The May 2010 “flash crash” was bad for almost everyone involved in the stock market, but for the Securities and Exchange Commission, it was a disaster. With $1 trillion in shareholder equity wiped out in a matter of minutes – however temporarily – alarmed investors demanded answers. Embarrassingly, the heads of the New York Stock Exchange and Nasdaq Stock Market got into a spat on television, blaming each other for the mess, and the SEC realized that it didn’t have the information to explain what caused the scariest few minutes in recent Wall Street history. Read Reuters report here.
