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Economy
In reply to the discussion: Weekend Economists Revelations and Reviews April 26-28, 2013 [View all]Demeter
(85,373 posts)24. Investigations Expand in Hacking of A.P. Twitter Feed By NICOLE PERLROTH NYT
http://bits.blogs.nytimes.com/2013/04/24/investigations-expand-in-hacking-of-a-p-twitter-feed/
...We have standard operating procedures whenever there are market developments, and this is no exception, said John Nester, an S.E.C. spokesman. These procedures start with getting the facts about what occurred. We do not limit ourselves to looking at the catalyst for an event, but also its repercussions, to determine whether any further inquiries or actions are warranted.
The A.P.s account was the fourth prominent Twitter account of a media organization to be hacked in recent months accounts for CBS, NPR and the BBC have all been hijacked by hackers recently but the A.P. incident had the most serious impact. Within seconds of the fake A.P. post, the Dow Jones Industrial Average nosedived, dropping 150 points, before recovering five minutes later. High-frequency trading algorithms that are designed to make trades based on certain headlines served as a catalyst...
Mr. Chilton, who referred to high frequency traders as cheetahs, noted that there was no kill switch in their technology to prevent them from acting on misinformation. We need to set up basic rules of the road, Mr. Chilton said. We should not just accept technology blindly.
The timing of the A.P. on Twitter comes just two weeks after Bloomberg announced that it would start incorporating Twitter feeds into its financial information terminals. The new feature allows traders to monitor social media buzz and market-moving news from their Bloomberg terminals. Bloomberg introduced the service after it became clear that traders were already using the service to inform trading decisions. Last August, an erroneous tweet suggested that Syrian President Bashar al-Assad was dead, created a surge in crude oil prices...
...We have standard operating procedures whenever there are market developments, and this is no exception, said John Nester, an S.E.C. spokesman. These procedures start with getting the facts about what occurred. We do not limit ourselves to looking at the catalyst for an event, but also its repercussions, to determine whether any further inquiries or actions are warranted.
The A.P.s account was the fourth prominent Twitter account of a media organization to be hacked in recent months accounts for CBS, NPR and the BBC have all been hijacked by hackers recently but the A.P. incident had the most serious impact. Within seconds of the fake A.P. post, the Dow Jones Industrial Average nosedived, dropping 150 points, before recovering five minutes later. High-frequency trading algorithms that are designed to make trades based on certain headlines served as a catalyst...
Mr. Chilton, who referred to high frequency traders as cheetahs, noted that there was no kill switch in their technology to prevent them from acting on misinformation. We need to set up basic rules of the road, Mr. Chilton said. We should not just accept technology blindly.
The timing of the A.P. on Twitter comes just two weeks after Bloomberg announced that it would start incorporating Twitter feeds into its financial information terminals. The new feature allows traders to monitor social media buzz and market-moving news from their Bloomberg terminals. Bloomberg introduced the service after it became clear that traders were already using the service to inform trading decisions. Last August, an erroneous tweet suggested that Syrian President Bashar al-Assad was dead, created a surge in crude oil prices...
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I see someone noticed that we noticed they were not posting bank failures, well done.
kickysnana
Apr 2013
#17
Our new Chair of the Florida Democratic Party was a lobbyist for ChoicePoint in 2000.
Fuddnik
Apr 2013
#31
Also ex-mployees who have survived the worst will not do anything to keep their jobs.
kickysnana
Apr 2013
#18