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Flash Crash Alert: Navinder Sarao Granted Bail, To Leave Prison Today
While day after day, we get news about dark pools and HFTs openly and flagrantly rigging markets whether it is ITG or Credit Suisse, or any and every other HFT boiler room outfit, criminally frontrunning order flow, and generally confirming fears that the stock market is nothing but a rigged casino, the biggest farce remains in prison, in the form of "flash crash mastermind" Navinder Sarao, who several months ago was accused by the most corrupt and captured US and UK regulators for causing the May 2010 flash crash (because nobody believes the previous BS about Waddell And Reed), a crime for which he faces over a hundred years in total possible prison time.
An even bigger farce was that since his arrest he remained in prison, because he couldn't afford to pay his £5.05 million bail as most of his assets had been frozen: In other words, he was being treated not just as any criminal, but as the worst of the lot, those who remain a huge threat to society. Why? Because as we expalined before, he threatened to expose the criminal tricks of his natural competitors, the HFTs. Which incidentally is what got him arrested in the first place, and not just that, but because he showed that a slow-frequency trader could beat the HFTs at their own game. What better way to eliminate the competition than to put it behind bars for life.
Well, earlier today, at least one of these farces was remedied when a UK judge granted Sarao a bail reduction from £5m to £50,000 and was allowed to leave prison as soon as today. As profiled before, Sarao had been at the infamous Wandsworth prison - Britain's worst - since his arrest. As the FT reports, at a court hearing at Westminster Magistrates Court in London today, a lawyer for the US said he would not oppose the bail reduction.
As BBC further adds, the court forced him to disclose the whereabouts of his money and was told he had funds of more than £30m, £25.5m of it in Swiss accounts.
Mr Sarao told an earlier hearing at Westminster Magistrates' Court that he had not "done anything wrong, apart from being good at my job".
The other bail conditions are that he must stay at his parents' address in Hounslow, west London, each night, and must not travel internationally or use the internet.
Because who knows just what the next market crash would be if, heaven forbid, the London suburb resident is allowed within 50 feet of an E-trade account.
The court was also told that Mr Sarao had been diagnosed with severe Asperger's syndrome.
Just like Tom Hayes, the infamous Libor manipulator, who tried using Asperger's as his defense.
But getting conditional freedom while he awaits trial is just one part of it. Next Sarao will be fighting extradition to the US: a full extradition hearing is scheduled for 24-25 September. "The DoJ claims that Mr Sarao and his firm, Nav Sarao Futures, made £26m ($40m) illegally over five years."
He has been accused of using an "automated trading program" to manipulate markets, and of contributing to the flash crash of 6 May 2010. On that day, the Dow Jones index lost 700 points in a matter of minutes - wiping about $800bn off the value of US shares - before recovering just as quickly.
He was granted bail in April. But one condition of bail was that he put up £5m - money which he could not access because of a worldwide freezing order granted in the US.
Yes, because all that is rigged and broken with the market is as a result of Navinder Sarao. Not the massive HFT lobby which throws tens of millions of bribes at the SEC every week just to make sure they look elsewhere, while crimes such as ITG's frontrunning of clients conducted by a "trader" who would then lead the trading desk as the world's 4th biggest hedge fund, continue without a glitch.
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So when is John Corzine going to Jail?
When you are an insider, Justice in the USSA means Just-us. Everyone else gets screwed.
Corzine did "gods work".....you can't go to jail for that
Where're Lloyd and Jamie?
In their limo or on John Thain's gold crapper?
Meanwhile our greatest thieves, Dimon and Blankfein have become billionaires.
Don't you know?
They are too big to jail.
Too big to jail?
Michael Moore
Don't you love it when a man with Aspergers is capable of bringing the Tower of Babel down to its foundations?
Now we just need an epileptic at the atomic weapon facility.
Or someone with Alzheimers to be flying a bomber.
Or a cretin like Obama to be the President of America. Oh wait.....
Don't you love it when a man with Aspergers is capable of bringing the Tower of Babel down to its foundations? Now we just need an epileptic at the atomic weapon facility. Or someone with Alzheimers to be flying a bomber.
https://www.newscientist.com/article/dn3676-einstein-and-newton-showed-signs-of-autism/
New Scientist
30 April 2003
Einstein and Newton showed signs of autismThey were certainly geniuses, but did Albert Einstein and Isaac Newton also have autism? According to autism expert Simon Baron-Cohen, they might both have shown many signs of Asperger syndrome, a form of the condition that does not cause learning difficulties.
Although he admits that it is impossible to make a definite diagnosis for someone who is no longer living, Baron-Cohen says he hopes this kind of analysis can shed light on why some people with autism excel in life, while others struggle.
Autism is heritable, and there are clues that the genes for autism are linked to those that confer a talent for grasping complex systems – anything from computer programs to musical techniques. Mathematicians, engineers and physicists, for instance, tend to have a relatively high rate of autism among their relatives.
Baron-Cohen, who is based at Cambridge University, and mathematician Ioan James of Oxford University assessed the personality traits of Newton and Einstein to see if they exhibited three key symptoms of Asperger syndrome: obsessive interests, difficulty in social relationships, and problems communicating.
