The Wild $50M Ride of the Flash Crash Trader
Discover the gripping story of the Flash Crash Trader, who caused chaos in the world's biggest markets in just 15 minutes. Explore the events on May 6th, 2010, when the U.S. stock market and futures market unexpectedly crashed, wiping out a trillion dollars in American companies' value.
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15 minutes of chaos
that shook the world's biggest markets.
What the heck is going on down here?
I don't know.
There is fear.
This is capitulation really.
On May 6th 2010, without warning,
the U.S. stock market and
futures market just crushed.
It can't be there.
That is not a real price.
The flash crash,
which wiped a trillion
dollars off the value
of American companies in five minutes.
To look at a price chart,
it looked like a kind of runaway elevator.
It took authorities
five years guys to track
down this lone British trader
allegedly involved in a 2010 flash crash.
Navinder Singh Sarao,
dubbed the hound of Hounslow
has been accused of
manipulating the market.
U.S. regulators claim he
made about $40 Million.
So Navinder Sarao
he seems to be for all
intents and purposes,
like a sort of arch criminal mastermind.
What they find is very different.
We're in a working class neighborhood
about 11 miles from the city center
and the financial district.
It was hard to believe
somebody trading this size
was just a lone trader.
But that's where we were.
I think it's ridiculous
to say that this guy
in this house in the
suburbs, in England caused-
Took down the market?
It's ridiculous.
If he really did, as the
U.S. prosecutors alleged
make 40 million bucks,
three people have now said to me,
"Well, then why the heck is he
still living on our street?"
On the one hand,
he was a kind of common cheat.
He purposefully manipulated the markets.
On the other hand,
he's this kind of genius kid
from the wrong side of the tracks,
who just decided to almost
stick two fingers up
at the man and the establishment.
And I think everyone could kind of relate
to wanting to do that.
