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(Washington Post)   The speed of light has been broken. Is there anything the 1% can't do?   (washingtonpost.com) divider line 36
    More: Obvious, Federal Reserve, real economy, high-frequency trading, CNBC, milliseconds, futures exchanges  
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4155 clicks; posted to Business » on 27 Sep 2013 at 3:16 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



36 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2013-09-27 02:54:40 PM  
One thing they seem to have problems with is making an honest buck.
 
2013-09-27 03:10:18 PM  

Marcus Aurelius: One thing they seem to have problems with is making an honest buck.


Technically, it is honest. Technically, the worst kind of honest.
 
2013-09-27 03:21:51 PM  
24.media.tumblr.com
 
2013-09-27 03:22:04 PM  
Yeah. How is this news?
Insider trading is actually legal for members of Congress. Surprised that something from the fed would be leaked to the 1%? 

Thank goodness no taxes were levied though, or else small businesses would be hurt.
 
2013-09-27 03:28:04 PM  
It's increasingly obvious to me that the financial shenanigans will continue to increase in outrageous thievery until quite a few hundred people are dragged out of their mansions and executed by mob justice.  I have no doubt that perhaps a few dozen of them would not have deserved it - but the majority will have earned every second.

Not suggesting people make it happen or that others participate but I've got to admit I probably wouldnt shed a tear over the outcome.
 
2013-09-27 03:30:17 PM  

bionicjoe: Yeah. How is this news?
Insider trading is actually legal for members of Congress. Surprised that something from the fed would be leaked to the 1%? 

Thank goodness no taxes were levied though, or else small businesses would be hurt.


You think no taxes are levied on any alleged gains that these traders made when the fed leaked them information 7 milliseconds early?
 
2013-09-27 03:33:01 PM  
I don't know what you do about it except to have the Fed schedule it's new conferences at 6:00am EST.

And subpena the living shait out of the firm the placed the order.
 
2013-09-27 03:33:06 PM  

Fizpez: It's increasingly obvious to me that the financial shenanigans will continue to increase in outrageous thievery until quite a few hundred people are dragged out of their mansions and executed by mob justice.  I have no doubt that perhaps a few dozen of them would not have deserved it - but the majority will have earned every second.

Not suggesting people make it happen or that others participate but I've got to admit I probably wouldnt shed a tear over the outcome.


It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.   Envy, ugly and pervasive as it may be, doesn't inspire revolutions.
 
2013-09-27 03:39:27 PM  

Debeo Summa Credo: Fizpez: It's increasingly obvious to me that the financial shenanigans will continue to increase in outrageous thievery until quite a few hundred people are dragged out of their mansions and executed by mob justice.  I have no doubt that perhaps a few dozen of them would not have deserved it - but the majority will have earned every second.

Not suggesting people make it happen or that others participate but I've got to admit I probably wouldnt shed a tear over the outcome.

It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.   Envy, ugly and pervasive as it may be, doesn't inspire revolutions.


Ah but you missed the point - the chances of that happening are (at the present) almost zero - despite almost historical imbalances in wealth distribution.  A few days ago we have a Forbes writer (with a straight face) demanding that not only should the 1% not pay any taxes but that the regular people actually hand over even more to the "job creators".  The absurdity of the situation WILL keep increasing BECAUSE we are so far away from dragging people out of there mansions - today's "unbelievable" headline is tomorrow's "meh, I've seen worse.." but there is a limit and that limit ends with heads on a pike.
 
2013-09-27 03:42:40 PM  
I blame Obama's Time Machine.
 
2013-09-27 03:53:46 PM  
WHERE THE HELL IS BEAKS?!?!?!

TURN THOSE MACHINES BACK ON!
 
2013-09-27 04:09:43 PM  
So lets say that a trading firm has an algorithm that literally parses the news reports that released by the press at 2:00pm. If one of those press releases is being posted by an automated CMS systems that s 7ms off from UTC the data would have hit that trading algorithm 7ms earlier.

No fraud needed... we're just talking about time in such scales that makes automated trading a really bad idea.
 
2013-09-27 04:12:37 PM  
Yeah pretty much anything that Farkers can't do. Complete school, find a job, earn money, raise a family, do more than play video games, blame everyone else for their problems, etc.
 
