Monday, June 06, 2011

"60 Minutes" does high speed trading

On June 5, 2011, "60 Minutes" recycled a story from October 10, 2010 on high speed trading on stock exchanges.
How Speed Traders Are Changing Wall Street

New Jersey gets a mention:

In a secret new building in New Jersey, high-speed computers decide which stocks to buy and sell. Could this kind of automated "trading floor" lead to Wall Street's next "flash crash"?

Only one high speed trader, Manoj Narang of Tradeworx [ Red Bank, NJ 07701 ], was interviewed in the story.

There had been an interview with Narang on Bloomberg on May 6, 2011 which got into a lot more detail. Therein, Narang was commenting upon the event:

High-frequency traders should face greater scrutiny from U.S. regulators over practices like those that exacerbated a stock-market plunge a year ago, Securities and Exchange Commission Chairman Mary Schapiro said today.

The interview with Lady Gaga on June 6 was recycled from Lady Gaga on "Mastering the Art of Fame", from February 13, 2011.

The "City of David" story by Lesley Stahl was recycled from Oct 14, 2010.

Query: if CBS is pushing Scott Pelley's 60 Minutes connection for his debut as news anchor on June 6, could they not have
shown some hard hitting NEW stories on June 5, 2011?


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