CNBC's last hour is likely the most-watched in a decade (perhaps because after 5 years of delays HFT is finally getting the exposure it has deserved from day one... and covered right here on this website since April 2009). From the HFT lobby explaining that "there is no front-running going on in HFT," to Michael Lewis explaining the "skimming" amd why "HFT is a tax on your investment dollars," the following clips are stunning in their total failure to calm an uneasy investing public. Howevere, when asked by the CNBC anchors whether his comment on the market being rigged was exaggeration he summed it all up perfectly... "Are you really under the illusion that the individual investor trusts Wall Street... the financial crisis wiped out any residue of trust for Wall Street even if they ever had it."
First of all the HFT lobby explains how no one has been a bigger beneficiary of HFT than the small retail investor...
then he adds that HFT "trading" is not "skimming" - take the blue pill before you watch this...
So summing up the HFT perspective...
Lewis explains how HFT traders exploit the system
And how The SEC is asleep at the wheel... and most importantly how there is no trust left for Wall Street - forward to 2:00 for the money-shot
And we leave it to Bob Pisani to sum it all up... after watching this weekend's 60 Minutes:
My wife asked me "Honey, is it safe to invest in the stock market"
What did you tell her, Bob? Probably not this...
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