The U.S. stock market is rigged in favor of high-frequency traders, stock exchanges and large Wall Street banks who have found a way to use computer-based speed trading to gain a decisive edge over everyone else, from the smallest retail investors to the biggest hedge funds, says Michael Lewis in a new blockbuster book, "Flash Boys."
The insiders' methods are legal but cost the rest of the market's players tens of billions of dollars a year, according to Lewis, who speaks to Steve Kroft in his first interview about the book. Kroft's report will be broadcast on 60 Minutes, Sunday, March 30 at 7 p.m. ET/PT.
High-frequency traders have found ways to use their speed to gain an advantage that few understand, says Lewis. "They're able to identify your desire to buy shares in Microsoft and buy them in front of you and sell them back to you at a higher price," says Lewis. "The speed advantage that the faster traders have is milliseconds...fractions of milliseconds."
If you're a fan of author Michael Lewis, you'll be happy to know he's on "60 Minutes" this weekend.
You probably won't be happy about what he has to say.
In a new book, "Flash Boys," Lewis contends that "the U.S. stock market is rigged in favor of high-frequency traders, stock exchanges and large Wall Street banks who have found a way to use computer-based speed trading to gain a decisive edge over everyone else, from the smallest retail investors to the biggest hedge funds," CBS News says. Steve Kroft is the correspondent. The news magazine is scheduled for 7 p.m. Sunday, although NCAA basketball could push back the start.
Lewis' other books include "Liar's Poker," "Boomerang," "The Big Short" and "Moneyball." But the focus in on "Flash Boys," and this is Lewis' first interview about the book.
Michael Lewis, whose colorful reporting on money and excess on Wall Street has made him one of the country’s most popular business journalists, has written a new book on the financial world, his publisher said on Tuesday.
The book, titled “Flash Boys,” will be released by W.W. Norton & Company on March 31. A spokeswoman for Norton said the new book “is squarely in the realm of Wall Street.”
Susan Rice on contending with crisis President Obama's national security advisor answers questions about the NSA leaks, Iran, Syria and the attack in Benghazi 2013 Dec 22 CORRESPONDENT Lesley Stahl
Newshourも60ミニッツもトランスクリプトがあるのが英語学習者には助かります。冒頭すぐの部分でShe’s the one who wakes up the president when there’s a 3 a.m. international crisis.と彼女を紹介しています。
As the president’s national security advisor, Susan Rice works in what some consider the second best office in the White House. Lesley Stahl: This is the office, huh? Susan Rice: This is Henry's office, as we call it. Lesley Stahl: Henry's office, Henry Kissinger's office. As Kissinger was, Rice is the quarterback of American foreign policy. She’s the one who wakes up the president when there’s a 3 a.m. international crisis.
when there’s a 3 a.m. international crisis である理由は2008年の大統領選を思い出していただくとピンとくると思います。ヒラリー陣営がオバマ大統領候補の経験不足を訴えるために仕掛けた広告が当時話題になりました。
But what about the humanitarian crisis in Syria? More than 100,000 killed; eight million driven from their homes. After the genocide in Rwanda, when Rice worked on President Clinton’s national security council, she vowed if there ever was another atrocity, she would support dramatic action. So why no dramatic action in Syria?
Susan Rice: It’s not that simple. The international community isn’t unified, there’s no agreement to intervene, there’s no basis in international law to intervene. And yet nobody who works on that problem is at all satisfied with how it’s unfolded.
Susan Rice became national security advisor as a consolation prize. She lost her chance to be Secretary of State when she – then the UN ambassador – was asked to pinch hit for Hillary Clinton and answer questions about the attack on the U.S. diplomatic post in Benghazi where our ambassador to Libya, Christopher Stevens, and 3 others were killed.
[Susan Rice on "Face the Nation": What our assessment is as of the present, is in fact what, it began spontaneously in Benghazi…]
That particular assessment from talking points prepared by the CIA was wrong, and Rice was accused of being deliberately misleading. But a former senior intelligence official told us that the talking point that called the Benghazi attack spontaneous was precisely what classified intelligence reports said at the time.
"60 Minutes" correspondent Lara Logan issued an on-air apology Sunday night for the now-discredited Oct. 27 report in which Dylan Davies, a security contractor, claimed to have been a witness to the Sept. 11, 2012, attack on the U.S. consulate in Benghazi. "We realized we had been misled and it was a mistake to include him in our report. For that, we are very sorry," Logan told viewers at the end of the broadcast. "The most important thing to every person at '60 Minutes' is the truth, and the truth is: we made a mistake." Logan's apology, which echoed remarks she had made Friday on "CBS This Morning," was an attempt to correct an error that has dogged "60 Minutes" and CBS News for more than two weeks now. But her apology offered little in the way of an explanation for the show's error, which has become a black mark for a program that has long prided itself on the depth and thoroughness of its reporting.
“We end our broadcast tonight with a correction,” Logan said this Sunday. She used Jones’s real name, Dylan Davies. After the broadcast, she said, “questions arose about whether his account was true when an incident report surfaced. It told a different story about what he did the night of the attack.” Davies, she said, “insisted the story he told us was not only accurate, it was the same story he told the F.B.I. when they interviewed him.” When “60 Minutes” learned on Thursday that, in fact, the F.B.I. report “was different from what he told us, we realized we had been misled, and it was a mistake to include him in our report. For that we are very sorry. The most important thing to every person at ‘60 Minutes’ is the truth. And the truth is, we made a mistake.”
