We were jumping up and down screaming about this a decade ago. Who else was raped or had clients raped in the spring ARSH 2011 metals spike? I had clients with GTC stops under their long silver positions, and those thieving wretches literally ignored the stops and said, “We didn’t ELECT your stops.”
In case you don’t know, a stop loss order is triggered and becomes a MARKET ORDER by law when the stop price is touched. Not traded through, but TOUCHED.
I yelled. Loudly.
Nothing. Absolutely no recourse. Nothing.
It was the prequel to Corzine and MF Global.
And now TODAY, $920 million in fines, NO ONE SERVES any jail time…
Do you know what over a decade of screwing the world, with a fine and no jail time is called amongst psychopaths? A “GOOD BUSINESS DECISION.”
And people still, to this day, call me stupid for clearing out of the financial industry.