Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from one market t… - Michael Lewis

The most important possible thing you can do is do a lot of work.

The SEC staffer argued that it was unfair that high-frequency traders couldn’t post phony bids and offers on the exchanges to extract information from actual investors without running the risk of having to stand by them.

Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.