to obtain the money was refused," Lewis told the court.
He asked for the bail surety to be lowered to 50,000 pounds on Wednesday but the application was rejected by District Judge Elizabeth Roscoe, and Sarao remains in custody.
"I will not vary bail. I will leave it as it is," Roscoe told Sarao and his legal team, who said they would consider an appeal to London's High Court.
Sarao, dressed in a gray sweatshirt and gray tracksuit bottoms, had sat calmly in the dock until he heard his bail conditions would not be changed, and then spoke out to the court to plead his innocence.
And just so we can all once again relive the flash crash in all its visual glory, here is an animation courtesy of Nanex, showing the E-mini future which Sarao was said to have spoofed so much it caused all bids to disappear for minutes. The punchline: Sarao's orders are shown in red, and they disappear well before the most acute part of the flash crash.
The bottom line is that Sarao was spot on: he merely was doing his job: a job of trading a market that is so broken that it allows the regulators to arbitrarily blame anyone they choose while ignoring the true culprits of the broken market.
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One participation trophy, coming right up.
So... was this Virtu's one losing day?
"I've not done anything wrong apart from being good at my job."
Good luck with that defense. Don't bend over for the soap. You sure fucked with the wrong people now, son.
I've got a lot of time for this guy. I can't help but think with a name like his it won't be long before we're told he's a member of ISIS who tried to take out the Western financial system but in reality he's just a smart guy who figured out how to play the crooks at their own game.
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.jobs-review.com
Your sister's friend sucks off sailors down the docks.
Fuck the entire money supply system
he deserves everything he gets for exposing the royal crud that rules the world....and let that be a lesson to all you cretins masturbating in your parents basement while flipping option contracts. you will not threaten the matrix. fn terrorists!
+1
I could be wrong, but in my 5+ years here that's the first +1 I've ever seen from Tyler(s).
Nice going.
Fool. He should know that if he doesn't work for JP Morgue or the Goldman Sach that being good at your job is no longer tolerated.
Unless you trade from a country that doesn't have bi-lateral treaties with the US. I find it outrageous that the man can't even post bail. Naturally, the opposite is not true if a foreign court tries to impose its will on an Amerikan on Amerian soil.
C'mon, who is going to put together the save Sarao fund?
If he actually spoke to magistrate like that, he has balls.
Someone needs to start a go fund me account for him, my guess the minority that make up the "eye's wide open" crowd can come up with a few million, money well spent. Beats the fuck out of donating to some corrupt fucktard pol.
Silly boy. You made the farce market go the wrong direction.
Someeeebody's gonna get 'a hurt reeeeaaaaallll bad!!
Was my name mentioned?
Sarao: "How is this allowed to go on, man?" Judge: "Well, we can stop the trial and introduce you to a nailgun or shitgum. Those are your only choices. Now how would you like to proceed?"
I am reminded of Harry Tuttle, "heating engineer, at your service!"
http://youtu.be/dht_3NziwSw
He made the mistake of playing the game as if it should not be this way. It is this way shut up and accept the consequences. Maybe you have a chance if you do. Course it hasn't worked out to well for the others.
Traveshamockery!! Don't ever spoof the spoofers.
“How noble the law, in its majestic equality, that both the rich and poor are equally prohibited from peeing in the streets, sleeping under bridges, and stealing bread!” -Anatole France
Remarkable that the malfeasance of HFT is only done by foreigners or those on the fringe of the
business....
The Madoff whistleblower was right...the SEC and CFTC are loaded with lawyers looking for the big Wall Street
job...so why would they ruin their career path with catching a Wall Streeter???
Blaming him for not staying in the game that day to keep the market propped up?
His only crime is the money he made was either not given to the right people or it was taken from the wrong people. In the mob he would be sleeping with the fishes. In the "ligit" world, we have courts.
"I want to know why there's zero growth in this family's receipts. Where's the fucking money?! You're supposed to be earners. That's why you've got the top-tiered positions. So I want each one of you to go out to your people on the street, crack some fucking heads, making some fucking earnings out there!"
Standard trick of the creepy US and immoral government, freeze assets so denying bail and a good lawyer.
Americans are good people, I like them a lot, worked with many of them on the old LIFFE floor. But the US government is one nasty piece of work.
This guy really Munsoned that one.
If Nanex can identify Sarao's orders, then can Nanex do the same with Virtu's orders?
Is it possible to set up a "Go Fund Me" for his defense? This shit is intolerable with the evidence proving he didn't do it, but he lawyers and the judge have no idea how to crunch the data.
blame it on w&r. the jury was told it was them by the msm.
This case could literally blow up in the government's face.
The Wall Street bankster's HFT scam is about to be publically exposed.
There is no way this case will be allowed to go to trial.
The government and regulators currently in place are there specifically to aid the banksters.
One call by Bankster Chieftain Jimon Dimon and it will quickly get squashed.
All the feckless dawdling that goes on with the bankster class.
This man's only apparent crime is he is not employed by a TBTF bank.
Show me your friends and I'll guess your future.
this guy is dead. they are going to kill him and make it look like suicide or something.
he probably even knows it too. poor guy. he thought he was making all that money for himself.
you cannot make too much money for yourself . the money is in the bank, so it belongs to the bank. the question is whether or not they allow you to keep it.
and when you're making the big money off their markets. they don't look to kindly off that.
Kangaroo Court...
If that Nav fella didn't have a minimum of £2million in Gold stashed somewhere (out of the banking system) then he's not as clever as he appears to be.
Plus, he's of Indian origin so he can't argue he doesn't know the value of a Gold stash.
SS Nazis said the same thing.
Yes, because, in a rotten-to-the-core, crony-capitalist, lobby-besotted corrupt Washington-Wall St. axis-of-evil, it is never the fault of the institution or government entity but always the fault of the rogue subject citizen.
This trader, from his emails partly posted on ZH, actually exposed one of the problems that big
traders create . Whether illegal or not, his individual trading positions were KNOWN to others whether he traded
large positions like 2000 contracts or as small as 20 contracts. Other traders said that his specific personal positions were known due to their large size but he said THEY knew exactly where HE was sitting. He tried to get his trading software people to better mask his positions.
IMO, these points raise the question whether " insiders " from the CME itself are using info others can't access, more than their dark pool data.
This is where Nav Saro is staying: someone was murdered there on Monday
http://www.itv.com/news/london/2015-05-05/man-arrested-after-wandsworth-...
You can write to Nav here:
Wandsworth Prison
PO Box 757
Heathfield Road
Wandsworth
London
SW18 3HS
Address it to Navinder Sarao and he will get it. All letters are read before being passed on though so watch what you say ! He will be able to write back if he chooses !
On Wall Street, as in Japan, the nail that sticks up WILL BE hammered down.
ludicrous...the real culprit is the SEC who unilaterally repealed the 'uptick' rule...allowing the flood of shorting HFT's to crash one market after another. Someone needs to start prosecuting the SEC staffers responsible for that single decision.
Crime solved:
--Lee Harvey Oswald is being frog-marched out of police precinct.
--Jack Ruby is stepping forward with his right foot and extending his right arm.
--Gun in his hand is firing.
Cut scene.
Crime solved:
--Lee Harvey Oswald is being frog-marched out of police precinct.
--Jack Ruby is stepping forward with his right foot and extending his right arm.
--Gun in his hand is firing.
Cut scene.