Senator Levin Quotes Tickerguy! (Flash Crash) in [Market-Ticker]

Posted 2010-12-08 16:12
by Karl Denninger
in Regulatory

Senator Levin Quotes Tickerguy! (Flash Crash)

In the hearing going on right now, The Senator said (in part):

One well known trader, Karl Denninger, recently made this public comment about U.S. trading activity:

“Folks, this crap is totally out of hand. And it's now a daily game that's being played by the machines, which are the only things that can react with this sort of speed, and they're guaranteed to screw you, the average investor or trader. Go ahead, keep thinking you can invest.” (Emphasis omitted.)

Yes, I sure did.

May I ask why Nanex was not included in these hearings? They seem to have it documented quite well.

There was also my little July 4th missive and follow-up as well.

This much we now seem to know - at least some folks on The Hill read The Ticker.

Discussion below (registration required to post)

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User Info	Senator Levin Quotes Tickerguy! (Flash Crash) in forum [Market-Ticker]
Sunriser1 Posts: 3115 Incept: 2007-10-30	I love it another quote from book of Karl. ---------- People call me depressing, I tell them I'm just well informed. 2010-12-08 16:14:31 Permalink
Alsace Posts: 1847 Incept: 2008-10-27 Bear says: Come Get Some!	2010-12-08 16:15:25 Permalink
Gates Posts: 6250 Incept: 2008-01-29 Scottsdale	Congrats Karl 2010-12-08 16:17:04 Permalink
Workerbee Posts: 1397 Incept: 2009-03-18 * Winter is Coming *	Whodathunk "Senate Hearing" and "Karl" would end up being a good thing? Very cool! ---------- Prepare for Our Valley Forge ~ Appeal to Heaven ~ ...that those "who having no appeal on earth to right them, they are left to the only remedy in such cases, an appeal to heaven." ~John Locke 2010-12-08 16:20:47 Permalink
Lenguado Posts: 1272 Incept: 2010-01-12 Orlando, FL	---------- I just realized... they aren't saying, "Keynesian Economics" they're saying "Kenyansian Economics". Grass Huts for everyone! Welcome to history’s first Double Dip Depression 2010-12-08 16:21:53 Permalink
Geckogm Posts: 3720 Incept: 2007-06-26 Canyon Lake	Your being introduced as well known... before the committee. Nice!! 2010-12-08 16:25:23 Permalink
Markgoldman Posts: 1240 Incept: 2009-01-13 Canuckistan	Very happy about this, excellent work as always Karl. ---------- Consent Withdrawn. 2010-12-08 16:27:59 Permalink
Luvs_footie Posts: 2423 Incept: 2007-11-26 Australia	"Mountains move one prayer at a time" Your starting to be heard old mate. A voice in the wilderness?......not anymore. Congrats KD 2010-12-08 16:29:57 Permalink
Bohemian Posts: 9658 Incept: 2010-07-27 California	Now get Congress to call Karl as a material witness with live NANEX showing trades that never seem to be traded to falsely inflate every aspect of buying and selling. ---------- "The politicians are put there to give you the idea you have freedom of choice. You don't. You have no choice; you have owners. They own you. They own everything." - George Carlin 2010-12-08 16:31:03 Permalink
Patentleathershoes Posts: 9988 Incept: 2007-09-13 On the Daisy Chain	Did he really use the word crap? ---------- "An unborn child's property rights are protected by law. His right to life is not." Ronald Reagan 2010-12-08 16:31:05 Permalink
Checkthisout Posts: 167 Incept: 2010-10-01 Cary, NC	Kudos! ---------- There are no gun free zones where free men tread. 2010-12-08 16:32:03 Permalink
Allanon Posts: 511 Incept: 2008-02-04	Quote: One well known trader, Karl Denninger Are you certain the word "trader" was properly transcribed? 2010-12-08 16:32:26 Permalink
Drench Posts: 28631 Incept: 2009-11-10	Quote: Did he really use the word crap? Yes. 2010-12-08 16:32:35 From PDA Permalink
Asimov Posts: 103848 Incept: 2007-08-26 East Tennessee Eastern Time Online	Nanex wasn't included because they'd show the SEC to be the fools we all know they are and that their report blaming W&R is total bull***. ---------- It's justifiably immoral to deal morally with an immoral entity. If you trade based on what other people say, you will* lose money. Especially what I say. I won't be held responsible. Festina lente. 2010-12-08 16:33:29 Permalink
Genesis Posts: 130662 Incept: 2007-06-26	Yep. They'd also show and prove the bid-rigging that I documented back on July 4th, which incidentally, proves it hasn't stopped and wasn't a one-time deal (along with Nanex) ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2010-12-08 16:36:06 Permalink
Asimov Posts: 103848 Incept: 2007-08-26 East Tennessee Eastern Time Online	You've probably seen this, but if not, you should. http://www.nanex.net/FlashCrashEquities/.... ---------- It's justifiably immoral to deal morally with an immoral entity. If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente. 2010-12-08 16:37:44 Permalink
Damnitalready Posts: 158 Incept: 2009-12-07 Texas	Congrats KD! 2010-12-08 16:39:46 Permalink
Xanares Posts: 2595 Incept: 2008-11-10 Between Sicily and Tunisia	They should invite that well known trader to come speak a bit :-) Congratz getting through on that one Karl, that's immense. 2010-12-08 16:42:30 Permalink
Digalert Posts: 217 Incept: 2009-09-19	Keep it up Karl, at least we know that some in the DC cesspool don't consider NYTimes and NBC the only information available. 2010-12-08 16:47:09 Permalink
Gloomboomdoom Posts: 236 Incept: 2010-06-25	Time to take back the Democratic party and restore it to its Kennedy/Roosevelt roots! Liberal= the Founding Fathers 2010-12-08 16:47:32 Permalink
Gable Posts: 409 Incept: 2009-07-04	Karl, Congratulations for getting these guys attention. Maybe they will slowly start to understand they are getting snookered as well. ---------- In all of history, no government became more honest, less corrupt, or granted its citizens more rights as it grew in size. E.L. 2011 Ellie's Law-As an online discussion about the failures of the Obama Administration continues, the probability someone shouting "It's Bush's Fault" approaches 1 2010-12-08 16:51:30 Permalink
Allclear Posts: 5049 Incept: 2007-09-18	will i be reimbursed for my loss? ---------- Many of the truths we cling to depend greatly on our point of view...Obi-Wan 2010-12-08 16:51:35 Permalink
Icarus Posts: 247 Incept: 2010-11-11	Congrats, KD. Also, Quote: Did he really use the word crap? Sen. Levin, in committee hearings several months ago, kept quoting the "***ty deals" e-mails back to the G-S guys. He seems to enjoy quoting salty language. 2010-12-08 17:04:03 Permalink*
Bagbalm Posts: 4247 Incept: 2009-03-19 Just North of Detroit	I'd love to see Karl testify before Congress. They would all cover their ears and go - NA NA NA NA...to cover over any truth they might hear. 2010-12-08 17:04:36 Permalink

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