Bro cashed out way too much

[u/be_you_tiful-]

A man working from his parents' house in West London made tens of millions of dollars trading futures from a bedroom filled with stuffed toys. His name is Navinder Singh Sarao, and he's on the autism spectrum.

There was no Wall Street trading floor. Sarao worked out of the family home in Hounslow, using a customized trading program on an ordinary desktop computer, and by most accounts he lived a pretty quiet life.

Then came May 6, 2010. In a matter of minutes, US stock markets plunged, and nearly $1 trillion in value briefly vanished before prices bounced back. It became known as the Flash Crash.

Years later, US authorities said Sarao's spoofing helped make it worse. Prosecutors said he placed large sell orders he never intended to fill, then canceled them, which pushed prices down so he could profit from the swings. They said his strategy was running on the day of the crash, and that he made more than $40 million from this kind of trading over several years.

Sarao fought extradition from the UK for years. He eventually pleaded guilty to wire fraud and spoofing in the US. His lawyers pointed to his autism, and the judge sentenced him to time served followed by home confinement rather than more prison time, citing his cooperation with prosecutors.

[u/Fra5er]

I’m sorry but hedge funds are allowed to artificially move the value of stock prices at whim but when retail does it its a crime?

[u/ThePlantHearth → u/Fra5er]

Same as gamestop. We gotta just shut down the stock market in general. Its just a way for people who dont produce or give back to society to gain more than the working place.

[u/AreaUnique3594 → u/ThePlantHearth]

large multinational publicly traded Companies no longer innovate, they have All gutted things like customer service and quality control. A lot of them don’t even really make anything any longer, as long as they are convincing analysts to give it a favorable rating. It’s really nuts where we are right now.

Building a business, and watching it continue to grow It’s Customer base is the last thing any anybody on Wall Street wants to be involved in. And that’s absolutely insane.

when selecting a CEO, the board of a company don’t give shit if you are a wizard at running a business, they wanna know what you’re going to do to consistently keep the stock price moving up. Being an astute Business person? irrelevant. I used to be in the Insurance business, and I was what was called a captive agency. I exclusively sold property and casualty insurance for a very large publicly held Insurance carrier. We had a couple of offices and when I started, it was truly a great business. And things changed, as they often do which is to be expected. But this was different, this was a race to the bottom. This company went from being a place where people staged for decades, the experience of the people you dealt with on the phone the relationships you had with them, all gone in a matter of 18 months.

Ultimately, it became evident what the goal was. And the goal was to not take care of the customer, oh hell no. not in the top 10. And It sure as fuck wasn’t to take care of employees, or their partners. They didn’t care about their employees than they did their customers. It’s just about the stock price, shareholders, and analysts. If you want to have your ass kissed by a company don’t be their customer, and surely don’t work for them. Be an analyst or be a large shareholder.

[u/akmarksman → u/AreaUnique3594]

If Ford V Dodge Brothers court case was repealed by the Supreme Court tomorrow, would businesses change tactics?

[u/gingersassy → u/AreaUnique3594]

That's the plan. That's the goal now. eeehehehehe