by Pam Martens and Russ Martens
Wall Street on Parade
In the Afterword that appears in the paperback edition of “Flash Boys,” author Michael Lewis writes that following the publication of the hardcover edition of the book in 2014 and his appearance on 60 Minutes (in which he called the U.S. stock market rigged and mapped out the case against high frequency trading) “it has sounded like a desperate bid by a slumlord to gussy the place up to distract inspectors. In any case, the slumlords seem to realize that doing nothing is no longer an option: Too many people were too upset.”
Doing nothing while going through the motions of doing something perfectly defines the Securities and Exchange Commission. Today the Securities and Exchange Commission is continuing its illusion of dealing with the rigged structure of the U.S. stock market by holding a meeting of its Equity Market Structure Advisory Committee, some of whose members have themselves been charged with rigging the market. The deeply conflicted SEC Chair, Mary Jo White, will deliver opening remarks.