JFK’s father Joseph Kennedy made much of his fortune through insider trading. FDR later made him chairman of the Securities and Exchange Commission. When asked why he appointed a crook, FDR replied, “set a thief to catch a thief.” Kennedy proceeded to outlaw the practices that made him rich.
A computer tech forgot to install some new code…
A computer tech forgot to install some new code in a server. This resulted in a high speed stock trading company that did $21 billion in daily trades to go bankrupt in 45 minutes.
Thomas Peterffy was told by NASDAQ that his algorithmic trading was illegal because…
Thomas Peterffy was told by NASDAQ that his algorithmic trading was illegal because it lacked a keyboard so he created a robot with fingers to type all trades on the keyboard which made it legal – “the robot typed so fast it sounded like a machine gun.”