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$600 Million stolen and still no real news | Wyly Wade
This is an ongoing story that has really not gotten a lot of coverage. It is now estimated that over $600 Million was profited from the pre trading of the interest rate change in September. Three to seven milliseconds before the fed moved interest rates, billions of dollars of trades were input that took advantage of the changed rates, reaping huge profits. According to a report at Mother Jones, 'Last Wednesday, the Fed announced that it would not be tapering its bond buying program. This news was released at precisely 2 pm in Washington 'as measured by the national atomic clock.' It takes 7 milliseconds for this information to get to Chicago. However, several huge orders that were based on the Fed's decision were placed on Chicago exchanges 2-3 milliseconds after 2 pm. Related articles Stanley Fischer To Rescue Israel A Third Time by Taking Over Jewish Run Federal Reserve Small Pullback in Money