Ten years ago today, the Dow Jones Industrial Index fell several hundred points in a matter of minutes and a few stocks like Accenture traded below $1 for a split second. It took a while but eventually, the US Justice Department unveiled the culprit. Some brit trading futures in his home - probably in his underwear. Does it really bode well for the integrity of capital markets that a single guy in jammies trading contracts in his basement is able to crash the entire market? Is that what the authorities really want us to believe? Here is a link to the story:
Today the market is much, much higher than where it closed on that fateful day. So is the threat over? Has anything been done to make sure this sort of thing cannot happen again? Probably so. But are there other similar threats?