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NYSE To Cancel Trades Beyond 30% Band From Opening Price In Various Stocks, Knight To Foot Bill For Balance?

Tyler Durden's picture




 

Update: NYSE has completed its review of the impaired stocks. Those are the only 6 stocks which will see trade cancellations:

15:54 ET 01 Aug 2012

 

MARKET: NYSE, NYSE Amex CATEGORY: Market Operations Update
The NYSE and NYSE MKT in association with all relevant regulatory authorities have concluded the review of this morning's CEE filing.  The six symbols listed below will be the only symbols with cancelled trades; no additional symbols will be considered for review.

 

This decision is not subject to appeal.

 

Symbols:

 

WZE at or above $4.68
CO at or above $3.22
UTG RT at or below $0.0497
EJ at or below $3.36
ARC at or above $5.71
KWK at or above $5.91

Just as the only response by the SEC and various exchanges to the May 2010 flash crash was to cancel all trades beyond a 20% band of the prevailing NBBO before the Flash Crash (in the process destroying any confidence that market crash perpetrators would be truly punished by forcing them to incur the full damage resulting from the consequences of their stupidity), so the NYSE has determined to unilaterally cancel all trades, initially in six stocks, but probably in all of the attached 140 symbols, in a move that will teach the offenders absolutely nothing, and will punish only those who took advantage of a broken market to incur one-time profits courtesy of a broken market structure. However, what it will also do, is likely make Knight directly liable for any losses incurred by traders from the opening price through the 30% breakage threshold. In other words, with Knight losing about $300 million in market cap today, investors are speculating that the net loss to the firm will be just that as it has to foot the bill. Considering the volume and breadth of the impaired universe, this will likely be very big underestimation of just what the final bill will be to Knight.  And isn't it ironic that Knight itself was until recently complaining about how much money it itself lost on the FaceBook IPO as a market maker...

From the NYSE:

CEE Review Determination for multiple symbols

 

14:57 ET 01 Aug 2012

 

The NYSE and NYSE MKT have determined to cancel all trades in the following six symbols associated with this morning's CEE for multiple securities. Trades executed 30% or more above or below the NYSE/NYSE MKT opening price today between 09:30:00 a.m. and 10:15:00 a.m. ET will be busted.

 

This situation is still under review by all relevant regulatory authorities.

 

Symbols:

 

WZE at or above $4.68
CO at or above $3.22
UTG RT at or below $0.0497
EJ at or below $3.36
ARC at or above $5.71
KWK at or above $5.91

And then the NYSE gave out this update as well:

Update: CEE Review Determination for multiple symbols

 

15:11 ET 01 Aug 2012

 

MARKET: NYSE, NYSE Amex CATEGORY: Market Operations Update
The NYSE and NYSE MKT encourage all member firms to keep their Common Customer Gateway (CCG) lines up and available after 4 p.m. ET today as some of the trade cancellations referenced in the prior message may not flow back until after 4 p.m. ET.

 

In addition, all associated tape prints will be removed from the Consolidated Tape after 4 p.m. ET

 

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Wed, 08/01/2012 - 15:47 | 2670020 malikai
malikai's picture

Be HFT or die.

Signed,

The SEC.

Wed, 08/01/2012 - 15:52 | 2670050 iDealMeat
iDealMeat's picture

One more time:

William L. Bolster
Lead Director, Knight Capital Group, Inc., Retired Chairman
and Chief Executive Officer, CNBC International

Nominating and Corporate Governance Committee, Chair
Compensation Committee, Member
Finance and Audit Committee, Member

William L. Bolster, Lead Director of the Company, has served on the Board since November 2003. Mr. Bolster was Chairman and Chief Executive Officer of CNBC International from July 2001 to November 2003 and was a consultant to CNBC International until February 2004. Prior thereto, he was President of CNBC from January 1996 until July 2001. Previously, Mr. Bolster was President and General Manager of WNBC-TV in New York. Mr. Bolster received a B.A. in Business Administration from Loras College in 1967.

Wed, 08/01/2012 - 15:55 | 2670066 SilverTree
SilverTree's picture

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Wed, 08/01/2012 - 15:56 | 2670069 SilverTree
SilverTree's picture

No worries, the NYSE will have this cleaned up in a jiffy.

Wed, 08/01/2012 - 16:03 | 2670099 mudduck
mudduck's picture

Waitress, I will have 2 of what this gentleman is drinking. Cheers.

