Interactive Brokers' Peterffy Lashes Out Against The Broken Market, As Nanex Conclusively Proves HFT's Were Cause For Flash Crash
"It is not so much anymore that the public does not trust their brokers. They do not trust the markets, the exchanges, or the regulators either. And why should they, given our showing in the past few years?
Who cares what will happen in the future? Obviously not the banks, for whom each and every day of continued existence is a taxpayer-funded gift from god, or in this case Bernanke and the administration, which allows them to pay another batch of record bonuses for a catastrophe well done. They know the game is over, and it is now just a matter of when. If they can get paid one or two bonuses in the meantime, so much better.
We have been calling for everyone to pull their money out of this broken market. Now, finally, industry insiders are joining our call. How much longer before everyone realizes the truth and says never again to a casino so broken it will have no choice but to cannibalize itself very, very soon?