From the 60 Minutes Archive: Rigged
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- čas přidán 1. 05. 2021
- In 2014, Steve Kroft spoke with Michael Lewis about his book “Flash Boys” that revealed how some high-speed traders worked the stock market to their advantage.
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My father always said "You don't make that kind of money honestly." If he only were around to see just how dirty it's gotten.
He knew
Your father was light years ahead of his time, god rest his soul 🙏
That’s the same thing Charlie sheen’s dad said to him in that Gordon gecko movie. Don’t forget their just spoofing the order flow. No one can manipulate a stock for more than 10-15 seconds. Hit and runs all that, there’s no manipulation tactic that I know where you can hit a stock down and keep it down.
"High-speed predators" - now that is a good expression.
Hal Hal Hal ... Space Oddity 2021
"There is enough in the world for everyone's need, but not for everyone's greed." (Gandhi)
Thank you. You said it
Greed greed greed but the time will come that they will be so miserable they always go to far with everything
@@patricesilva8004 🤞🤞🤞
True that.
Well said
Criminals on Wall Street is the norm, all of them are OUTRAGEOUSLY GREEDY and the machines used to trade are corrupt !
Retail are seeing their IEX buys going through market makers like Citadel first. Defeating the object.
Yep. A lot of retail brokerages are eliminating transaction and holding fees, but it's because they're selling your orders to a hedge fund who's going to sell you higher priced stock so the brokerage wants you to make more trades and generate more kickbacks.
"We've had many asking for a backdoor." Yes, that tells you something.
There is always someone smarter, more creative and a good aggregator of talent to outdo whatever has already been done.
Yes and if some responsible person were prosecuted and found guilty they would likely get 90 days probation.
They know the parties who were responsible (they are physically connected by fiber optic lines), but it was a new tactic, so there were no laws against doing it. Now, there is a required minimum length of the fiber optic lines that connect to the stock exchanges, so dozens of firms have setup servers that are exactly the minimum distance from the exchange hub. Theoretically, this levels the playing field between investment firms. (But, is that enough to protect investors? Maybe it is or maybe it's not.) Plus, in the past year most brokerages have dropped their commission fees in place of favored routing (pay for order flow), so who even knows if the price you get is truly the market's best price when you place a trade. Regardless, a penny or two per share is a small price to pay for commission-free trading, so I consider that a win for investors.
Ridiculous result of excessive greed!
The way they get around this now is through payment for order flow.
That's misguided
Also fidelity doesnt charge commission or do payment for order flow
That's why the GameStop/ Reddit people have them angry
good they lost billions
And the markets are still dishonest as ever. Nothing has been fixed.
Sad that we favor the stock market environment more.
the sec is on the payroll.
billions of dollars being made by crooks and only hundreds of thousands worth of fines for their violations.
there's nowhere for retail traders to turn, because there is no one that will stand up due to payouts. absolute power corrupts absolutely.
@@toddinthemiddle They look at fines simply as a cost for doing business...
@@LesGrossman69 if one of us peasants committed anything along the lines of fraud or theft, it would not only be exorbitant fines, but likely jail time,too.
there is still a great deal of money to be made from the stock market, but when we don't know the bottom or control the top, or anything in between, it's an unfair (criminal) advantage.
maybe i'll luck out and get a sliver of pie from AMC.
DEATH CROSS OVER BITCOIN AGAIN BIT COIN DROPPING FAST ! getting rejected again😫 @32K going down more than a Kardashian 🤣below$8,000 dragging DOGE COIN Eventually Under .10 cents😫 DUMP BOTH NOW!😡
Thanks 60 minutes. Great coverage. Meanwhile all across the board, we see in local news, the media, and social media video posts of "terrible scam artists" aka homeless beggars, doordash delivery drivers stealing meals, and pre-recorded violin street performers who got away with $5-$10.
Good job Brad Katsuyama!
This sxxt is crazy! This is why the rich/wealthy/well-connected will ALWAYS get richer while the rest of us fight over the skimpy morsels left over (if that). Disgusting!
Why do we still have financial challenges when we can actually earn real and legitimate profit through investment in crypto currency??
I can lead you through it if you let me.
Retail day traders have almost no chance against this system.
Can't believe this has so low views and outrage. People should be rioting over the thieves.
I really like this Canadian Guy!!!!!!!!!!!!!!!!!!!!
