Former SEC Director Admits The Truth: The Market Is Rigged !
- Former SEC Director Admits The Truth: The Market Is Rigged!
by Tyler Durden, www.zerohedge.com
For more than a decade, John Ramsay kept his mouth shut about how rigged the US equity market was.
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As SEC Director of Trading & Markets, Ramsay tells Bloomberg her “had red tape over his mouth,” but now he is “uncorked.”
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“I’ve been able to find my voice on these issues in a way I couldn’t have done when I was in the government, because you’re always limited by internal politics and not wanting to get too far out in front of the agency,” he said. “I feel like I’ve been a little bit uncorked.”
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Having joined Brad Katayama’s IEX Group (infamous for the Flash Boys’ exposure), Ramsay is calling out the “convoluted” and “illogical” pricing rules of major stock exchanges and compared the $25 trillion U.S. stock market’s structure to the Death Star of “Star Wars.”
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And so when he uncorks a nasty reality check on the market, perhaps it is time to listen…
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“The current market ecosystem is not sustainable, and significant changes are coming one way or another,” Ramsay said in a speech delivered at a New York technology conference in September.
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He outlined how the market lost its way: conflicts of interest among brokers, a two-tier system favoring the speediest and a general sense that today’s rules have been crafted to the benefit of insiders.
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read more!
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