http://www.zerohedge.com/article/has-be-joke-sec-about-blame-entire-flash-crash-waddell-and-reeds-e-mini-trades
The competency of the SEC is astounding and never ceases to amaze me.
They obviously don't give a damn if "The People" know that their bought off, and they're going to milk that cow as long as they can.
Bloomberg has just released something which if true, will wipe out every last ounce of credibility left in the market. As readers will recall, the initial scapegoat that CNBC and everyone else, who has no clue what really happens in the market decided to pin the flash crash on, was small Kansas-based trading firm Waddell & Reed, which traded a few extra contracts of E-Mini futures in the hours preceding the flash crash. Well, ladies and gentlemen, if this advance glance into what the SEC is about to disclose in its flash crash report is indeed valid, then the entire flash crash is about to be blamed on Waddell and Reed once again, with no mention of High Frequency Trading, or any of the other real culprits for the drop which wiped out $1 trillion in market cap, and the furthermore the report will have no policy recommendations.
