I'm with you on this it is BS. The whole fucking lot is ready to implode.......I'm starting to think that those gun toting crazy folks that say hold gold maybe right. The market is so fucked up to be almost uninvestable...stop loss becomes a rape loss. Then when you have some traders who step in as the "market maker" or have buy limit they are fucking told tough shit 60% is the limit.
Eventually one day, these wallstreet smartasses completely f**ked up this game and blow their brains out, if they can keep this game clean and straight. people gonna demand their heads on pikes.
if these brokers and exhanges had any honor or integrity, they would cancel all trades between 2:30pm-3pm,,nobody loses any money from a 'malfunction' in the computer system. it was obviously a technical issue. and somebody made a load of money with no risk or work. the exchange and brokers don't have any rules regarding situations like this. the exchange is like transfer of money, once the money is transferred you can't get it back,,it's binding..like wiring money...this is close to wire fraud in the exchange and broker to broker. once you push that buy or sell button money is wired to or from your account at the bank. especially if the money is from client to client. but these guys would give you the it's not my liability legal mumber jumble. it's not my problem reply. did the prop desk at goldman sachs or any of the prop traders at the many broker/dealers lose money?
What is it called when you send money from one person to another, and leave 60% for them? Dry Cleaning
maybe they called GS and then figured out that 60% was the optimum level from which they could keep their profits
" Lots of traders lost big money. All it takes is one really pissed off mofo who lost his ass and now has nothing to lose." nassem taleb by any chance?