Wed, 08/01/2012 - 16:35 | 2670182 CCanuck
CCanuck's picture

He's drinking Bollinger today, and buying a round for the house. Apparently he had a good day on the 'Markets'.

Enjoy!

 

Wed, 08/01/2012 - 16:29 | 2670164 Dubaibanker
Dubaibanker's picture

TFC- That's Fuckin Cool, eh?

Wed, 08/01/2012 - 15:58 | 2670078 veyron
veyron's picture

Traders yet again tvix'd

Wed, 08/01/2012 - 15:59 | 2670085 Dr Benway
Dr Benway's picture

Some bizarre incentives introduced by the adhoc cancellations/non-cancellations...

 

How long until the algos include just those incentives in ther models? 

 

And then use crashes to profit?

 

Oh wait, that already happenend. I sound like a regulator, out of touch.

Wed, 08/01/2012 - 16:08 | 2670110 Hype Alert
Hype Alert's picture

BINGO!

They just need to catagorize the algo's into:

A) well behaved - those that just skim your money

and

B) ill behaved - those that use aggressive tactics that skim your money up to SEC approved limits.

 

Sucks to be you.  Doesn't the SEC get a fee for each transaction?  Bonus!

Wed, 08/01/2012 - 16:24 | 2670148 Dr Benway
Dr Benway's picture

LOL well put. But the algos can't be shut off now because there is no "market" without them anymore.

 

But I have a solution! We completely hand over control to the algos, and have them promise that the market will rise by 10% each and every year. That way, we would have no pesky random walk movement in prices, just a steady nice straight line slanting up.

 

Problem solved, everyone happy! Then governments could mandate that we put weekly pension money into this black box machine, and they would have solved the pension problem too.

 

This method is guaranteed to work fine until it doesn't and the black box is revealed as empty.

Wed, 08/01/2012 - 15:48 | 2670023 HD
HD's picture

Maybe they shouldn't have run their algos using a discounted HAL-9000...

Wed, 08/01/2012 - 15:48 | 2670030 Dr. Richard Head
Dr. Richard Head's picture

All your trades are belong to us.

 

 

Sorry......someone had to say it.

Wed, 08/01/2012 - 15:48 | 2670031 MeelionDollerBogus
MeelionDollerBogus's picture

What about ticker WTF or PNZI ?

Wed, 08/01/2012 - 15:53 | 2670055 HD
HD's picture

You're on to something there - when's the IPO?

Sadly - the only stock I would go 100% long on is PNZI.

Wed, 08/01/2012 - 15:55 | 2670067 vast-dom
vast-dom's picture

MEAT SHACK IPO GO PNZI LONG IF BERNANKZI LIVES

Wed, 08/01/2012 - 15:51 | 2670033 emersonreturn
emersonreturn's picture

thank you tyler as always you are the difference between Knight and day. 

Wed, 08/01/2012 - 15:50 | 2670034 e-man
e-man's picture

I really wish we could stop calling this a market.  It hasn't been a "market" for quite some time.

I think the "racket" would be more appropriate.

Wed, 08/01/2012 - 16:10 | 2670117 Hype Alert
Hype Alert's picture

DONE! From now on I'll use Stock Racket.

Wed, 08/01/2012 - 15:49 | 2670035 El
El's picture

That's just...wrong. Now we are socializing screwups? Sorry little Johnny...if you jump over that cliff, then the rest of us will have to jump over it with you so you won't die all by yourself. Making you die by yourself just wouldn't be fair. /snarc

Wed, 08/01/2012 - 15:51 | 2670048 Dr. Richard Head
Dr. Richard Head's picture

Only flash crashes to the downside will be socialized.  Upside HFT vapor levitations can sit firmly in the hands of PD's and related Fiat Card Members.

Wed, 08/01/2012 - 16:09 | 2670112 Dr Benway
Dr Benway's picture

+1000,000,000

Wed, 08/01/2012 - 17:56 | 2670428 disabledvet
disabledvet's picture

-1,000,000,000,000,000,000

Wed, 08/01/2012 - 15:51 | 2670036 Dr. Engali
Dr. Engali's picture

NYSE to retail investor: Screw you! We have to protect our own. We don't want another firm to blow up.....yet.

Wed, 08/01/2012 - 15:50 | 2670038 ZeroAvatar
ZeroAvatar's picture

Oh, THAT'S why the stock's down 20%, BITCHEZ!

Wed, 08/01/2012 - 15:52 | 2670039 ebworthen
ebworthen's picture

30%?

