The major media say the chaos on Wall Street was the result of a “trader error, possibly a typo,” as the Washington Post put it. Some reports claim the culprit was a “fat finger” on a computer somewhere that pressed the wrong key. But Zubi Diamond, author of the Wizards of Wall Street, says these claims are all lies. “What happened in the market on Thursday is a typical example of pure market manipulation” by unregulated hedge fund short sellers.
Diamond says the historic market plunge on Thursday was “due to computerised hedge fund short selling because there is no protection for the invested capital in the equity markets. There is no uptick rule, no circuit breakers and no trading curbs. Our market is primed for manipulation.”
Diamond is referring to financial regulations, which have been repealed, designed to prevent market manipulation.
“No one will come on TV to tell the truth,” he complained. Instead, he says representatives and apologists for the hedge fund short sellers, who operate as the Managed Funds Association (MFA), “go on TV and provide false explanations of what happened.”
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