Claim of a ‘Rigged’ Stock Market Ignites a Debate
Of course the stock scalpers and their supporters are pretending there’s nothing wrong with this.
“Stock market’s rigged” is what millions heard last Sunday on “60 Minutes.” Author Michael Lewis, of “Liar’s Poker” and “Moneyball” fame, championed the claims of his newest book’s protagonist, an inquisitive trader who didn’t like what he found.
Together they fingered the nation’s stock exchanges, Wall Street bankers and an esoteric group called high-frequency traders. Everybody else in the market, they declared, is a victim.
The blowback came out of Lenexa, home of Bats Global Markets. Bats was founded by Kansas City-based high-frequency trader Dave Cummings just nine years ago. But it now handles daily trading volumes that match the venerable New York Stock Exchange and Nasdaq Stock Market.
“Shame on you both for falsely accusing thousands of people and possibly scaring millions of investors,” Bats president William O’Brien told his adversaries during a live debate Tuesday on CNBC.
More: Claim of a ‘Rigged’ Stock Market Ignites a Debate - KansasCity.com