"… computers don't manipulate markets, people do"

The problem, of course, is that people have been given new, trading tools of mass destruction.. – WSJ1

This must-read article has just about every gun lobby trick of rhetoric deployed in defense of high-frequency trading.

And as a special added bonus, they slide in that silent assumption, that’s been saturating the story arc, that Sergey Aleynikov actually did something.

———————–

[1]: "Peering into the Black Box: Was Lehman Murdered by a Thousand Trades?", by David Weidner, Wall Street Journal [corrected -- thanks JMF! - jm], September 10, 2009.

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2 Comments for this entry

  1. jan-martin feddersen says:
    September 11, 2009 at 2:08 AM

    Moin from Germany,

    “every gun lobby trick of rhetoric deployed in defense of high-frequency trading.”

    Exact my feelings after i have read this piece of PR….

    We live in interesting times….. Will be fun to see how all this plays out when we will have a correction in 2015….. ;-)

    PS: Its the WSJ not the NYT…..

  2. John M. says:
    September 11, 2009 at 3:33 AM

    jmf -

    Oh well, there goes my 3-year record of perfection in blogging accuracy :(

    Igor thinks it’s “too much” when even the the shadowy anonymous God Fathers of world fascism perform a hit-and-run against Serge’s presumption of innocence.

    “Big Brother bosses: More than ever, companies want to know what their employees are up to”, Economist, September 10, 2009.

    Financial-services firms are particularly vulnerable to the enemy within. The case of Sergey Aleynikov, the Goldman Sachs banker accused in July of stealing high-frequency trading software worth millions of dollars to the bank, was an illustration of the huge value of intellectual property that is at risk of going astray.

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