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The Securities and Exchange Commission has yet to unearth a single factor that precipitated the May 6 "flash crash," which sent the Dow Jones Industrial Average spiraling down 700 points in minutes, seriously freaking out market participants.Reuters reports that the SEC's investigation will point to previously established factors like "stub quotes," other unconventional and potentially illegal practices. Stub quotes are orders that are considerably different from the going market price of a stock or other security. "Quote stuffing," a previously mooted explanation for the market's extraordinary May 6 moves, "will not be fingered as one of the causes of the crash," Reuters says. Quote stuffing is the practice of placing an extraordinarily high volume of orders and then canceling them immediately.A new SEC report on the crash should be out in several weeks.http://www.observer.com/2010/wall-street/no-smoking-gun-yet-flash-crash-report?utm_medium=partial-text&utm_campaign=homeUpdate as of 10/1/2010Federal regulators investigating the causes of the May 6 “flash crash” concluded a large trader’s use of a computer trading system to sell futures contracts led to a rapid and sudden selling that triggered additional sell-offs in an already unstable market.According to a joint report from the Securities and Exchange Commission and Commodity Futures Trading Commission, the trader chose to use an algorithm to trade the E-mini futures contract, a contract that mimics trading in the S&P 500 stock index. The computer program executed the trade “extremely rapidly in just 20 minutes,” according to the report.The report found that the trades were initially absorbed by high-frequency traders and others in the market, but soon liquidity dried up for that contract and elsewhere.http://online.wsj.com/article/SB10001424052748703859204575525973854203534.html?mod=djemalertMARKETUpdate as of October 8th 2010Per Doc. J. Najarian of Options Monster and CNBC's Fast Money:Friends, I've been saying that the regulators have not been truthful about the cause of the May 6th Flash Crash. They blame "European weakness" even though Euro bourses had been closed for hours. They blamed Waddell & Reed's 75,000 e-Mini contracts, even though that would be just over 1 percent of the trade on that particular session. For some reason they haven't put the blame on high frequency traders (HFT).That's why I'm grateful to my friends at Nanex http://www.nanex.net for sharing their data and expertise with me. As you will read in their just published report, the Waddell & Reed trades do not occur near the ignition point of the selloff, but rather AFTER THE MARKET BOTTOMED!I encourage you to give this a read and go to the Nanex website to see more data and perhaps drop an e-mail to your Congressman!NANEX Report:We have obtained the Waddell & Reed (W&R) May 6, 2010 trade executions from the executing broker in the June 2010 eMini futures contract. There were 6,438 trades totalling 75,000 contracts. We matched them by time, price and size to the 147,577 trades (844,513 contracts) in the CME time and sales data between 14:32 and 14:52 (they matched exactly). One-second resolution charts of the W&R trades along with other eMini trades are shown below in various time frames.The SEC report identified a Sell Algorithm selling 75,000 contracts as the cause of the flash crash. If the "Sell Algorithm" in the SEC report refers to the Waddell & Reed trades, then there is a problem. A big one. Looking at the trades in context with the other trades during that time, they do not appear to be significant. The W&R trades also do not occur near the ignition point (14:42:44.075) we identified earlier. Furthermore, the W&R trades are practically absent during the torrential sell-off that began at 14:44:20. The bulk of the W&R trades occurred after the market bottomed and was rocketing higher -- a point in time that the SEC report tells us the market was out of liquidity. Finally, the data makes it clear that the algorithm does take price into consideration; you can see it stops selling if the price moves down over a short period of time.Something is very wrong here.http://www.nanex.net/FlashCrashFinal/FlashCrashAnalysis_W&R.htmlhttp://www.optionmonster.com/drj_blog/article.jsp?page=drj_blog/flash_crash_truth_its_aint_waddell_reeds_trades__49837.htmlEdit May 2015 the SEC has now filed charges against British resident trader Navinder Singh Sarao for spoofing orders in relation to the flash crash. The Washington post says "Sarao has reaped more than $40 million in profits, said a release by the Commodity Futures Trading Commission, by placing a series of “exceptionally large” sell orders that he then would cancel, a maneuver known as “spoofing” designed to undermine prices. Then he would trade in a manner that would generate profits from the market volatility, the commission said."

