It was neither healthy nor good when public stock exchanges introduced order types and speed advantages that… — Michael Lewis
It was neither healthy nor good when public stock exchanges introduced order types and speed advantages that high-frequency traders could use to exploit everyone else. This sort of inefficiency didn't vanish the moment it was spotted and acted upon. It was like a broken slot machine in the casino that pays off every time. It would keep paying off until someone said something about it; but no one who played the slot machine had any interest in pointing out that it was broken.
p. 233Source: Wikiquote · CC BY-SA 4.0
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He now suspected that every human being who knew how high-frequency traders made money was making too much money doing it to stop and explain what was going on.
p. 55
Thus the only Goldman Sachs employee arrested by the FBI in the aftermath of a financial crisis Goldman had done so much to fuel was the employee Goldman asked the FBI to arrest.
p. 148
"Liquidity" was one of those words Wall Street people threw around when they wanted the conversation to end, and for brains to go dead, and for all questioning to cease.
p. 108
