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Bonds Are a 'Safe' Investment: A Big Lie Gets Even Bigger
Gary Gensler, chairman of the Commodity Futures Trading Commission, testified before a congressional committee investigating the 998 point drop in the Dow. That plunge wiped out nearly $1 trillion in market capital.
In his testimony, Gensler said he identified one high-volume trade in the e-mini S&P futures contract. The mystery firm was Waddell & Reed Financial (WDR). Waddell sold 75,000 contracts during the time of the plunge. The e-mini is liquid and traders use it as a guide to trading the Dow. Waddell maintains that the sale was a hedge. That means that the sales were used to offset other long positions.
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