georgephillip
Diamond Member
A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange
"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."
"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."
Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.
It should be policed as if it's a major terrorist threat.
The last thing it needs is a new junior partner in systemic corruption.
"Now for a look at a few of the firms that want to run this new stock exchange.
"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.
"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.
"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.
"This is what happened next, according to the Justice Department..."
The Biggest Price-Fixing Scandal Ever – Rolling Stone
"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."
"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."
Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.
It should be policed as if it's a major terrorist threat.
The last thing it needs is a new junior partner in systemic corruption.
"Now for a look at a few of the firms that want to run this new stock exchange.
"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.
"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.
"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.
"This is what happened next, according to the Justice Department..."
The Biggest Price-Fixing Scandal Ever – Rolling Stone
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