Fox Business Network’s senior correspondent Charlie Gasparino shredded author Michael Lewis an op-ed in the New York Post.
This week, Lewis released his newest book “Flash Boys”, which claims the markets are rigged because of high frequency trading (HFT).
Gasparino called Lewis’ new book “completely and utterly disingenuous” and that it has a “lefty interpretation” of the 2008 financial crisis.
Gasparino also writes that Lewis is “blowing smoke” and that his claim about HFT hurting the mum and pop retail investors is all wrong.
This was the best excerpt:
…What Lewis doesn’t tell anyone (and what Steve Kroft in his “60 Minutes” interview wasn’t smart enough to ask) is how this hurts the small investor.
Because it doesn’t. This isn’t traders vs. the little guy, it’s “Alien vs. Predator” — one set of financial insiders outsmarting another bunch.
The guy who buys Apple on an online-brokerage account gets the price he sees on his screen; that’s how the E*trades of the world fill orders. And if you have a mutual fund, your money manager should be smart enough to figure out (as many have) how not to be gamed by the HFT guys.