Why not just reset the entire day, even back to 3:59 yesterday, considering.

Oh yeah, and allow trades one at a time, and require a human being to move three mechanical levers 180 degrees to execute a trade.

Wed, 08/01/2012 - 15:58 | 2670073 MillionDollarBoner_
MillionDollarBoner_'s picture

...or reset to Feb 2008?

Fixed it !;o)

Wed, 08/01/2012 - 16:03 | 2670041 SMG
SMG's picture

This is criminal.  These machines are cheating everyone in the market, everyday.  So when your cheat doesn't work out, you get a do over.   What a SCAM!

Wed, 08/01/2012 - 17:59 | 2670431 disabledvet
disabledvet's picture

The machines exist to separate emotions from trading. And you...puny human...are nothing but a tumult of emotion. Just in case you thought "that was easy" let me introduce to MASS media and "see how well you trade then."

Wed, 08/01/2012 - 15:50 | 2670042 Seasmoke
Seasmoke's picture

i won today..............no i lost today

to play in this minefield, proves only that you are a moron

Wed, 08/01/2012 - 15:56 | 2670047 Daily Bail
Daily Bail's picture

I posted this earlier on another thread but thought I would add it here as well.

I've hated Knight Trading since 1999-2000 when we were shorting all the dotcoms and these fuckers were always faking bids on the Level III screens.  I got so pissed off one day I called the CEO and yelled at him for 2 minutes about market manipulation and then I hung up and we shorted 50,000 shares of his company as our way of saying "Fuck You, prick."

We made a little bit and closed the trade a week later.

My fav story was shorting Redback Networks in 1999 - they announced a huge secondary that would allow insiders to dump millions of shares, but instead of going down, the stock rallied because Cramer was long Redback at his hedge fund and he had used 2 CNBC appearances that day to say how fucking great the secondary was because it meant that institutions would NOW be able to get into the company in size.  What a complete crock of shit.  And anyone who was trading at the time will tell you that Cramer used this line of bullshit to perfection EVERY time there was a secondary announced for one of these low-float, recently-IPOed networking stocks.

So I emailed CNBC reporter Bob Costello, the grandson of the Abbot & Costello frontman, (whom I had never communicated with before) with a long screed about how the secondary would DILUTE, and that cramer was a fucking monkey spouting garbage.  And 15 minutes later, it was Costello's turn to report from the NAZ, and he immediately said 'I have this email just in from a Santa Monica based hedge-fund manager' and he proceeded to read my email ripping Redback and (Cramer the monkey) word for word on the air for about 45 seconds.

Meanwhile, I was sitting in my apartment in Santa Monica, on my couch, in my underwear, with the biggest smile I've ever had.  We were not really a hedge fund.  I had about $15 million under management at the time.  And I had just forged my way into a breathless Tom Costello CNBC report calling Jim Cramer a monkey.

I'm pretty sure it was the happiest moment of my life.

Wed, 08/01/2012 - 15:56 | 2670068 fonzannoon
fonzannoon's picture

I once shorted a stock that I knew would go down and Cramer came on and talked it up. I don't know if he owned it but I was also on my couch in my underwear. I got up and yelled at the TV and then emailed some friends but that was as far as I got with it.

Wed, 08/01/2012 - 15:56 | 2670070 cougar_w
cougar_w's picture

That was funny as hell, thx for sharing.

Wed, 08/01/2012 - 15:58 | 2670075 SilverIsKing
SilverIsKing's picture

Was it Bob Costello or Tom Costello?  Your story sounds made up.

Wed, 08/01/2012 - 17:00 | 2670108 Daily Bail
Daily Bail's picture

It was Tom Costello, not Bob, my mistake.  It's been almost 13 years since it happened.  And I understand that it sounds crazy.  Imagine how I felt, sitting there watching it happen.  I was 32 at the time, and I had worked at Alex Brown, then Bankers Trust, so I wasn't some neophyte trader.  But this was surreal to me. I got his email address from Ted David, a CNBC anchor that I was friends with online, thru the trading website that some here may remember, Silicon Investor.  Ted used to hang out there and post occasionally.

Ultimately, I didn't lie to Costello, other than telling him I was a hedge fund manager.  I was a trader/manager with $15 million AUM, working from my apartment, shorting all the bubble stocks, and every bit of info I gave him on Redback and the secondary was RIGHT.

