patrick.net

http://video.cnbc.com/gallery/?video=3000263240

you say the markets are rigged. that's an inflammatory term. that suggests to me that you believe there is a conspiracy afoot in the marketplace. are you saying that and if so, who are the conspirators? the book is pretty clear about althis. i think it's an accidental conspiracy. i think accidental -- this sort of unintended consequences of regulation that was introduced in 2007 created this really screwed-up market structure in which a lot of people have totally screwed up incentives. it is totally screwed up that brokers sell out the information of their customer order flows to high frequency traders. it's totally screwed up to me that high frequency traders pay exchanges for special access to price information and speed advantage. but for me, in a way, the headline of the book is spoiling for me the fun of the book. i found what attracted me to the whole thing was this idea this handful of kind of -- this band of brothers who were wall street insiders themselves didn't understand how the stock market worked, that the stock market got so complicated, nobody seems to understand how it worked.