Wouldn’t it be nice to see some bankers go to jail?
ALBANY, N.Y. (AP) — An official familiar with the investigation said the New York Attorney General’s Office has issued subpoenas to six firms and sent a letter to another for details about split-second stock trading and any unfair advantages.
The official told The Associated Press Wednesday that the subpoenas went last week to trading firms including Chicago-based Jump Trading LLC and Chopper Trading LLC and Tower Research Capital in New York. The official spoke on condition of anonymity because he wasn’t authorized to publicly discuss the subpoenas. He said he did not know the names of the other companies.
Jump Trading, Chopper Trading and Tower Research did not immediately respond to requests for comment.
Attorney General Eric Schneiderman has said advantages in computer hardware and placement enable some traders to get millisecond timing advances to make “rapid and often risk-free trades before the rest of the market can catch up.”
Do you actually see this as being any different than the credit default and mortgage fraud crime syndicate? Evidence exists and will continue to accumulate about the nefarious and socially damaging consequences of economic gangsters, yet no one will be charged let alone go to jail.