Cramer was a fucking lunatic in those days, blatantly using CNBC to promote low-float internet stocks his hedge fund was holding.  He did it EVERY fucking day.  This was before Mary Meecker and Henry Blodgett got busted in their scandal.  So CNBC wasn't paying any attention to conflicts of interest, and they let Cramer do whatever the fuck he wanted.

For what it's worth, within 3 years, Redback had fallen to below $5 after trading at least as high as $200.

And here's Ted David's Wikipedia.  He was pushed out of CNBC in favor of hot chicks several years ago.  He was a good reporter, a former EMT, and a high school teacher, not some blow-dried, pump-wearing pussy like Bill Griffith.

 

http://en.wikipedia.org/wiki/Ted_David

Wed, 08/01/2012 - 17:26 | 2670350 Everybodys All ...
Everybodys All American's picture

Cramer is a still doing the same thing he's just doing it now for his 'trust'. CNBC is complicit. The criminals no longer get prosecuted and in fact http://markets.financialcontent.com/prnews/news/read?GUID=21912068 look at the impact this has on GDP. The stuff that Cramer does today would never have been tolerated just a few years ago.

I'm not surprised that NBC is involved because they are as corrupt as there is in the media and have been for a some time.

Wed, 08/01/2012 - 18:03 | 2670448 disabledvet
disabledvet's picture

First Knight...next stop the GOLDMAN SACHS.

Wed, 08/01/2012 - 18:08 | 2670455 EclecticParrot
EclecticParrot's picture

Veterinarian to Mrs. Cramer several decades ago:  "Here you go -- I'm happy to report it's a healthy baby monkey.  No, no -- flip him over, the head's on the other end."

Wed, 08/01/2012 - 16:05 | 2670104 The Axe
The Axe's picture

great story....Nite is the king of overlapped markets......

Wed, 08/01/2012 - 18:01 | 2670442 disabledvet
disabledvet's picture

How's your Facehugger short doing? Those guy's are worth billions right now.

Wed, 08/01/2012 - 15:51 | 2670049 slaughterer
slaughterer's picture

These are penny stocks.  KCG is getting off easy.

Wed, 08/01/2012 - 15:54 | 2670062 fonzannoon
fonzannoon's picture

Yeah no shit what happened to UNG and F and VZ?

Fartiroma is on right now praising the fed for leaving the language alone today and letting everyone know how effective the LTRO programs have been.

I am guessing we get another LTRO tomorrow now.

Wed, 08/01/2012 - 16:18 | 2670134 mrdenis
mrdenis's picture

I trade GOV 5,600,000 shares traded this AM down to 20.7 ,the stock came back somewhat to 22 after opening @ 23 ...I bought a total 5000 sh with avg px 21.22 ...if he's short it will take a while to cover average day vol is 250K ....I was truly surprised it didn't come back to the 23 level ....it's a great income reit

Wed, 08/01/2012 - 16:23 | 2670146 azzhatter
azzhatter's picture

Honestly is there a better tool of the establishment than Maria Myfartshavearoma? Such a pathetic bitch this whiny c*nt is. Not even worth a good bitch slap

Wed, 08/01/2012 - 16:00 | 2670087 cougar_w
cougar_w's picture

JNPR trades at $15. JNPR was blitzed all morning, volumn was up on the NYSE by about 200% due to the screwup. Maybe $200M changed hands in 30 minutes that has to be reversed now, who knows what the damages will be.

Wed, 08/01/2012 - 15:52 | 2670051 Haager
Haager's picture

Let those systems die -

NYSE don't care shit if others suffer due to stop-loss breaches and margin calls due to such f++king algo-trades.

Wed, 08/01/2012 - 15:52 | 2670052 FoxMulder
FoxMulder's picture

NYSE called 1-800-SERVPRO. Like it never even happened.

Wed, 08/01/2012 - 15:53 | 2670057 The Axe
The Axe's picture

Guys on the desk  tell me 100 million loss for NITE    holyshit storm

Wed, 08/01/2012 - 15:54 | 2670060 cougar_w
cougar_w's picture

Hey NYSE, I accidentally bought high and sold low today -- don't know what happend, just one of those things -- so could you cancel that trade for me while you are at it? k thx

Wed, 08/01/2012 - 15:55 | 2670063 DeFeralCat
DeFeralCat's picture

This just in: 1000 Knight employees seen packing and leaving the Jersey City office.

Wed, 08/01/2012 - 17:44 | 2670406 cougar_w
cougar_w's picture

Seriously? You mean there were actual casualties from fucking up ?

