03/14/2011
https://www.congress.gov...
"I hope this hearing will help inject greater urgency into strengthening U.S. oversight of our fractured, high speed markets to restore investor confidence."
"How long it took the regulators to figure out what was going on in the Flash Crash is a direct result of the fragmentation of regulation."
"Fractured Markets. The first fact we need to grapple with is that our markets have changed enormously in the last 5 years."
"This was not so much a crash based on some glitch; this was an intentional effort on the part of somebody who had as little as $30 to $50 million and a few computers and a couple programmers."