From the 60 Minutes Archive: Rigged

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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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Опубликовано:

1 май 2021

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Комментарии : 544

@OneAdam12Adam 3 года назад

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.

@andrewcpu Год назад

He knew

@clouddylol Год назад

Your father was light years ahead of his time, god rest his soul 🙏

@Dr.Weed8 Месяц назад

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.

@per-olamjomark7452 3 года назад

"High-speed predators" - now that is a good expression.

@663rainmaker 3 года назад

Hal Hal Hal ... Space Oddity 2021

@Missy-Missy1111 3 года назад

"There is enough in the world for everyone's need, but not for everyone's greed." (Gandhi)

@patricesilva8004 3 года назад

Thank you. You said it

@patricesilva8004 3 года назад

Greed greed greed but the time will come that they will be so miserable they always go to far with everything

@Missy-Missy1111 3 года назад

@@patricesilva8004 🤞🤞🤞

@gabemendoza1052 3 года назад

True that.

@inkinallday1498 3 года назад

Well said

@djack915 3 года назад

Criminals on Wall Street is the norm, all of them are OUTRAGEOUSLY GREEDY and the machines used to trade are corrupt !

@TalynStormcrow 2 года назад

Retail are seeing their IEX buys going through market makers like Citadel first. Defeating the object.

@ClickBeetleTV 2 года назад

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.

@jsfnnyc 2 года назад

"We've had many asking for a backdoor." Yes, that tells you something.

@jasondevault5066 3 года назад

That's why the GameStop/ Reddit people have them angry

@doubletrouble5026 3 года назад

good they lost billions

@richardhamilton276 3 года назад

Yes and if some responsible person were prosecuted and found guilty they would likely get 90 days probation.

@gordongekko2781 2 года назад

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.

@swedesam 3 года назад

There is always someone smarter, more creative and a good aggregator of talent to outdo whatever has already been done.

@KnowTrentTimoy 3 года назад

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!

@mossmichael5882 3 года назад

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.

@LesGrossman69 3 года назад

And the markets are still dishonest as ever. Nothing has been fixed.

@gabemendoza1052 3 года назад

Sad that we favor the stock market environment more.

@toddinthemiddle 3 года назад

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.

@LesGrossman69 3 года назад

@@toddinthemiddle They look at fines simply as a cost for doing business...

@toddinthemiddle 3 года назад

@@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.

@NYSHARK101 3 года назад

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!😡

@Nottotv 2 года назад

Can't believe this has so low views and outrage. People should be rioting over the thieves.

@pcfrias1977 2 года назад

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.

@James-ol6rw 3 года назад

Ridiculous result of excessive greed!

@andrewmelendez6173 2 года назад

The way they get around this now is through payment for order flow.

@barthsburgers7524 2 года назад

That's misguided Also fidelity doesnt charge commission or do payment for order flow

@anthonycottrill5457 3 года назад

Good job Brad Katsuyama!

@robertlaabs5066 3 года назад

I really like this Canadian Guy!!!!!!!!!!!!!!!!!!!!

@steveeb00 3 года назад

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.

@lisajohnson6351 3 года назад

They don’t know what’s happening.

@tomwinchester55 3 года назад

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!

@morningtrees2090 3 года назад

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!!!

@emmaevans7011 3 года назад

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.

@morningtrees2090 3 года назад

@@emmaevans7011 We are their survivors; we should write an anthology or something.

@getredytagetredy 3 года назад

They are the Zionist bankers with their Unit 8200 that controls the Worlds Intel of all systems for their NWO Evil Greed Horrifying Psychopaths

@calvinthestormfreak 3 года назад

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.

@NYSHARK101 3 года назад

@peopleplacesandperspective5564 3 года назад

Trust is paramount! The story ended hopeful. Honors to the honest people.

@leea3531 3 года назад

When getting too deep goes wrong.

@bigphil815 3 года назад

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

@drummerjw 3 года назад

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 ...

@amahana6188 2 года назад

Retail day traders have almost no chance against this system.

@moman19701 3 года назад

tax every trade .. shut down the HFTs ..

@17addidas 3 года назад

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 !

@rasheedrashad6831 3 года назад

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.