Man I don't get it. Is nothing sacred? What a world.

Just kidding! Hey luzers, don't let the door hit you in the ass on the way out!

Wed, 08/01/2012 - 15:55 | 2670065 the not so migh...
the not so mighty maximiza's picture

This is the stuff recoveries are made of.

Wed, 08/01/2012 - 15:57 | 2670072 Ineverslice
Ineverslice's picture

Yelp!

Wed, 08/01/2012 - 15:58 | 2670076 Downtoolong
Downtoolong's picture

But think of the liquidity. Think  of the  children, especially my children who need to have three yachts, five houses and an investment portfolio worth a billion or two of their own.

Whatever you do, don't  even try to think about how much my company has manipulated Facebook stock after the IPO to try and get our money back. I know I would never go to jail for it, but, that could get me another fine. 

Wed, 08/01/2012 - 15:58 | 2670079 rubearish10
rubearish10's picture

With KCG down 34% can they go bust and sack out with PFG and MFG?

Wed, 08/01/2012 - 15:59 | 2670080 Itch
Itch's picture

Any one who makes a buck the next time this happens, take it straight out of the account and let your brokers sing for it.

Wed, 08/01/2012 - 16:02 | 2670096 Dr. Engali
Dr. Engali's picture

Problem is you can't do anything until settlement.

Wed, 08/01/2012 - 15:59 | 2670084 This is the end
This is the end's picture

Is it just me or do actions like this make future plunges in individual stocks more frequent and the drops bigger?  They are basically telling anybody that if you try and buy a stock down big on the day your trade may or may not be honored. Who is going to buy a stock down 20-50% on the day when you know that the exchange might cancel out your trade later? This means basically no one is there to catch the falling knife. Is it possible for regulators to actually think through their actions beyond a time horizon of 23 seconds?

Wed, 08/01/2012 - 16:00 | 2670090 magpie
magpie's picture

De facto short ban

Wed, 08/01/2012 - 16:12 | 2670123 rubearish10
rubearish10's picture

yet, another unintended consequence.

Wed, 08/01/2012 - 16:07 | 2670086 Dr. Engali
Dr. Engali's picture

Gold bitchez!

 

On to step five.

Wed, 08/01/2012 - 16:17 | 2670128 Hype Alert
Hype Alert's picture

Seriously, today was it for me.  Stocks are now laughing stocks.  What was a tool for raising capital is no more. 

Wed, 08/01/2012 - 16:25 | 2670154 XitSam
XitSam's picture

Ahem. You were at step 3. This Keynsian money printing is the root of all evil. 

Now, on to step 5.

Wed, 08/01/2012 - 16:44 | 2670199 Dr. Engali
Dr. Engali's picture

Sorry I lost my chart.

Wed, 08/01/2012 - 16:11 | 2670119 larz
larz's picture

Good job all MUCH better than those pesky greedy market makers (SARC)

Wed, 08/01/2012 - 16:11 | 2670120 lbrecken
lbrecken's picture

Knight has been playing games illegally or not for years and the blatant front running of orders between EDGA & EDGX has been ongoing for sometime.  GS has done that during bubble period ahead of large institutional orders too.  It also continuously playes games with spreads based on its books too.  So mini GS is getting it back in their arse for once.......

Wed, 08/01/2012 - 16:12 | 2670122 Joebloinvestor
Joebloinvestor's picture

I really thought they would wait till the Manchester United’s public offering to fuck up the market.

Seems to me there are forces at work that no one understands and no one can control.

Makes one feel real confident doesn't it?

Wed, 08/01/2012 - 16:20 | 2670139 Hype Alert
Hype Alert's picture

If they have the ability to levitate like this afternoon, they have the ability to not levitate. 

Wed, 08/01/2012 - 16:17 | 2670130 Paracelsus
Paracelsus's picture

A bit off topic but this reminds me of a famous horse fixing scandal in Australia about 40 years ago.The scam was a substitution of a decent runner for a nag,and then everyone in Australia piled on so the odds went from 60-1 to 3-1 in 15 minutes.There was so much money coming in the bookies were trying to offload the risk.

The horse won,there was a delay as the horse was correctly identified,the horse was disqualified,and the 2nd place horse was declared 1st place.As the horse was not scratched all bets stand.The bookies had to refund millions to their clients and there was a lot of pub talk about broken kneecaps and such (lots of mafia in Oz).

