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A few years ago, 60 Minutes did a segment on Knight, trying to explain what a Market Maker is and what they do.
If you would watch this, let's say with a police mentality, and rewind it a couple of times, not only did they show how Knight was "front loading," but how they where getting LEGAL insider information.
(Market Makers have always claimed that they need advance warning on all good/bad news so that they can be prepared to keep the market fluid.)
Because of some of MM's activate over the past six months, I got really P-i-s-s-e-d and I sent a letter to my Congressman. When his aid called me, I explained what I meant and brought up that 60 Minute show. The Aid asked me to rewrite the complaint and within a couple of weeks of sending it in, I got a call from the SEC. The woman whom I talked to was not a happy person (she explained to me that I wasn't a smart person since I actually invested in the OTCBB & Pink Sheet Markets), but when I brought up that 60 Minute show, she stepped back.
I believe that that one segment could be the missing piece in the investors' complaint against Market Makers. (When investors say that the MMs are breaking the law we are accused of "crying," yet when a MM boast about it, on a National TV show....) If all investors would referred to it, it may make the SEC do more against the POSs like Knight.
Charlie T
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