Michael Lewis is making serious enemies with his new book Flash Boys, which details how High Frequency Trading rigs the stock market. Good. He’s been slamming their errand boy newscasters whose pretend ‘objectivity’ masks their slavish defense of financial crimes.
Lewis, a respected maverick financial journalist, has forced the issue into the mainstream. He deserves out support. Zero Hedge exposed HFT five years ago with their landmark articles. Banksters have attempting to slime ZH ever since, to no avail. Now the corruption is out in the open where all can see it. Our government has been permitting this front-running for years. Now that the heat is on, they make actually have to pretend to do something about it.
Pay attention to the defenders of HFT. They are the enemy.
ERIK SCHATZKER (Bloomberg): Well, it’s rigged only inasmuch as…
MICHAEL LEWIS: Why are you so invested in the idea this is fair? Why are you even arguing about this? It’s so clear.
LEWIS: Yes, you seem to be. I mean, it’s very interesting. But you seem to be – you can see, it’s very clear that people are being front run in the market. There’s plenty of evidence in the book.
SCHATZKER: Their orders are being anticipated…
LEWIS: Anticipated and run in front of, that’s right.