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Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio by Joseph Saluzzi, Sal Arnuk

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3. Web of Chaos

Joe Saluzzi was a guest on CNBC’s “Street Signs” segment with Brian Sullivan and Herb Greenberg. It was the afternoon of October 10, 2011. The discussion centered on the volatility caused by high frequency traders and confidence in our stock market structure.

“Ninety billion has come out of domestic equity funds since May,” Joe said. “It tells you the confidence is not there.... The markets are broken.”

Greenberg agreed. The next day the veteran business journalist penned a scathing article on the cable channel’s website, titled, “Yes Virginia, the Markets Are Broken.” Joe was right, he wrote. “And I’ll take it one step further: Until further notice, investing the old-fashioned way is dead—maybe forever. Yes, maybe this time it ...

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