This is the first installment of a series of articles about the media, finance industry, political, and Department of Justice (DOJ) reaction to Michael Lewis’ new book about high frequency trading (HFT). The media ballyhooed the book as if it were an amazing revelation of a fact of surpassing importance. The industry demonized the book and Lewis. DOJ immediately announced it had begun a criminal investigation and the SEC it had multiple investigations pending. Whether the industry or Lewis is correct about HFT practices (which he asserts are lawful) is unimportant for some purposes. My series will focus on the difference between the frenzied DOJ, political, and media reaction to Lewis’ criticism of allegedly lawful HFT practices and the “yawn” reaction of these same groups to the vastly more damaging criminal frauds runs by our elite financial leaders that caused the financial crisis is astronomical, ludicrous, and disastrous. Similarly, the reaction of these three groups to the finding by multiple investigations that 16 of the largest banks in the world committed crimes by setting LIBOR rates through frauds and cartels (the largest cartel, by several orders of magnitude, in history) was less than a yawn, as I described in prior articles.
Bank Whistleblowers United
Posts Related to BWU
Recommended Reading
Subscribe
Articles Written By
Categories
Archives
October 2024 M T W T F S S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Blogroll
- 3Spoken
- Angry Bear
- Bill Mitchell – billy blog
- Corrente
- Counterpunch: Tells the Facts, Names the Names
- Credit Writedowns
- Dollar Monopoly
- Econbrowser
- Economix
- Felix Salmon
- heteconomist.com
- interfluidity
- It's the People's Money
- Michael Hudson
- Mike Norman Economics
- Mish's Global Economic Trend Analysis
- MMT Bulgaria
- MMT In Canada
- Modern Money Mechanics
- Naked Capitalism
- Nouriel Roubini's Global EconoMonitor
- Paul Kedrosky's Infectious Greed
- Paul Krugman
- rete mmt
- The Big Picture
- The Center of the Universe
- The Future of Finance
- Un Cafelito a las Once
- Winterspeak
Resources
Useful Links
- Bureau of Economic Analysis
- Center on Budget and Policy Priorities
- Central Bank Research Hub, BIS
- Economic Indicators Calendar
- FedViews
- Financial Market Indices
- Fiscal Sustainability Teach-In
- FRASER
- How Economic Inequality Harms Societies
- International Post Keynesian Conference
- Izabella Kaminska @ FT Alphaville
- NBER Information on Recessions and Recoveries
- NBER: Economic Indicators and Releases
- Recovery.gov
- The Centre of Full Employment and Equity
- The Congressional Budget Office
- The Global Macro Edge
- USA Spending
-