The Divide: American Injustice in the Age of the Wealth Gap
by Matt Taibbi · 8 Apr 2014 · 455pp · 138,716 words
two top jobs at Justice, and twenty-two other attorneys from the firm sat in key positions at the department, the nation experienced an unprecedented paperwork crisis in its court system, as literally millions of foreclosures were pushed into court by banks brandishing perjured and/or fraudulent paperwork. Many of the phony
Bernie Madoff, the Wizard of Lies: Inside the Infamous $65 Billion Swindle
by Diana B. Henriques · 1 Aug 2011 · 598pp · 169,194 words
, and was renamed the Depository Trust & Clearing Corporation, or DTCC. According to the official DTCC history, the clearinghouses were “both created in response to the paperwork crisis that developed in the securities industry in the late 1960s and early 1970s. At that time, brokers still exchanged paper certificates and checks for each
The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors
by Spencer Jakab · 1 Feb 2022 · 420pp · 94,064 words
companies in the late 1960s when the number of shares being traded doubled in the span of three years, Wall Street was slammed by the “Paperwork Crisis,” and the New York Stock Exchange was forced to close every Wednesday for months just to catch up. It wasn’t until discount brokers like
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Palantir Technologies, 120 Palihapitiya, Chamath, 143, 144, 152–53, 155, 157–58, 160, 164, 212, 234, 246, 253 Palm, 84 PalmPilot, 84 Pao, Ellen, 38 Paperwork Crisis, 49 Parker, Sean, 38 payment for order flow, 10, 33, 153, 196, 206–9 Penn National, 57 penny stocks, 60, 120, 133, 166, 167 Permit
Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets
by Donald MacKenzie · 24 May 2021 · 400pp · 121,988 words
were then still paper certificates) had become clogged. Piles of unprocessed documents, delays, omissions, errors—and even theft of share certificates—accumulated (SEC 1971). This “paperwork crisis,” as it became known, was exacerbated by a sharp downturn in US share prices at the end of the 1960s. Stockbrokers began to fail in
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least equally important, however, to the rise of new HFT-friendly electronic trading venues were the long-term effects of much earlier events: the 1960s’ “paperwork crisis” and the resultant pressure from Congress for reform of the processes of clearing and settlement. These processes were, and remain, crucial material underpinnings of share
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a sense quite specific, and the resultant reforms were strongly influenced by futures exchanges. In the case of shares, as sketched in chapter 3, the “paperwork crisis” of the late 1960s created a substantially broader incentive for members of Congress to become involved, and the reforms that resulted were much less closely
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their constituents have an interest.” The episode of this kind that had the deepest effects on the evolution of algorithmic trading was the late-1960s’ “paperwork crisis” and resultant bankruptcies of stockbrokers, the accompanying threat that large numbers of the general public would lose substantial amounts of money, and the resultant congressional
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, 18f, 74f, 97–98, 97t, 109t, 172, 173f; access to, 211–12; feathering of, 198, 254n6 Osipovich, Alexander, 229–30 Ouch, 89 packets, 167–68 paperwork crisis, 70, 95, 210, 220 Pardo Guerra, Juan Pablo, 27, 241 ParFX, 199 Persico, Mike, 155 Philippon, Thomas, 21, 22f, 246n30 Pilosov, Alex, 147–50 pip
Trading and Exchanges: Market Microstructure for Practitioners
by Larry Harris · 2 Jan 2003 · 1,164pp · 309,327 words
Wednesdays to give the back offices a chance to catch up. They also closed two hours early on the other weekdays. Firms ultimately solved the “paperwork crisis” by automating their accounts. ◀ * * * 7.2.2 Back Office Operations The back office of a brokerage is responsible for supporting the trading activities of the