Fundsters following the saga of the Flash Crash of May 6, and of how a trade by Waddell & Reed
] is being unofficially pointed to as the trigger, can now read the official account of that day.
The Securities and Exchange Commission
and the Commodity Futures Trading Commission released
their joint, 104-page report on the subject. As anticipated last week (see The MFWire, 10/1/2010
), the report points to Waddell without actually naming the mutual fund firm. (The report refers to Waddell as "a large fundamental trade (a mutual fund complex).")
In Saturday's Wall Street Journal
, Tom Lauricella and Kara Scannell cover
the report. And Forbes
blogger Joshua Brown argues
that blaming for Waddell for the Flash Crash is tantamount to blaming the infamous cow for starting the Great Chicago fire, when "the buildings [were] on top of each other and ... essentially constructed of kindling."
Neil Anderson, Managing Editor
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