Modern Trader Magazine – Open (political) season on traders

Modern Trader Magazine – Open (political) season on traders
MMI CEO Bill Harts writes an opinion piece questioning why traders in general, and HFT specifically, have become the logical scapegoat for the 2008 crisis. That event was spurred by the widespread collapse of heavily leveraged products whose stellar credit ratings turned out to be wildly inaccurate. HFT produced no such products, was never “too big to fail” and didn’t take a dime of TARP bailout money. But, the idea of stopping harmful 2008-like Wall Street speculation by taxing the act of trading is somehow being accepted as reasonable and overdue.