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It took long enough, but they finally arrested the guy today in London who was responsable for the May 2010 Flash Crash on the US stock exchanges. Many of you may recall that day when the Dow was down 900 points at one time that afternoon. I sure as Hell do.
I had left my office to go do some recreational shooting at a nearby range, the Dow was down some 300 points when I left. I called my brother just before walking in to fire off 100 rounds or so. He told me the Dow was down 900 points... WTF!!! -600 points in 30 minutes! When I later left the range, much of the market had recovered. But still, a LOT of money and confidence was lost in our markets that day.
Throw the book at the SOB. Read all about it:
http://www.zerohedge.com/news/2015-04-21/full-scapegoat-retard-trader-arrested-2010-flash-crash
http://www.zerohedge.com/news/2015-04-21/step-step-guide-how-crash-entire-market
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This is a cautionary tale about "things digital". While I am a happy hodler of BTC, I have always recommended owning physical gold (silver and/or platinum OK too). While there IS manipulation of the "paper gold" markets, owning the metals and holding them yourselves (well hidden), gold will withstand these kinds of Flash Crashes.
Note that trading BTC on exchanges (etc.) might be vulnerable to these kinds of attacks. Buy & Hold BTC is what I do...
EDIT:
1) Waddell & Reed are apparently innocent, where do they go to get their reputation back?
2) Jon Corzine is apparently NOT innocent! When does he get put on trial?
