The Phaserl


Senator Reed Calls Wall Street a ‘Casino’ in Tuesday’s Senate Hearing

by Pam Martens and Russ Martens, Wall Street on Parade:

Wall Street awoke to a big problem this morning. Their army of physicists designing artificial intelligence algorithms to skim money from millions of trades undertaken by the pensions and mutual funds owned by the average American may not be smart enough for a brand new form of competition.

That brand new competition is a group of Senators whose brains are rapidly gathering asymmetric information on the dirty dealings of Wall Street by clustering key Wall Street executives and experts into hearing panels and then drilling down for how things are really operating today at the stock exchanges, in the dark pools, and in the “casinos” run by the high frequency traders.

Equally important, by taking first-hand testimony at this series of hearings, the U.S. Senate is acknowledging two things: the Securities and Exchange Commission has dropped the ball and the Senate no longer trusts that regulator to deal with the problem or provide it with accurate information.

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