“Former Senator Ted Kaufman (D-Delaware) and President and CEO of Better Markets Dennis Kelleher today are calling on Congress to create an independent commission to investigate the so-called “Flash Crash.”
“May 6th marks the fifth anniversary of that historic stock market crash.
“Five years ago on May 6th, in just 36 dizzying minutes, the US stock market lost almost $1 trillion of value and just as quickly regained it,” Kelleher said. “This so-called ‘Flash Crash’ starkly exposed how fragile and vulnerable our markets are to lightning fast, unregulated, dark trading, often referred to as ‘high frequency trading.’ While many investigations were done years ago into this unexpected, mysterious and gut-wrenching crash, none were very convincing and many questions remained. The recent shocking arrest of a lone day trader in London, allegedly for being ‘a cause’ of the Flash Crash, proves those concerns were valid and highlights the urgent need for a more thorough and credible investigation.”
Read the full Corporate Crime Reporter article here.