Brad, the first to figure the rigging of concert tickets, i’ve experience. I went to see seats n price, found but could’nt buy right then. Came back to it n the price jacked up. I thought it was the cookies left behind. Once i cleared then logged back in browser - the price was back to the original price ...
tax every trade .. shut down the HFTs ..
WHEN will ALL Financial Transactions( Wall Street ) be subject to a tax ???
Is this activity any different from a toothbrush changing hands from seller to buyer in a Supermarket ???
Changes demand courage and commitment .... Wake up Lawmakers !
Trust is paramount! The story ended hopeful. Honors to the honest people.
When getting too deep goes wrong.
Doubt that many individual investors make much money....shows on t.v. make you think you can trade and make a ton of money.....all a con game!
So who is responsible for HFTraders???
Exactly!! Why didn't they tell us?
Banks and other institutions
@@TruthSeeker30_ No Rubbish. Its Wall St themselves that do it all. thats why they didnt say who..
I assumed it was always"fixed."
This has been going on for years it's usually pennies at the time.
The bigger deal is headline trading algorithms and even the older close caption readers
Cheaters cheating Bigger Cheaters. Cry me a river. The market is rigged alright, but the ones who should be complaining are the regular Joe investors.
They don’t know what’s happening.
2022 is going to be crazy
Wait for Robinhood in 2021. Talk about front running
What impeccable timing algorithm..
Brilliant piece!! Well done 60 Minutes!!
Veselak is slovenian surname meaning "The happy guy" :) Regards from Slovenia, Ljubljana.
I'm gonna tell my kids this was The Office
I put in automated trade to buy a a few shares for “$1” and the price remained at “$1.01" or higher for the whole day. This mostly applies when you’re paying the market price.
I attribute, in part, my mother's death (of ALS related death by suffocation) to the money she lost in 2007. People were devastated. And these shameful Wall Street goons do not care. Their greed is evil!!!
I totally agree. My father and his wife lost their entire retirement savings in the GFC. His wife also died way too young from ALS. My father soon declined into dementia.
@@emmaevans7011 We are their survivors; we should write an anthology or something.
They are the Zionist bankers with their Unit 8200 that controls the
Worlds Intel of all systems for their NWO
Evil Greed
Horrifying Psychopaths
WHY DID THE RICH AND INSTITUTIONS NOT TELL THE PUBLIC THEY WERE BUYING CRYPTO?? INSTITUTIONAL INVESTMENT WENT FROM 1/3 TO 1/2 AND THERE WAS NO NEWS AT ALL ON IT!!!!!!!!!!!! THIS WENT ON FOR ABOUT A YEAR OR MORE.
DEATH CROSS OVER BITCOIN AGAIN BIT COIN DROPPING FAST ! getting rejected again😫 @32K going down more than a Kardashian 🤣below$8,000 dragging DOGE COIN Eventually Under .10 cents😫 DUMP BOTH NOW!😡
Billions in technology and billions in unethical trades defeated by basically a bunch of lead cords strung together,
This explained why stock price jump 10% the exact seconds the earning report is out, computer read the report and trade before we even get to.
WHY DID THE RICH AND INSTITUTIONS NOT TELL THE PUBLIC THEY WERE BUYING CRYPTO?? INSTITUTIONAL INVESTMENT WENT FROM 1/3 TO 1/2 AND THERE WAS NO NEWS AT ALL ON IT!!!!!!!!!!!! THIS WENT ON FOR ABOUT A YEAR OR MORE.
As technology advances and we as humans give computers more and more responsibility these type of problems will arise. People will try to cheat systems to their advantage by creating strong algorithms not just in investing, but other areas of society as well.
Why do we still have financial challenges when we can actually earn real and legitimate profit through investment in crypto currency??
I can lead you through it if you let me.
You cant arrest a blackbox trading algorithm for insider trading or for anything.
Sure you can. Someone coded it to do exactly what it does.
And.....so what's changed since this report?
Not a damn thing.
Be a shame if someone accidentally dug up the cable..
I agree😂they should
it's Michael Lewis again, the most feared person on Wall Street
So if by chance he didn't hire that Irish guy who worked for the firm that layed the high speed cable previously no one may have never figured this out. This was pure luck. " Behind every great fortune there is a crime." Balzac also the first line in The Godfather the book.
Would love to see a video update on this. I am sure they are trying to do something else to bypass this.
