Posted on 04/25/2015 9:41:10 AM PDT by Lorianne
lone trader has been accused of illegally earning millions of pounds and bringing chaos to the world’s financial markets from a computer in his parents’ semi-detached home in Hounslow.
US financial regulators claim that Navinder Singh Sarao’s actions contributed to the so-called “flash crash” in May 2010, when hundreds of billions of dollars were wiped off the value of stocks in a matter of minutes.
They believe Sarao may have made more than $40m (£27m) over the past five years, with nearly $900,000 on the day of the flash crash alone. The 36-year-old trader has been arrested on charges of fraud and market manipulation. If extradited to America and convicted, he will spend the better part of the rest of his life in a federal prison.
For the US regulators, this is a story with a happy ending. They’ve been searching for answers to what caused the flash crash since it happened. Sarao’s arrest provides a neat denouement.
But, for the rest of us, this week’s developments have raised more questions than answers. Art might benefit from ambiguity, but not financial regulation. Here are some of the many things we still don’t know.
(Excerpt) Read more at telegraph.co.uk ...
Also interesting link to Jon Corzine’s MF Global in this Bloomberg article:
http://www.bloombergview.com/articles/2015-04-24/michael-lewis-has-questions-about-flash-crash
Did you see John is planning a big comeback?
http://www.wsj.com/articles/jon-corzine-considers-launching-hedge-fund-1429484718
The problem is this guy didn’t spread the wealth around to Congress and the regulators.
Unless and until you pay up Navinder...no freedom for you!
He just beat Goldman Sachs and JP Morgan at their own game, and they and the Federal Reserve don’t like it!
Naughty! Naughty!
Financial shenanigans are only for Party members. Not the Proles!
Sounds like the Ben Ghazi video....
Bingo!
This guy had to be taken down because he beat the market manipulators at their own game.
Bingo!
This guy had to be taken down because he beat the market manipulators at their own game.
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