A Flash Crash hit all major US stock markets this afternoon when a hacked Associated Press alert appeared which stated that two major explosions occurred at the White House, injuring President Barack Obama. Within seconds all the major stock indexes - the Dow Jones Industrials, the S&P 500, and the NASDAQ, began plummeting.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy! Tonight's documentary is Money & Speed: Inside the Black Box. It is a nanosecond by nanosecond account of the May 6th, 2010 flash crash, the most famous of sudden jolts to the markets due to automated computerized trading.
We hear all sorts of reasons why the little guy won't buy stocks these days but the below graph, courtesy of a Chicago Fed study, might explain a lot of it.
Ah, we all know the claim offshore outsourcing is good for America. Seems offshore outsourcing is great for drug dealers and money launders too. Did you know offshore outsourcing enabled money laundering, flash crashes and failed projects?
The DFS probe found that SCB had assured the New York state in May 2010 that it would take immediate steps to comply with the US Office of Foreign Assets Control (OFAC) sanctions. However, another regulatory examination in 2011 found continuing and significant Anti Money Laundering failures.
Among these, the bank was outsourcing its "entire OFAC compliance process for the New York branch to Chennai, India, with no evidence of any oversight or communication between the Chennai and the New York offices."
Ah, we all know the claim offshore outsourcing is
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