Somebody Stole 7 Milliseconds From the Federal Reserve

Last Wednesday, the Fed announced that it would not be tapering its bond buying program. This news was released at precisely 2 pm in Washington "as measured by the national atomic clock." It takes 7 milliseconds for this information to get to Chicago. However, several huge orders that were based on the Fed's decision were placed on Chicago exchanges 2-3 milliseconds after 2 pm. How did this happen?

CNBC has the story here, and the answer is: we don't know. Reporters get the Fed release early, but they get it in a secure room and aren't permitted to communicate with the outside world until precisely 2 pm. Still, maybe someone figured out a way to game the embargo. It would certainly be worth a ton of money. Investigations are ongoing, but Neil Irwin has this to say:

MORE

http://www.motherjones.com/kevin-drum/2013/09/somebody-stole-7-milliseconds-federal-reserve

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Comment by Less Prone on September 26, 2013 at 6:25am

Aren't we all just FEDup? Privately owned central banking money scam was created for fleecing the people almost a hundred year ago. Now it's time to investigate, expose, return the loot to the people and discipline the crooks. Close the FED!

Comment by truth on September 25, 2013 at 12:16pm

"Destroying the New World Order"

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