Published on Mar 31, 2014
Is the U.S. stock market rigged?
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CBS Report: Is the U.S. stock market rigged?
Steve Kroft reports on a new book from Michael Lewis
that reveals how some high-speed traders work the stock market to their
advantage
The following script is from "Rigged" which aired on March
30, 2014. Steve Kroft is the correspondent. Draggan Mihailovich,
producer.
This month marks the fifth anniversary of the current bull market on Wall Street, making it one of the longest and strongest in history. Yet U.S. stock ownership is at a record low and less than half of Americans trust banks and financial services. And in the last two weeks, the New York attorney general and the Commodities Futures Trading Commission in Washington have both launched investigations into high-frequency computerized stock trading that now controls more than half the market.
The probes were announced
just ahead of a much anticipated book on the subject by best-selling
author Michael Lewis called "Flash Boys." In it, Lewis argues that the
stock market is now rigged to benefit a group of insiders that have made
tens of billions of dollars exploiting computerized trading. The story
is told through an unlikely cast of characters who figured out what was
going on and have devised a plan to correct it. It could have a huge
impact on Wall Street. Tonight, Michael Lewis talks about it for the
first time.
Steve Kroft: What's the headline here?
Michael Lewis: Stock market's rigged. The United States stock market, the most iconic market in global capitalism is rigged.
Steve Kroft: What's the headline here?
Michael Lewis: Stock market's rigged. The United States stock market, the most iconic market in global capitalism is rigged.
Continue Reading at ... http://www.cbsnews.com/news/is-the-us-stock-market-rigged/
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