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House Calls For Hearing On Stock Market “Glitch”

May 8th, 2010 05:13 admin Leave a comment Go to comments

Lucas123 writes “The House Financial Services securities subcommittee plans to hold a hearing next Tuesday to examine what caused the US stock market to plunge almost 1,000 points in a half hour Thursday, and it called on the SEC to investigate possible problems with computer algorithms that may have exacerbated a human order-entry error and led to the precipitous drop. ‘Reports have surfaced that much of this movement was potentially as a result of a computer glitch,’ Committee Chairman Kanjorski said. ‘We cannot allow a technological error to spook the markets and cause panic. This is unacceptable. In this day and age and with the use of such complex technology, we should be able to make sure that our financial markets are effectively monitored and investors are protected.’”

Source: House Calls For Hearing On Stock Market “Glitch”

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