Senator Ted Kaufman calls on SEC to fix negligence

The flash crash earlier this is now known on blogging world as caused by problems with the electronic trading system and by large computerized trading programs that where pre-programmed to take advantage of these flaws.

The Consolidated Quote System which acts as a computerized clearing house for trading has been shown to be flawed. These flaws do not benefit common citizens, but rather specialized large trading houses that can take advantage of them with high frequency trading.

Finally a government official, Senator Ted Kaufman, is writing letters to the SEC asking them to fix the corrupt trading system that benefits the few, at the expense of the many.

Click to read from Zero-hedge full article explaining the "proof" and the senators letter.

Shout out to my brother, the SEC will prosecute if you trade a single share, rather than 100 shares, calling it market manipulation. But millions of shares using computerized trade delays is OK.