Four years after his #1 bestseller The Big Short,
Michael Lewis returns to Wall Street to report on a high-tech
predator stalking the equity markets.
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.
The characters in Flash Boys are fabulous, each
completely different from what you think of when you think
"Wall Street guy." Several have walked away from jobs in the
financial sector that paid them millions of dollars a year.
From their new vantage point they investigate the big banks,
the world's stock exchanges, and high-frequency trading firms
as they have never been investigated, and expose the
many strange new ways that Wall Street generates profits.
The light that Lewis shines into the darkest corners of the
financial world may not be good for your blood pressure,
because if you have any contact with the market, even
a retirement account, this story is happening to you. But in
the end, Flash Boys is an uplifting read. Here are
people who have somehow preserved a moral sense in an
environment where you don't get paid for that; they have perceived
an institutionalized injustice and are willing to go to war to