They all went into crypto
Easy solution is to put federal tax on each trade. High frequency traders can fix the deficit.
They pay tax on the wash sales. But it doesn’t matter if your profit is coming from essentially taking someone else’s money for nothing
This was broadcast in 2014? It continues to this day. We will never learn
WHEN will ALL Financial Transactions( Wall Street ) be subject to a tax ???
Is this activity any different from a toothbrush changing hands from seller to buyer in a Supermarket ???
Changes demand courage and commitment .... Wake up Lawmakers !
Very interesting, unbelievable the sec allows this to go on...
American greed the country some people keep calling great I only know it for great corruption and atrocities
Gordon Gecko is alive and well on Wall Street.
I would put in an order for a stock and set a limit on the price, higher than the current market price. I always paid a price close to my limit. I knew what was going on, but there was nothing I could do about it. So, I stopped buying on the short term, picked a dozen long term positions and put everything else in index funds.
This story reminds me of the Crooks on HBO Billions
Thank goodness for 60 minutes
13:52 - Einhorn is Finkle
what a brilliant young guy...woe
The actual physics behind front running fiber optic signals allows it to be legal compared to the traditional meaning of front running stock information. If you put together a smart group of engineers, lawyers, and policy writers and explain this to the SEC, laws could change and things could greatly improve.
It is a cyclical loop. Katsuyama said in a number of his talks, scandals leads to regulation. There is no such thing as a perfect regulation. All regulations have loop holes. Loopholes lead to exploitation. Exploitation leads to new scandals. And the cycle continues. Katsuyama went to the SEC and the SEC were divided into 2 camps. The older regulators thought it was an outrage. The younger regulators were sympathetic to the HFTers. So Katsuyama though he would get nowhere with the SEC.
Nothing has changed. Now we call it lag. These free trading platforms do the same thing. Nothing is free.
Wait for “quantum computers” who do you think will be first in line for that piece of technology.
A year or two from now I feel like I’ll be watching a 60 Minutes interview with Michael Lewis talking about his new book “Bitcoin - The Rise and Fall of Cryptocurrency!” Lol
You know it, they are both scans too & those ones allow organized crime to get around the digital transfers that we can follow with real money..
Watch Bitcoin rise to 100k this year and to 1 million in the next few years
@@kimk2635, unlike fiat money?
Bots are already being used in crypto
Trading bots
Where did you get this video......This is a fantastic video of information
Who here is watching in 2021
AMC and GME 🚀😎
"It didn't feel right, that people are leveraging the compensation I get for a days work, into hedge funds and corporate buyouts and limited stock options, until someone else leveraged the compensation for THAT days work, into a manipulation of the market, that manipulates the compensation for my day's work." 5:30
Just like boxing. What beats speed...timing
So sad seeing this and i guess things didn’t get better
I had a teacher in high school who taught the Market..I ask did he own stock and 'play'' the market? He replied "Are you crazy! NO!"
Type of guy that needs to be President ! Money can’t buy integrity!
The tortoise beat the rabbit...
*The stock market is a good way of income because I had to leave work during last year pandemic period and all I did was to focus on the stock market*
*I must say that it wasn't so easy at first but all thanks to it by the way*
I have always believe in Stock market and other Economic activities but It's really unfair that 2021 trading and stock market is just difficult and unbelievable which is too bad now i rather invest my money only on bitcion and gain more profit in return
Yes sure Bitcoin trade is great unlike the stock market and other financial market Bitcoin has no centralized location since it operates 24hour's in different parts of the world
Bitcoin trading might make you rich if you are hedge found with deep pockets or an Expert skilled currency trader
After a successful investment you have nothing to worry about whether the rise and fall of economy or anything won't affect you make your future brighter by making good investment
Currently the rich stay rich by spending like the poor and investing while the poor stay poor by spending like the rich yet not investing like the rich
With that title, I thought this was going to be about the 2020 Presidential election.
Me too! Maybe later?
Please restore the trust - everywhere!
It's only going to keep getting worse unfortunately.
Now I know why stocks always fall when I buy and go up when I sold....
Not fair!
My GAWD. I'm getting out.
Coinbase is doing this!!!
WHY DID THE RICH AND INSTITUTIONS NOT TELL THE PUBLIC THEY WERE BUYING CRYPTO?? INSTITUTIONAL INVESTMENT WENT FROM 1/3 TO 1/2 AND THERE WAS NO NEWS AT ALL ON IT!!!!!!!!!!!! THIS WENT ON FOR ABOUT A YEAR OR MORE.
