The high frequency trading program on SAN shut down minutes before SAN's close Friday . . . the result of which was a precipitous $0.07 drop on very thin trading over the last few minutes.

When the market degenerates down to a handful of trading houses with high-frequency trading computers passing the same 100 shares back and forth between themselves as the remainder of the market participants have gotten tired of getting reamed on a daily basis due to the cheating and decide to take their ball and go home, how do the "big trading houses" make money?

We're witnessing the destruction of the capital markets as the system is imploding from within as a direct and proximate consequence of willful blindness and outright fraud.

Nov 12, 2009

Karl Denninger

It has been a common practice with SAN sahres for some time.

RUF