You know I've heard a lot of crazy things, especially since I listen to the No Agenda Show. But one thing I don't hear is that Wall Street has been hacked. I mean, I have heard that just about everything on the planet has been cracked some kind of way, but why is it that I never hear that Wall Street has been?
Have they figured out how to beat every botnet on the planet? Are they just completely off every grid but their own, and nobody on the inside could possibly be paid off? I'm curious.
Here's what I just heard:
Speaking of circuitbreakers, in a speech on the Senate floor Wednesday, Senator Ted Kaufman pointed to evidence that the May 6 flash crash may not have been an isolated event. On June 2, stock in Diebold, a technological services company, experienced a “mini-flash crash” of its own, plunging 35% and recovering fully in only minutes. The sudden decline and rebound appeared to be the result of an “electronic overreaction” to news reports of Diebold’s long-expected settlement with the Securities and Exchange Commission (SEC) over fraudulent accounting practices.
I'm cool with riding Occam's Razor on this. There are idiot programs making guesses in stochastic world. Taleb. We know. But what about back doors?
Knowing what we know about how many credit cards are hacked and stolen, are we to presume that Wall Street has a pristine record? It's the biggest fish in the ocean. No way we know how much dirty business is going on.