@jacobmoore9322 3 года назад

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.

@mossmichael5882 3 года назад

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.

@jbizzle1966 3 года назад

You cant arrest a blackbox trading algorithm for insider trading or for anything.

@foxtrot4769 Год назад

Sure you can. Someone coded it to do exactly what it does.

@ashveselak223 3 года назад

Brilliant piece!! Well done 60 Minutes!!

@zigavojska1672 Год назад

Veselak is slovenian surname meaning "The happy guy" :) Regards from Slovenia, Ljubljana.

@spaceman5734 3 года назад

So who is responsible for HFTraders???

@spideywhiplash 3 года назад

Exactly!! Why didn't they tell us?

@TruthSeeker30_ 3 года назад

Banks and other institutions

@spaceman5734 3 года назад

@@TruthSeeker30_ No Rubbish. Its Wall St themselves that do it all. thats why they didnt say who..

@Anubis-hm7ro 2 года назад

Wait for Robinhood in 2021. Talk about front running

@samuelrobertson1567 3 года назад

I assumed it was always"fixed."

@kahmengsoh7196 3 года назад

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.

@calvinthestormfreak 3 года назад

@traderjays375 3 года назад

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.

@83jbbentley 3 года назад

What impeccable timing algorithm..

@Anubis-hm7ro 2 года назад

2022 is going to be crazy

@tpf4292 3 года назад

it's Michael Lewis again, the most feared person on Wall Street

@havenhemmings3574 3 года назад

Gordon Gecko is alive and well on Wall Street.

@redacted5035 3 года назад

I'm gonna tell my kids this was The Office

@boblab 3 года назад

Nothing has changed. Now we call it lag. These free trading platforms do the same thing. Nothing is free.

@ericwsmith7722 2 года назад

Billions in technology and billions in unethical trades defeated by basically a bunch of lead cords strung together,

@inachu Год назад

Would love to see a video update on this. I am sure they are trying to do something else to bypass this.

@SanderSovrlic-alesov 6 месяцев назад

They all went into crypto

@thewolfinsheepsclothing5439 3 года назад

Coinbase is doing this!!!

@calvinthestormfreak 3 года назад

@stayinyourlaneaudits5213 3 года назад

🐢 beats the 🐇 once again. Once you cut thru the bs it’s all so simple.

@criticalthinking1592 3 года назад

Type of guy that needs to be President ! Money can’t buy integrity!

@lc3763 3 года назад

Be a shame if someone accidentally dug up the cable..

@christinanapolitano6837 3 года назад

I agree😂they should

@loismayette2747 3 года назад

Madoff was not the only Ponzi scheme in town.

@emmaevans7011 3 года назад

Easy solution is to put federal tax on each trade. High frequency traders can fix the deficit.

@haronarama731 2 года назад

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

@17addidas 3 года назад

@sschlessinger22 3 года назад

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

@kimk2635 3 года назад

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..

@Andreas_Mann 3 года назад

Watch Bitcoin rise to 100k this year and to 1 million in the next few years

@juliocamacho8354 3 года назад

@@kimk2635, unlike fiat money?

@matthewheathcock 3 года назад

Bots are already being used in crypto

@matthewheathcock 3 года назад

Trading bots

@joshuaphillips755 3 года назад

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.

@sschlessinger22 3 года назад

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.

@ChicanoOne760 3 года назад

When 60 seconds reveal something its 10yrs behind.

@everettsykes1774 3 года назад

Also, Rothschild using carrier pidgeons to know the results of Waterloo and lieing about it to buy shares for pennies on the pound.

@joshuaphillips755 3 года назад

@@everettsykes1774 I mean, I wasn't going to fan the flames of conspiracy and anti-Semitism, but sure. That is an example.

@NYSHARK101 3 года назад

@ga20904 3 года назад

This story reminds me of the Crooks on HBO Billions

@paintboy776 3 года назад

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!"

@vernahall3702 3 года назад

*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*

@kingsleydominic1921 3 года назад

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

@didic7817 3 года назад

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

@pearlzipora7631 3 года назад

Bitcoin trading might make you rich if you are hedge found with deep pockets or an Expert skilled currency trader

@andreaurela5643 3 года назад

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

@aliexpressfashionhome8220 3 года назад

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

@kayhalsey 3 года назад

Please restore the trust - everywhere!

