This is a big week for Michael Lewis and fans of his work. First it was reported that his book The Big Short is going to be made into a feature film by Adam McKay of Anchorman fame. We noted the reaction to the book when it came out in 2010.
On Monday his latest book Flash Boys: A Wall Street Revolt will be released. Only recently was it confirmed that the book focuses on high-frequency trading. From the publisher’s web site we can get a better sense for the book’s theme:
Flash Boys is about a small group of Wall Street guys who figure out that the U.S. stock market has been rigged for the benefit of insiders and that, post–financial crisis, the markets have become not more free but less, and more controlled by the big Wall Street banks. Working at different firms, they come to this realization separately; but after they discover one another, the flash boys band together and set out to reform the financial markets. This they do by creating an exchange in which high-frequency trading—source of the most intractable problems—will have no advantage whatsoever.After what had been an extended “quiet period” the full-PR press is now on. Lewis is set to appear on 60 Minutes tomorrow. He also took some time to talk with Boris Kachka at NY Magazine about the lead up to the book....MORE