INTERVIEW: Michael Lewis Explains How the Market Is 'Rigged' Against You
In his latest book about what goes on behind the scenes of Wall Street, author Michael Lewis explains how the market is "rigged" to favor the wealthiest. In "Flash Boys: A Wall Street Revolt," Lewis lays out how the high-frequency trading system functions, making the case that the biggest banks and trading firms are making tens of billions of dollars in profits off of their ability to execute orders faster than the average investor.
Lewis stopped by Fox and Friends to explain the system behind what he calls the rigged market, and respond to some backlash against his claims.
Watch the interview above, including a clip of a contentious exchange between Lewis and a Wall Street executive on CNBC.
"I don't really like being in fights, but if it's necessary, it's necessary right? I'm trying to clarify the matter," said Lewis, explaining that the everyday investor is being harmed and doesn't know it's happening.
Lewis argues that the market was never supposed to operate like this, with "nonsense" getting in the way of the fair movement of capital.
"I think that we want a fair society, where every dollar stands the same chance when it walks in. The idea that wealthy people sitting in the middle of the system are rigging it in their favor at the expense of basically the broad middle class? It's insane."
Check out more information on Flash Boys.