@FaithandNova 3 года назад

It's only going to keep getting worse unfortunately.

@lukewright9145 3 года назад

Very interesting, unbelievable the sec allows this to go on...

@stephenford6132 2 года назад

American greed the country some people keep calling great I only know it for great corruption and atrocities

@pcfrias1977 2 года назад

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.

@pangkaji 2 года назад

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.

@lizh4933 2 года назад

And.....so what's changed since this report?

@HTHAMMACK1 2 года назад

Not a damn thing.

@TomKaren94 2 года назад

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.

@paintboy776 3 года назад

This was broadcast in 2014? It continues to this day. We will never learn

@getredytagetredy 3 года назад

The tortoise beat the rabbit...

@yunque30gmail 3 года назад

what a brilliant young guy...woe

@mikeyseo 3 года назад

Hedge funds Vs. High Frequency Traders... LOL ... the timing of this is interesting. given the whole GME fiasco

@seeit360 2 года назад

GME isn't over. Not even close.

@KindaABigDill 2 года назад

I KNEW IT WAS IEX!!!!

@javiertorres9114 3 года назад

Wait for “quantum computers” who do you think will be first in line for that piece of technology.

@peteratgoogle2241 Год назад

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.

@skunkape5918 10 месяцев назад

"The 'love' of money is the root of all evil"

@DsDs-nu7nw 8 месяцев назад

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.

@jeneuweenlaf948 2 года назад

My GAWD. I'm getting out.

@aardque 3 года назад

"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

@Davey954 2 года назад

Who here is watching in 2021 AMC and GME 🚀😎

@dexterspeights3484 3 года назад

The CASINO IS RIGGED!

@bwj999 3 года назад

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.

@loismayette2747 3 года назад

Thank goodness for 60 minutes

@goldog2816 3 года назад

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 ........

@thelasthourgetready Год назад

Exactly wall Street has endless schemes and connections

@JoeyKO757 3 года назад

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?

@michelle-jn7ul 3 года назад

And the SEC going to do nothing!

@jeannettef6985 3 года назад

Just like boxing. What beats speed...timing

@paraguaymike5159 3 года назад

With that title, I thought this was going to be about the 2020 Presidential election.

@jbizzle1966 3 года назад

Me too! Maybe later?

@Trash_Panda_Manifesto 5 месяцев назад

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.

@wv582 2 года назад

Where did you get this video......This is a fantastic video of information

@lisawebb1977 3 года назад

Wow, these guys may be honest!! That is scary!

@michelsilva1711 Год назад

Now I know why stocks always fall when I buy and go up when I sold....

@patrolmasters4449 3 года назад

Bravo to Mr. Michael Lewis! AGAIN!!!

@kimk2635 3 года назад

We need to put an end to this scam & all the others or government employees allow.

@ChicanoOne760 3 года назад

The mob started this scheme. They even infiltrated the government and military

@3ntechnologies757 3 года назад

IT program certified algorithms

@walterharris7866 3 года назад

Thank you 🙏🏿

@mikeshoemaker1909 3 года назад

So with all the flow toward socialism when will congress fix the worst greed

@qwerty3663 3 года назад

Everyone on Wallstreet has known about this since the 80s. It started with microwave links, satellites, and direct laser links. They don't actually need a fiber optic spool. they can just delay or reroute packets in the switch, just ask the NSA about reprogramming a switch.

@jbizzle1966 3 года назад

Fiber was too expensive in the 80s. It started around early 2000's. I was a network engineer. I worked with all the exchanges and most trading firms in Chicago and New York.

@lukewright9145 3 года назад

And yet they allow it to go kn

@pangkaji 2 года назад

In the 80s the exchanges were not in bed with the HFTers. Back then they were not allowing co-locations and flash peek of trades passing through the exchanges. Now the exchanges are charging the HFTers $$$$$$$$ to be inside the exchange (co-location) and allowing them to peek other's trades. Exchanges are making so much money from providing access to HFTers they don't even bother charging for trades anymore.