UPDATE 1–14–2017. Take a look at the rule changes at the Securities and Exchange Commission from its establishment in 1962 to date. From 1962 to 1993, there were only 25 rule changes. The pace picked up in 1975, and has been rushing forward since. There’s a pattern. The pattern is constant and increasing deregulation. The regulations formed during and after the Depression had kept our economy safe and sane. Please see my thesis A People’s History of Stock Market Crashes &c. 1946–2016: The View From Below, which found more than 100 market failures since the end of World War II. (*)Please do not invest in stocks. The values of the stock, the stock price, and everything else about them is based on “optimism,” otherwise known as fairy dust, the Invisible Hand of the Market, or other such bunkum. Unless you have an inside track, you are at the whim of the mean rich bully is at the head of the pack in the race for the biggest ignoramus ever? You never hear of these rich families going bust in three generations, as the saying goes. Why? Estate and Trust Planning. The spendthrift kids cannot get their hands on the principal but they get to spend the income tax free.You can lose half* of every penny you ever invested in the stock market within days and you cannot do a damn thing about it. After four big crashes and countless yearly meltdowns I don’t think there are any grownups in the room. Our economy only works for the already wealthy.Here’s what I tell people to do:Establish a 501(c)(3) charitable organization. It’s dirt cheap now ($275) and only takes a 1 page online application, so the document preparation fees are low as well. You can shelter $25,000 of income per year if you do it right. (I can tell you how.) It is perfectly legal.If you have more time, establish a church (religious organization in IRS-ese.) A church is one form of charitable organization. You are not accountable to the government to tell them how much you take in and how you spend it.Invest in commercial rental real estate. If you don’t have a lot of money join an investment club. Commercial rentals are easier to manage and you may be able to get all the rent due until the end of the contract if the tenant moves out.Pay your kid to work in your business or nonprofit.This is all perfectly legal.Why not buy stock? The US and other big rich nations have printed trillions of dollars since 2008. This enables them to buy up their own bonds and pretend we don’t have a zombie economy. Debt of these big rich nations (known as “sovereign debt”) is perceived as safe, so we have to keep buying our own Treasury Bonds. It’s euphemistically called quantitative easing (QE.) When corporations do this it is called a “stock buyback.”See my LL.M. Thesis A People's History of Stock Market Crashes &c 1946-2016: The View from Below » Olivia X. LaRosa, J.D. LL.M. wherein I show more than 100 market incidents since the end of WWII.(*) Here’s a rule change in 1975 that allows our major market institutions to regulate themselves.***UPDATE: See my recent education history. I mention it because I tell you that rich people do not need any more tax writeoffs with a fair amount of certainty. In many states of the US there is a such a thing as a Dynasty Trust. When you put an asset into a Dynasty Trust, you pay taxes based on the value of the asset at the time it was entrusted. Then you never have to pay tax on the asset again. The income is tax free.That’s just for starters. If you have real estate or other large assets, run do not walk to your nearest legal doc prep or estate attorney and make some trusts.*or all. Keep that under your hat. Don’t frighten the children.UPDATE: January 14, 2017. Just about anyone in the money management business knows about Generally Accepted Accounting Principles (GAAP). GAAP is an international standard. Corporations, governments, individuals all follow GAAP. Unless, that is, law enforcement agencies are impeded enough so as to make it easy for cheaters to slide by. Take for example The Securities and Exchange Commission (SEC).From 1962 to 1993, there were only 25 rule changes. The changing began in earnest in 1975, the last year of the weak Ford Administration. Ford would be replaced by Jimmy Carter one year later. Carter was a nuclear scientist in the Navy. (1) He helped disable the Chalk River nuclear power plant after a 1952 meltdown - helped inside the reactor.In 1952 Carter began an association with the US Navy's fledgling nuclear submarine program led by then-Captain Hyman G. Rickover. Rickover's demands on his men and machines were legendary, and Carter later said that, next to his parents, Rickover was the greatest influence on his lifeHe was sent to the Naval Reactors Branch of the Atomic Energy Commission in Washington, D.C. for three month temporary duty, while Rosalynn moved with their children to Schenectady, New York. On December 12, 1952, an accident with the experimental NRX reactor at Atomic Energy of Canada's Chalk River Laboratories caused a partial meltdown resulting in millions of liters of radioactive water flooding the reactor building's basement and leaving the reactor's core ruined.Carter was ordered to Chalk River to lead a U.S. maintenance crew that joined other American and Canadian service personnel to assist in the shutdown of the reactor.The painstaking