2013-09-27 04:13:24 PM  

Debeo Summa Credo: Fizpez: It's increasingly obvious to me that the financial shenanigans will continue to increase in outrageous thievery until quite a few hundred people are dragged out of their mansions and executed by mob justice.  I have no doubt that perhaps a few dozen of them would not have deserved it - but the majority will have earned every second.

Not suggesting people make it happen or that others participate but I've got to admit I probably wouldnt shed a tear over the outcome.

It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.   Envy, ugly and pervasive as it may be, doesn't inspire revolutions.


That's why I have no doubt that pot will be legalized everywhere.  As long as the people get their soma, they won't revolt.
 
2013-09-27 04:35:43 PM  
Remember, folks: We all enjoy equal opportunity under the system of Free Enterprise.
 
2013-09-27 04:40:16 PM  

ThatGuyFromTheInternet: Remember, folks: We all enjoy equal opportunity under the system of Free Enterprise.


This reminds me of what became of the "Seven Commandments" in Animal Farm:

"All animals are equal, but some animals are more equal than others"
 
2013-09-27 05:04:17 PM  
This is going to create so many jobs...
 
2013-09-27 05:13:19 PM  

Debeo Summa Credo: It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.



What definition of comfortable are you using here?
 
2013-09-27 06:33:59 PM  
It cracks me up that so many on Fark that hate the 1% don't hate Pelosi and Feinstein, who argued that Congress should be allowed inside trading.
 
2013-09-27 08:01:43 PM  
There actually is a push for particle acceleration and physicists for major trading houses. They all know the same truth: The first guy to beat the rules makes billions.

And if sufficient energy can create a point where one can travel a distance greater than the speed of light could travel in the same time (not breaking the speed of light - breaking the concept of fixed dimensional locales), they will do it in a heartbeat. It's so competitive that even lengths of cable are measured so that fractions of a foot don't give an advantage to computers.

When the speed of light is too slow, the system is irrevocably broken. One penny tax per transaction order would solve a LOT of these issues.
 
2013-09-27 08:21:51 PM  
Investment in high-speed communication networks and other technologies to reduce latency reflects the premium that some market participants place on speed relative to their competitors. Reductions in latency may be appropriately achieved through improvements in a range of technologies for the generation, transmission and execution of orders or management of other data. However, there are also incentives for market participants to reduce latency by minimizing pre-trade risk controls and other safeguards that might otherwise introduce unwanted delays. While latency based incentive structures have promoted evident technological innovation in many derivatives markets, they can also lead to a competitive race to the bottom-a concern already expressed by some market participants. http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/f il e/2013-22185a.pdf

So, the execution of the trading algorithms are beating the filtering by the risk management algorithms out the door?  The trading always trumps risk management in a race to the bottom (over and over again).  It's all very profitable - until it isn't.  This is even easier to `black swan' to death in the media `oops, programmers bad, software glitch we didn't see it coming (levy your fine and get away from our tubes, rubes).
 
2013-09-27 08:28:52 PM  

Cubicle Jockey: Debeo Summa Credo: It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.


What definition of comfortable are you using here?


A reasonable way up the hierarchy of needs. Most of the "poor" in the US have abundant food, roofs over their heads, electricity, TV, Internet, cell phones, etc. People revolt if they're hungry or homeless on a large scale. People don't revolt because they don't think a 600SF apartment or a 32" TV is big enough.
 
2013-09-27 08:54:26 PM  
The rich believe that, with enough money, they can create their own reality.
 
2013-09-27 08:58:43 PM  

Heraclitus: The rich believe that, with enough money, they can create their own reality.


And they're terrifyingly correct.
 
2013-09-27 10:59:25 PM  

Fizpez: Debeo Summa Credo: Fizpez: It's increasingly obvious to me that the financial shenanigans will continue to increase in outrageous thievery until quite a few hundred people are dragged out of their mansions and executed by mob justice.  I have no doubt that perhaps a few dozen of them would not have deserved it - but the majority will have earned every second.

Not suggesting people make it happen or that others participate but I've got to admit I probably wouldnt shed a tear over the outcome.

