by John Crudele:
I’ve been telling readers for nearly 20 years that the stock market has been rigged.
That’s true — you can look it up. But what’s also true is that the rigging had been going on long before I realized it.
Before the quibblers surface, let me concede that there have always been cheaters in the stock market. It’s human nature to try to take advantage of someone else. Today’s controversy about high-frequency trading crooks only adds a technological twist to an age-old story.
Stock-market rigging, however, took a major step toward acceptability on Oct. 27, 1989. That’s when a guy named Robert Heller proposed that the Federal Reserve should rig stocks.
Heller wasn’t just some joker off the street. Before he proposed in a speech and then in an op-ed piece in the Wall Street Journal that “the stock market is certainly not too big for the Fed to handle,” Heller was a governor on the Federal Reserve Board. ...