DOJ Sacrifices Flash Crash Scapegoat
A day trader living with his parents in suburban London has just been arrested for “contributing” to the 2010 Flash Crash, where nearly $1 trillion was wiped out of the stock market in a matter of minutes. In this subscriber newsletter, James breaks down what the DOJ is saying and why it’s all a scapegoat smokescreen for the real market manipulators. Also, if you speak Japanese and/or love children’s entertainment, you’re going to go bananas for this month’s subscriber-only video!
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Fyi, I almost missed this one because of the reused Spontaneous Order banner. I probably shouldn’t be this proud I still read :p
Thanks!
Reminds me of the case of Charlie Engle as reported by the NY Times in 2011. Engle was sentenced to serve 21 months in prison for mortgage fraud involving an exaggerated income claim submitted by the mortgage broker (having apparently forged Engle’s signature and later convicted of fraud himself).
The saga started when an overzealous IRS agent saw Engle in a documentary film on ultra-marathoners and wondered how he supported himself. To get their man, DOJ stooped to going through his garbage and sending a flirtatious wired-tapped honeypot agent to get him to spill the beans.
http://www.nytimes.com/2011/03/26/business/26nocera.html?_r=0
So much energy to nab a hapless serf while the banksters get bail outs and staggering bonuses. It’s curious the establishment will run stories that expose their system as a sham. Largely as a venting mechanism I suppose and to satiate the political ‘left’ Kool Aid imbibers.