It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.   Envy, ugly and pervasive as it may be, doesn't inspire revolutions.

Ah but you missed the point - the chances of that happening are (at the present) almost zero - despite almost historical imbalances in wealth distribution.  A few days ago we have a Forbes writer (with a straight face) demanding that not only should the 1% not pay any taxes but that the regular people actually hand over even more to the "job creators".  The absurdity of the situation WILL keep increasing BECAUSE we are so far away from dragging people out of there mansions - today's "unbelievable" headline is tomorrow's "meh, I've seen worse.." but there is a limit and that limit ends with heads on a pike.




izquotes.com
 
2013-09-27 10:59:34 PM  

oren0: Cubicle Jockey: Debeo Summa Credo: It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.


What definition of comfortable are you using here?

A reasonable way up the hierarchy of needs. Most of the "poor" in the US have abundant food, roofs over their heads, electricity, TV, Internet, cell phones, etc. People revolt if they're hungry or homeless on a large scale. People don't revolt because they don't think a 600SF apartment or a 32" TV is big enough.


This. This exactly.
 
2013-09-27 11:12:12 PM  

bionicjoe: Insider trading is actually legal for members of Congress.


According to this article, Insider trading is illegal, even for members of Congress and the executive branch.

Of course, that's from April of this year. Perhaps I missed something. If so, I would enjoy seeing a more recent article on the subject.
 
2013-09-27 11:17:43 PM  
Never underestimate the ability of humanity to take something serious and valuable and reduce it to farce.
 
2013-09-28 12:30:53 AM  

Debeo Summa Credo: Fizpez: It's increasingly obvious to me that the financial shenanigans will continue to increase in outrageous thievery until quite a few hundred people are dragged out of their mansions and executed by mob justice.  I have no doubt that perhaps a few dozen of them would not have deserved it - but the majority will have earned every second.

Not suggesting people make it happen or that others participate but I've got to admit I probably wouldnt shed a tear over the outcome.

It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.   Envy, ugly and pervasive as it may be, doesn't inspire revolutions.


If envy leads to greed and greed is good, is envy good?
 
2013-09-28 01:24:40 AM  
Banks have been doing it for years. They are able to foreclose before the borrower is delinquent.
 
2013-09-28 03:38:11 AM  

Debeo Summa Credo: It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable. Envy, ugly and pervasive as it may be, doesn't inspire revolutions.


Revolutions aren't started by the working classes.

They are started by the middle classes, and usually when they realize they are no longer middle class.
 
2013-09-28 07:08:10 AM  
OOooooo baby.  On this one, there's yellow dirt down in some peoples' souls.....
 
2013-09-28 07:43:40 AM  

enik: Yeah pretty much anything that Farkers can't do. Complete school, find a job, earn money, raise a family, do more than play video games, blame everyone else for their problems, etc.


Hey now.  I own my problems.
 
2013-09-28 08:32:03 AM  

enik: Yeah pretty much anything that Farkers can't do. Complete school, find a job, earn money, raise a family, do more than play video games, blame everyone else for their problems, etc.


Oh you mean go into unforgivable debt for hundreds of thousands of dollars only to see the true fruits of my hard work go to some sociopath who thinks of me as nothing more than a expendable cog in his little money machine?

No thanks.
 
2013-09-28 10:32:31 AM  
Stop pissing and moaning about Obamacare?
 
2013-09-28 04:48:55 PM  

oren0: Cubicle Jockey: Debeo Summa Credo: It is increasingly comical to me that people think violent revolution or overthrow is actually going to happen in a society where people are increasingly comfortable.


What definition of comfortable are you using here?

A reasonable way up the hierarchy of needs. Most of the "poor" in the US have abundant food, roofs over their heads, electricity, TV, Internet, cell phones, etc. People revolt if they're hungry or homeless on a large scale. People don't revolt because they don't think a 600SF apartment or a 32" TV is big enough.


In about a decade, a dog bowl, with my name on  it, is all I can expect. I will be chained to a light post at Clark and Broadway, fending off the guys with "I Need Tickets" signs (the ticket scalpers in front of Busch). Most everyone else will be worse off.
 
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