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Mark Mitchell
05/24/10.1:24.PM

Analysis Well, the current state of the global...

643

 

Mark Mitchell
10/05/09.2:35.PM

News Matt Taibbi has published a story in ...

1180

 

Perry Rod
09/28/09.12:46.PM

Analysis Nearly 3,000 miles away from the corp...

656

 

Peter York
02/13/09.6:09.PM

Media Coverage This is a supreme example of how the ...

135

 

Mahyar Hashemi
11/12/08.3:56.PM

Analysis very well put - I was an avid Drudge ...

53

 

Peter York
11/03/08.2:13.PM

Analysis I think Matt Drudge at DrudgeReport.c...

301

 

Mahyar Hashemi
10/31/08.11:34.AM

News NEW YORK (AP) -- A small-market team ...

132

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News Corporation Featured Analysis

 

Europe Comes to Terms With Market Manipulation; the SEC, News Corporation and Others Bury Heads in the Sand

by Mark Mitchell, Published: May 24th, 2010 1:26 PM CDT

Well, the current state of the global financial markets is certainly interesting. I mean, you have to be a bit sick in the head, but if you think about it the right way, it really is “interesting” — sort of like, oo-wee, look, the girl in the cute leotard is falling off the tightrope, there’s no net, and she’s going to go “splat” when she hits that pavement. How interesting! And check it out, the circus animals have gone berserk — the tigers are tearing the trainer into bloody shreds, the elephants are stampeding, the tent might very well collapse, maybe we’re doomed, and look at those clowns – they’re still smiling. How deliciously interesting!

Actually, I take it back — it is not in the least bit interesting. It is terrifying. Despite early attempts by the smiling clowns of the nation’s media and regulatory apparatus to portray the dramatic market collapse of May 6 as mere happenstance, it is now clear that this unprecedented event was no “fat finger” accident. It was not a “black swan” that appeared out of nowhere. And more than likely, it was not some anomalous but innocent trade that triggered a run-of-the-mill panic. What it was, exactly, nobody seems able to say – and that is what makes it all the more scary.

But we can venture some educated guesses, and my best guess is that this was an orchestrated attack on the stock market – an attack that shaved 1,000 points off the Dow Jones industrial average in a few minutes, and caused some stocks worth nearly $50 to drop to a penny in matter of seconds. I have been trying hard, but…

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