| | | Sector attacks on Michael Lewis’s Flash Boys.
Reference links:
-- Thor -- Putting the hammer to high-frequency traders -- Message 27098180
-- Message 29467453
-- nytimes.com
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'Ever since Flash Boys was released this past spring, stock market insiders have not been shy in their complaints of a few factual inaccuracies in the book. These complaints have been spewed loudly at market structure conference after conference, in speeches, notes to clients, and even in blog posts. Most troubling is how they have been spewed by senior regulators. At first, we were amused. We privately laughed – knowing that the book had struck truth, and knowing that the best proof that it had done so was the vitriol it inspired among its conflicted critics.
A few months back, a blog appeared called Lewis Fiction, and it repeatedly pointed out small errors in the book. Its idea was/is that these small errors discredit the premise of Flash Boys. We have ignored it for the most part, much as one ignores crazy Uncle Louie at Christmas parties, or gnats in our backyard. Make no mistake – Michael Lewis in Flash Boys eloquently captured a big problem, and big ideas, and told it clearly to investors everywhere. And its critics have attached themselves to small corrections and little ideas.
A month back we guest-published a point by point response to the false claims made by the Lewis Fiction blog written by R.T. Leuchtkafer. It was titled Guest Post: R.T. Leuchtkafer shows how poorly informed the LewisFiction Blog Is.
The Lewis Fiction blog continued to put out drivel. Its Twitter sent out “promoted” tweets. Lies continued to be repeated, and sadly to be passed around the industry behind the scenes by people who know inside the book is correct, and who do know better. It frankly is grating.
This is why today, we wish to share with you a second point by point response to Lewis Fiction’s false attacks against Flash Boys – again written by R.T. Leuchtkafer. Please read this! And please send it to the SEC’s Trading and Markets (tradingandmarkets@sec.gov), to your friends, and tweet it. Lies by others do not deserve to be spread, and they deserve to be set straight. Without further adieu [sic], here is R.T. Leuchtkafer’s 2nd response unedited and pure:'
Michael Lewis’s Flash Boys – and its Accuracy
Jim
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