Newton seems like a classic case. He hardly spoke, was so engrossed in his work that he often forgot to eat, and was lukewarm or bad-tempered with the few friends he had. If no one turned up to his lectures, he gave them anyway, talking to an empty room. He had a nervous breakdown at 50, brought on by depression and paranoia.
Repeated sentencesAs a child, Einstein was also a loner, and repeated sentences obsessively until he was seven years old. He became a notoriously confusing lecturer. And despite the fact that he made intimate friends, had numerous affairs and was outspoken on political issues, Baron-Cohen suspects that he too showed signs of Asperger syndrome.
“Passion, falling in love and standing up for justice are all perfectly compatible with Asperger syndrome,” he says. “What most people with AS find difficult is casual chatting – they can’t do small-talk.”
Glen Elliott, a psychiatrist from the University of California at San Francisco, is not convinced. He says attempting to diagnose on the basis of biographical information is extremely unreliable, and points out that any behaviour can have various causes. He thinks being highly intelligent would itself have shaped Newton and Einstein’s personalities.
“One can imagine geniuses who are socially inept and yet not remotely autistic,” he says. “Impatience with the intellectual slowness of others, narcissism and passion for one’s mission in life might combine to make such an individuals isolative and difficult.” Elliott adds that Einstein had a good sense of humour, a trait that is virtually unknown in people with severe Asperger syndrome.
But Baron-Cohen thinks the idea is still worth considering – there may be certain niches in society where people with AS can flourish for their strengths rather than their social skills, he says. “This condition can make people depressed or suicidal, so if we can find out how to make things easier for them, that’s worthwhile.”
By Hazel Muir
Wandsworth the worst ? I don't think so.That could have put him on the Isle or Wight, or
Broadmoor.Wandsworth is just old and cruddy..
wrong cufflinks bitchez
He will immediately leave the country on a second passport bought with his stolen money. The 2 bank officials of SnoRas Bank in Latvia and Lithuania embezzled hundreds of millions of dollars and then fled to the UK where they fought a legal battle with appeal after appeal until they lost. So the UK releases them on a small PROBATION bail for extradition to Lithuania to stand trial. They fled the country and the Brits said they were upset that these men VIOLATED THE TERMS OF THEIR PROBATION. wtf
He probably has no issues with constipation after a spell in wandsworth.
Good news!! I hope he has proved his point. Wish him well and suggest changing profession unless he really wants to prove his point.
Wouldn't you think that the likes of Faber, Schiff and Keiser would make this guy the "Chelsea Manning" poster child of the financial market system that is Wall Street and London?...
I'll answer it. Because if they were outspoken they'd probably wind up in jail as well!
Faber and Schiff, perhaps. Keiser, on the other hand, is a Wall St. shill, and knows where he's allowed to rant.
"He" just sent out e-vites for a nailgun and jacuzzi themed party to celebrate bail.
Lloyd Blankfein's personal security guys will be working the door.
He should write a book.
When you point out and document to regulators illegal behaviour and they do nothing, are you really breaking rules when you do the same? Not really. Any honest judge would dismiss. GS did the same to Serge. You unfortunately have to get arrested, extradited, and go to court to prove your point. Poor bastard.
If he was a member of the TRIBE he would still be trading today.
His mistake was not hiring a moyle and a rabi...
Want to sell ice creams in Little Italy, NY? Work or get the backing of you know who.
See what happens if you don't do either.
Want to fuck around on the financial markets? Work or get the backing of you know who.
See what happens if you don't do either.
The only difference is one side admits they're criminals..."The court was also told that Mr Sarao had been diagnosed with severe Asperger's syndrome."
I'm pretty sure we would all develop Asperger's Syndrome, dealing with these people.
Sprung out of jail to undertake a financial advisory role in hopes to reduce time in the brink.
Help us untangle this SOS mess.
The Police - Message In A Bottle - YouTube
And the Tan Man walks free.
http://www.nytimes.com/2010/10/16/business/16countrywide.html?_r=0
The complaint also contended that Mr. Mozilo and Mr. Sambol improperly generated profits on insider stock sales even though they were aware of Countrywide’s deepening financial woes. Mr. Mozilo generated $140 million in gains on stock that he sold from November 2006 through October 2007, the S.E.C. said.
Mr. Mozilo and his colleagues neither admitted nor denied the government’s charges. The payment by Mr. Mozilo will consist of $22.5 million in civil penalties and $45 million in disgorged stock profits. Mr. Sambol agreed to pay $520,000 in penalties and $5 million in disgorgement. Countrywide is paying for all of Mr. Sambol’s disgorged funds; Bank of America has been paying Mr. Mozilo’s legal fees, and the $20 million Countrywide is paying on his behalf applies to stock profits he was forced to give up.
He should demand Dimon and Blankfein testify
Everybody has Aspergers
oopsie
Max Keiser's TV studio is only about 10 miles from Hounslow in London.
That would make a good show.
He was sent to jail
because he is not a juish cabal banskter