Just google "Fine Cotton scandal horserace Queensland".People still chat about it after all these years.Everyone wants a sure thing...

Wed, 08/01/2012 - 16:21 | 2670140 hannah
hannah's picture

do you people understand who cramer and herb greenberg are...? ...and the groups they are associated with....? it would blow you away that the sec or the gov would allow cramer to have a show pumping stocks. just goes to show the depth or the rigging of the market.

Wed, 08/01/2012 - 16:23 | 2670147 I Am Not a Copp...
I Am Not a Copper Top's picture

This mucking farket is a joddamn goke

Wed, 08/01/2012 - 16:42 | 2670196 Conman
Conman's picture

Its ok you can say fuck. fuck fuck fuck fuckity fuck

Wed, 08/01/2012 - 16:25 | 2670151 gs_runsthiscountry
gs_runsthiscountry's picture

How much is enough until everyone just packs their ball and goes home?

Seriously, its very upsetting today that even twittersphere and blogosphere can’t even utter the letters “NYSE” or “Retail Liquidity Program.” I almost ran out of popcorn watching the "broken markets" trade today. Buy-and-sell stops are like hittin 3 cherries on the slots with every drop of a coin...rinse and repeat...day after day after day.

You have to ask yourself, how much of this BS are you going to take?  When are you going to be left hung out to dry with your account or your clients monies, on trades that they don’t reverse on a broken trading day. This is why you don’t use limit/buy sell stop orders! THE MARKETS ARE BROKEN!  Is it any wonder you see even hedgies dialing down and exiting the client market.

BTW: Mr. Art Cashin, retire, you lost my respect today. When you lie bold faced - look straight ahead into the camera and don’t shift to the left...don’t eye shift left and put your head down - that was an easy tell...”was not the retail liquidly program”… my arse!

oh, and in other news, Knight Captial has reached Waddel-and-Reed status.

Control your risk and trade these markets at your own peril folks.

That is all…

gs_

Wed, 08/01/2012 - 16:32 | 2670172 buzzsaw99
buzzsaw99's picture

Let the trades stand. Let them fail. Just desserts imo.

Wed, 08/01/2012 - 16:35 | 2670183 Missiondweller
Missiondweller's picture

So when algos make money they can keep it.

When they go wrong the SEC will break the trades.

 

Heads they win.

Tails you lose.

 

Fuck this so called "market".

Wed, 08/01/2012 - 16:57 | 2670236 Herdee
Herdee's picture

NITE has naked short sold tons of small cap stocks into the cellar and bankrupted many of them.If you never have to cover and you can wipe out a Company,you can make a fortune.NITE and many other market makers have even gotten away with naked shorting microcaps that were even on the Threshold List.One example is what they did to SpongeTech(SPNG).The SEC and the Justice Department have both turned a corrupt blind eye to illegal activity for years and when New York State finally clamped down on naked short selling,the crooks simply got Canadian banks out of Toronto to do their dirty work for them.Any doubts?Just look at what crooks did to Patrick Byne's Company,OverStock.com and what crooks did to Industrial Enterprises of America(IEAM).Who was taking part in the illegal trading?The man in the moon?Go to DeepCapture.com you can find out about Wall Street's dirty little secret that even "morfs" on a daily basis.When the big cases finally get to the top in Court,the Banks and their corrupt basturd Market Makers will bare the burden for decades of deceit.It's a modern day form of counterfeiting.That's why most small Cap firms have all moved to China,because the Market in America is so corrupt and the Clearing Houses run by Mafia linked enties make it near impossible to start a business in America any longer.In IEAM's case,they just got a gigantic settlement out of one of the biggest law firms in the world,who's lawyers provided the "engine" to try to destroy this small manufacturing Company.I only hope now that they'll go after the Market Makers.Could be a big move up on this one soon.Squeeezzz baby.

Wed, 08/01/2012 - 17:41 | 2670388 houserich
houserich's picture

Who's underwriting Knight's E&O policy?

Wed, 08/01/2012 - 18:11 | 2670462 disabledvet
disabledvet's picture

Wow. And here I was comparing all us down here to Sputnik. More like a Saturn 5 day today. INDEX FUNDS BITCHEZ!

Wed, 08/01/2012 - 19:12 | 2670573 ghengiskhan
ghengiskhan's picture

Here is a hint as to what happened:  http://www.knight.com/investorRelations/pressReleases.asp?compid=105070&releaseID='

No proof of concept here folks .... just a hint

 

 

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