This is an odd statement and an understatement. To say that the incident report “surfaced” and told “a different story” isn’t quite adequate: Karen DeYoung, of the Washington Post, obtained it, and it was apparently already among the papers turned over to Congress. The discrepancies extended to Davies’s location that night: he was not in the compound at all but, rather, in his “beach side villa.” (“We could not get anywhere near,” the report read.)
Ms. Logan, who said she spent about a year investigating the Benghazi attacks for “60 Minutes,” attributed the critical response to the report to the intense political warfare that has surrounded the episode. “We worked on this for a year. We killed ourselves not to allow politics into this report,” she said.
But fallout from the report is already the subject of further partisan sniping, with Senator Lindsey Graham, Republican of South Carolina, citing the CBS account as evidence that the Obama administration was withholding facts about the attack. He said it was a reason to stand by his pledge to block every potential presidential appointee until he gets more information.
Ms. Logan said “The Embassy House,” the book written under the Morgan Jones pseudonym, along with Damien Lewis, presents a version of events consistent with what was reported on the television program. “If you read the book, you would know he never had two stories. He only had one story,” Ms. Logan said.
The Brian Lehrer Show 60 Minutes' Benghazi Apology Tuesday, November 12, 2013 CBS News chief Jeff Fager has called the 60 Minutes report on Benghazi "as big a mistake as there has been" in the program's history. Media Matters for America Senior Fellow and author of Bloggers on the Bus: How the Internet Changed Politics and the Press (Free Press, 2009), Eric Boehlert, explains why, and describes what was missing from Lara Logan's apology over the weekend.
（トランスクリプト） NORAH O'DONNELL: 60 Minutes has learned of new information that undercuts its Oct. 27 account of an ex-security officer who called himself Morgan Jones. His real name is Dylan Davies, and he recounted to Lara Logan, in great detail, what he claimed were his actions on the night of the attack on the Benghazi compound. Lara joins us this morning. Lara, good morning. What can you tell us?
LARA LOGAN: The most important thing to every person at 60 Minutes is the truth, and today the truth is that we made a mistake. That's very disappointing for any journalist. It's very disappointing for me. Nobody likes to admit that they made a mistake, but if you do, you have to stand up and take responsibility and you have to say that you were wrong. And in this case, we were wrong. We made a mistake. And how did this happen? Well, Dylan Davies worked for the State Department in Libya, was the manager of the local guard force at the Benghazi Special Mission compound. He described for us his actions the night of the attack, saying he had entered the compound and had a confrontation with one of the attackers, and that he had seen the body of Ambassador Chris Stevens in a local hospital. And after our report aired, questions were raised about whether his account was real, after an incident report surfaced that told a different story about what he'd done that night. He denied that report and said that he told the FBI the same story he told us. But what we now know is that he told the FBI a different story from what he told us. That's when we realized that we no longer had confidence in our source, and that we were wrong to put him on air, and we apologize to our viewers.
動画の最後に以下のように語っているように、今日の放送で番組内でも謝罪するようです。
NORAH O'DONNELL: So how do you address this moving forward? Are you going to do something on Sunday on 60 Minutes? LARA LOGAN: Yes. We will apologize to our viewers, and we will correct the record on our broadcast on Sunday night.
60 Minutes has learned of new information that undercuts the account told to us by Morgan Jones of his actions on the night of the attack on the Benghazi compound. We are currently looking into this serious matter to determine if he misled us, and if so, we will make a correction.
UPDATE: 60 Minutes apologizes for Benghazi report 60 Minutes correspondent Lara Logan tells CBS This Morning that "we were wrong" on our Benghazi report and "we apologize to our viewers."
40 Minutes In Benghazi When U.S. ambassador J. Christopher Stevens was killed in a flash of hatred in Benghazi, Libya, on September 11, 2012, the political finger-pointing began. But few knew exactly what had happened that night. With the ticktock narrative of the desperate fight to save Stevens, Fred Burton and Samuel M. Katz provide answers. By Fred Burton and Samuel M. Katz
Sheryl Sandberg: The very blunt truth is that men still run the world. Norah O'Donnell: But what about the women's revolution? Sheryl Sandberg: I think we're stalled. I think we're stalled. And I think we need to acknowledge that we're stalled so that we can change it. Norah O'Donnell: Are you trying to reignite the revolution? Sheryl Sandberg: I think so.
Sheryl Sandberg: Everyone knows marriage is the biggest personal decision you make. But it's the biggest career decision you make, if you're going to have a life partner, who that partner's going to be.
Norah O'Donnell: Well, that just puts more pressure on women.
Sheryl Sandberg: It's more pressure on women to-- if they marry or partner with someone, to partner with the right person. Because you cannot have a full career and a full life at home with your children if you are also doing all of the housework and child care.
Norah O'Donnell: Doesn't that kind of take the romance out of everything?
Sheryl Sandberg: You know what? It turns out that a husband who does the laundry, it's very romantic when you're older. And it's hard to believe when you're younger. But it's absolutely true. Actually, the studies show this. Husbands who do more housework have more sex with their wives.
