May 5, 2010
I happened to be watching the market very closely when this was going on, and I watched a stock called Procter & Gamble at $61 a share and then the next trade was at $37 and the next trade was at $39.
Jim Bunning
The Public Record
Jim Bunning is a former United States Senator from Kentucky, serving from 1999 to 2011. A member of the Republican Party, Bunning was known for his strong conservative positions and advocacy for fiscal responsibility. Before his political career, he was a professional baseball player, notably a pitcher in Major League Baseball, where he was inducted into the Baseball Hall of Fame in 1987. Bunning's tenure in the Senate included a focus on issues such as energy policy and workers' compensation reform, often criticizing the Department of Energy's handling of compensation programs for workers.
congress.gov
May 5, 2010
I think there comes a time when you take emergency actions, and if we are in that situation and in a market situation where we need emergency powers, all you have to do is come here and ask.
May 5, 2010
It is hard for me as someone who worked in the market for 31 years to understand how any trades can be broken arbitrarily by an exchange.
May 5, 2010
But I am sorry, sir. Sophisticated--even if they are not sophisticated, anybody that puts a market order in knows exactly what is going to happen to a market order.
May 5, 2010
Why do you think we saw a more severe move in exchange-traded funds than in the underlying stocks? Should investors be worried that these products are not as reliable as everyone thinks they are?
May 5, 2010
If I am in Schenectady, New York, and I am dealing with a broker-dealer in Schenectady, any broker--I am not going to give anybody a plug here--how do I compete with the electronic traders that have nanosecond access?
May 5, 2010
Well, I just am worried that by lack of not getting something done we could have a repeat.
May 5, 2010
They may be day traders. They may be someone who is in it just for a very short period.
May 5, 2010
That is why I think it is critical for the Commission to complete the market structure study and not let other matters sidetrack it.