Foreword
by Former U.S. Senator Ted Kaufman
I didn’t know a great deal about high frequency trading and the negative effect it was having on the financial markets and the economy when I became a United States Senator early in 2009, taking the seat vacated by Vice President-elect Joe Biden. But thanks to Sal Arnuk and Joseph Saluzzi of Themis Trading, I learned quickly.
During the Bush II administration, I became concerned about changes in the rules on short selling. Along with Republican Senator Johnny Isaakson, I wrote to SEC Chair Mary Schapiro, asking her to follow up on her confirmation hearing pledge to look into reinstating the “uptick rule,” which had been removed in what former SEC Chair Chris Cox admitted had been a mistake. Short sellers ...
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