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House Calls For Hearing On Stock Market "Glitch"
Lucas123 writes "The House Financial Services securities subcommittee plans to hold a hearing next Tuesday to examine what caused the US stock market to plunge almost 1,000 points in a half hour Thursday, and it called on the SEC to investigate possible problems with computer algorithms that may have exacerbated a human order-entry error and led to the precipitous drop. 'Reports have surfaced that much of this movement was potentially as a result of a computer glitch,' Committee Chairman Kanjorski said. 'We cannot allow a technological error to spook the markets and cause panic. This is unacceptable. In this day and age and with the use of such complex technology, we should be able to make sure that our financial markets are effectively monitored and investors are protected.'"
Wall Street sits there.
Nothing gets done.
And in this case, I don't there's really anything to be done. It was a mistake that was corrected and if anyone was hurt, it was Wall Street traders and the only thing I have for them is this nano-tech violin.
If you had your mutual fund or individual stocks, it really didn't affect you.
RIP America
July 4, 1776 - September 11, 2001
Cancel or Allow?
in b4 "socialism"
I can see a trader missing two prompts in a row if they've snorted enough coke.
I used to work in the building that houses the Mercantile Exchange here in Chicago, and the traders on the floor seemed to be a pretty high-flying group, if you get my meaning.
You are welcome on my lawn.
I never did trust those guys.
Dark Reflection