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The Dirty Truth the Commercial Investment Industry Doesn’t Want You to Know About HFTs
smartknowledgeu.com / Oct. 2, 2015
For years, we’ve been stating that HFT algorithmic software is merely a criminal tool that allows bankers to fleece naive clients. Vanguard Group Founder John Bogle exposed this criminality earlier this year in a Time magazine interview:
“The job of finance is to provide capital to companies. We do it to the tune of $250 billion a year in IPOs and secondary offerings…What else do we do? We encourage investors to trade about $32 trillion a year. So the way I calculate it, 99% of what we do in this industry is people trading with one another, with a gain only to the middleman. It’s a waste of resources. It’s a lot of money, $32 trillion. Nearly double the entire U.S. economy moving from one pocket to another, with a toll-taker in the middle. Most people refer to them as stock brokers”.
The post The Dirty Truth the Commercial Investment Industry Doesn’t Want You to Know About HFTs appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/10/03/the-dirty-truth-the-commercial-investment-industry-doesnt-want-you-to-know-about-hfts/