process required each team member to don protective gear and be lowered individually into the reactor for a few minutes at a time, limiting their exposure to radioactivity while they disassembled the crippled reactor. During and after his presidency, Carter said that his experience at Chalk River had shaped his views on atomic energy and led him to cease development of a neutron bomb.After that experience, Carter rejoined his family to work on the USS Seawolf, one of the first two U.S. nuclear submarines, at the Knolls Atomic Power Laboratory which supports the U.S. naval nuclear propulsion program. (1) (See 2)(1) Jimmy Carter’s family farmed and engaged in local business ventures. But he was not a peanut farmer by choice. It was the family business. After the death of his father, he felt a duty to return to his home town to keep the business going. He first held office in 1962 as a Georgia State Senator and remained continually engaged with government after that. He ran for Governor in 1966 and 1970, and held office for four years. Then his come-from-below campaign made him President.His experience was deep and broad, but he was not a macroeconomist. Republicans and corporate Democrats decided not to work with him, so his Presidency is seen as ineffective. Had they cooperated with him in managing the great challenges of his administration, he would have been seen as effective and pragmatic. (See 2)We would see this treatment with Bill Clinton and Barack Obama’s Presidencies as well. As a result, Democrats have a bad reputation. Republicans have successfully cast us as “the enemy.” No matter what lies are used against us, because we are the enemy, it is ok to believe them and pass them on. As a consequence, now we have to look at DT for four years.(2) Jimmy Carter - WikipediaUPDATE 1–14–2017. Take a look at the rule changes at the Securities and Exchange Commission from its establishment in 1962 to date. From 1962 to 1993, there were only 25 rule changes. The pace picked up in 1975, and has been rushing forward since. There’s a pattern. The pattern is constant and increasing deregulation. The regulations formed during and after the Depression had kept our economy safe and sane. Please see my thesis A People’s History of Stock Market Crashes &c. 1946–2016: The View From Below, which found more than 100 market failures since the end of World War II. (*)

What are achievable jobs that pay a Million a Year:Go to University and Get your Master’s or Ph.D Degree and become a CEO of a Major Corporation. Become a Coach of a Professional Level Sports. Become a President of a Major University.Bank of America CEO Moynihan gets biggest payday yet. NEW YORK (Reuters) - Bank of America Corp's (BAC.N) board awarded Chief Executive Officer Brian Moynihan $20 million for his work last year, the largest pay package he has received since taking the helm of the bank in the aftermath of the 2008 financial crisis.McDonald's CEO Steve Easterbrook's total compensation nearly doubled to $15.4 million last year, his second full year in the top job, according to a Securities and Exchange Commission filing Thursday. Easterbrook received a base salary of about $1.3 million last year, up from just over $1 million in 2015.Ben van Beurden - Chief Executive, Royal Dutch Shell / £17.2 million (2018) = $22,175,960.00 USD in 2018Highest Paid NBA Basketball Coaches to the Lowest Paid NBA Basketball Coaches:Gregg Popovich / San Antonio Spurs / $11,000,000Doc Rivers / Los Angeles Clippers / $10,000,000Tom Thibodeaux / Minnesota Timberwolves / $10,000,000Rick Carlisle / Dallas Mavericks / $7,000,000Stan Van Gundy / Detroit Pistons / $7,000,000Scott Brooks / Washington Wizards / $7,000,000Billy Donovan / Oklahoma City Thunder / $6,000,000Jason Kidd / Milwaukee Bucks / $6,000,000Dwane Casey / Toronto Raptors / $6,000,000Frank Vogel / Orlando Magic / $5,500,000Fred Hoiberg / Chicago Bulls / $5,000,000Steve Kerr / Golden State Warriors / $5,000,000Jeff Hornacek / New York Knicks / $5,000,000Terry Stotts / Portland Trail Blazers / $5,000,000Luke Walton / Los Angeles Lakers / $5,000,000Dave Joerger / Sacramento Kings / $4,000,000Mike D’Antoni / Houston Rockets / $4,000,000Brad Stevens / Boston Celtics / $3,666,667Alvin Gentry / New Orleans Pelicans / $3,437,500Tyronn Lue / Cleveland Cavaliers / $3,000,000Erik Spoelstra / Miami Heat / $3,000,000David Fizdale / Memphis Grizzlies / $2,550,000Kenny Atkinson / Brooklyn Nets / $2,500,000Mike Budenholzer / Atlanta Hawks / $2,000,000Steve Clifford / Charlotte Hornets / $2,000,000Brett Brown / Philadelphia 76ers / $2,000,000Top Paid University Campus Presidents:The highest-paid public university president last year, James Ramsey, 69, of the University of Louisville, made a total of $4.3 million in (2017).That’s $2.5 million more than the next-highest-paid president, Jay Gogue of Auburn University in Alabama in (2017). $1.8 millionLowell McAdam, CEO of Verizon Communications, Inc. (VZ), saw nearly a 16% increase in his compensation for fiscal year 2014 from the previous year. The $18.3 million he received in 2014 breaks down to $1.6 million in base salary, $12 million in stock awards and more than $4 million in bonuses and other income.At General Motors, CEO Mary Barra "took home almost 22 MILLION DOLLARS last year alone (295x your company's average employee)."