Lauren Lyster takes Wall Street's Bull by the Horns - Infiltrates the Trading Floor!
Welcome to a very special episode of Capital Account, live from New York. We took the show on the road, taking Wall Street's bull by the horns...and well, something else too!
JP Morgan's Q2 earnings statement will be released tomorrow and it is expected to report a $5 billion CIO trading loss, a loss larger than the bank initially announced. Meanwhile, a press report revealed the New York Fed made major changes to its examiners at JP Morgan in mid-2011. The changes took place during a crucial time for policing risk-taking. We have plenty of evidence of the failure of regulators. However, it doesn't appear anyone is losing the appetite for fraud, so what is the solution? We talk to Chris Whalen, senior managing director at Tangent Capital Partners.
And you could call it 'man versus the machine.' We will look at the impact of high frequency trading, computer algorithms on the stock market, and what dark pools have done to transparency. We have a very special New York Stock Exchange Word of the Day, with help from floor trader Stephen Guilfoyle.
And a special day is not complete without a special Loose Change, as Demetri Kofinas and Lauren Lyster banter by the Wall Street Bull about zombie theme parks in Detroit, and the possibility that regulators may run out of time in their attempts to prosecute crimes on wall street. Demetri asks if the SEC and CFTC could benefit by borrowing a pair or two from Wall Street.
- VEIW HERE