Sad thing is iex only has 2.5% of market share amongst all the exchanges
If your a day trader then use limit orders. When placing a market order the execution price seems to be a little higher.
🐢 beats the 🐇 once again. Once you cut thru the bs it’s all so simple.
Madoff was not the only Ponzi scheme in town.
In order to beat high frequency trading, use limit order with a price you want.
Fantastic Story!
Bravo to Mr. Michael Lewis! AGAIN!!!
And the SEC going to do nothing!
I KNEW IT WAS IEX!!!!
Making a profit is the bottom line. Therefore, even though I like the 2 tech guys and founders because I'm a computer geek myself, I think IEX will still "find ways" to make a profit, despite their preaching of honesty. People did not invent the saying "Money is the root of all evil" for nothing.
"The 'love' of money is the root of all evil"
May be its their publicity..... if they were that honest why would they sell it to the same HFT traders whom they are blaming of front running..... entrepreneurs sell stories.....and most of them sell fake stories.
basically they are cheating if the Canadian buyer's order wasn't met and in the same transaction he was being over charged that's cheating. what else can you call that?
Here is the scam I see. I see a spread of Say $1 :$50 bid $51 ask. This is insanely high and the "specialist" market maker are not supposed to allow it but they do. I put an order for say 50.25. Before by order reaches the floor the computers show a bid of 50.26. I raise to 50.41. Computer to 50.42. I go to 50.51. If my order goes through the computer reverts to bid if 50.00 so I've lost 1% instantly to the computers. For most they pay $51, bid reverts to $50. Scammed out of 2%. Nothing is done because the regulators are in bed with these guys.
Why is my internet not working for this particular video??? Why ? Its buffering a lot
There is one hole in the bucket identified in the US, and there are strategies to fix it, but I wonder, what about financial markets worldwide?
Interesting story but I won't be holding my breath waiting for anything, ( as far as leveling the playing field ), to change because of it ........
Exactly wall Street has endless schemes and connections
Wow, these guys may be honest!! That is scary!
IT program certified algorithms
Thank you 🙏🏿
Yep
So this is what ICT was talking about..
Ronan Ryan is now the president of IEX. Fair play to him and shows how someone can turn a "trade" into a career of trading.
"The Hummingbird Project" is a movie based on this front-running concept...
Hedge funds Vs. High Frequency Traders... LOL ... the timing of this is interesting. given the whole GME fiasco
GME isn't over. Not even close.
The CASINO IS RIGGED!
We need to put an end to this scam & all the others or government employees allow.
The mob started this scheme. They even infiltrated the government and military
How interesting that people can conceptualize that just a couple milliseconds could create a competitive advantage that is unearned and unfair but people cannot grasp the concept of privilege. It’s a problem if a one rich persons trade is given a slight advantage over the other but when you’re born into abject poverty, you just gotta work harder. Stop being lazy. Pull yourself up by the bootstraps. This entire segment can be viewed as a microcosm for the economy as a whole. When you have extreme levels of resources, you can rig the game in your favor.
People have devalued their sister and brothers.
A very interesting documentary
Lol, this is funny now because it's the norm.
Also this is literally not the first time this exact scheme was used tho - look at the telegraph.
Wasn’t the movie The Wolf Of Wallstreet based on a similar scheme? Meaning the guy that movie was based on had figured out something similar and thats how his firm made all that $$? I’m probably wrong but that popped into my head when they started talking about the front running idea.
I actually just watched another interview with Lewis about The Big Short. Feel like his next book will have to be about Bitcoin and the rise of Cryptocurrency.
When 60 seconds reveal something its 10yrs behind.
Also, Rothschild using carrier pidgeons to know the results of Waterloo and lieing about it to buy shares for pennies on the pound.
@@everettsykes1774 I mean, I wasn't going to fan the flames of conspiracy and anti-Semitism, but sure. That is an example.
DEATH CROSS OVER BITCOIN AGAIN BIT COIN DROPPING FAST ! getting rejected again😫 @32K going down more than a Kardashian 🤣below$8,000 dragging DOGE COIN Eventually Under .10 cents😫 DUMP BOTH NOW!😡
Like we didn't know this was goin on before this older 60 minute video. It hasn't changed either.