Michael Lewis: The U.S. Stock Market Is Rigged
Michael Lewis Views Market as ‘Rigged’ in Favor of High-Speed Traders (The New York Times)
The author Michael Lewis, who has written in previous books about everything from subprime mortgage securities to the Oakland As, is now taking aim at a dominant force in the stock market: High-frequency trading.
Mr. Lewis, whose new book, “Flash Boys,” is scheduled to be released on Monday, appeared on “60 Minutes” on Sunday evening to argue that high-speed trading has ripped off investors not in possession of lightning-fast computers and special cables.
“The United States stock market, the most iconic market in global capitalism, is rigged,” Mr. Lewis told Steve Kroft on the CBS News program.
“If it wasn’t complicated, it wouldn’t be allowed to happen,” he went on. “The complexity disguises what is happening. If it’s so complicated you can’t understand it, then you can’t question it.”