Okay, so they personally pocketed $4.5 million (that we know of) Their respective firms receiving "MANY MORE MILLIONS" and their punishment is a $250,000 fine and a "Possible" 27 months in jail? AND THIS IS ONE OF THE WORST PUNISHMENTS IN YEARS? LOL I wonder what a bank robber or con artist would get? On a purely risk reward ratio, it seems to make sense to steal money from the public. Its almost like jaywalking. everybody seems to do it so why wait for the light to cross? I really hope that one of those specialist defenders from this site reply to this with some crazy defense like "The sentence is low because these are isolated incidents." and then throw out some stat of few specialists have been caught or, oops, "convicted". lol I don't know, what do you guys think? http://www.nypost.com/business/nyse_specialist_faces_27_months_for_trades_business_paul_tharp.htm
It's to bad that they chose to front-run. With all the opportunity that they must have had to make$ they chose to do it illegally.
When Worldcom or Tyco or Enron were defrauded... The CEO and top guys were obviously responsible... and got serious jail time. This is simply not the case in the securities business... Where CEOs of the exchanges are in total f*cking charge... Know and plan all the stealing going on... Build systems in a premeditated way that ** make stealing as undetectable ** as possible... Then collude with the Regulators to let some guy in the mail room... Or some shlep of a Specialist take the fall. People just have no idea how rotten to the core the Securities Industry is. To all the mooksters around here... It's all Calvin Klein models... With perfect, pensive expressions... Making millions day trading on their cell phones through E-Whatever. Bwa-ha-ha-ha-ha. Evolve or die.
you guys are being unreasonable, everyone was doing it. these guys have families to support, yatch payments, private school tuitions, mercedes payments, second home in the hamptons payments, mistresses, and who knows what else. a million just doesnt go as far as it used to. these guys and their specialist firms paid grasso good money to make sure this crap didnt happen...... I WANT ANSWERS !!!!!!!!!!
okay is the hybrid market just a scam for nyse to regain a monopoly? if so does anyone know what or howe to create an ecn?