you were sitting there basically taking it while michael lewis was telling his. douglas: yes.: is it accurate? douglas: a lot of it is not accurate. i think he told a story from 2009, but not the whole story. he certainly did not talk to virtu and a lot of other folks who know about the market. it is a great writer and wrote from a point of view that was very well told and it resonated with people because markets are very complex. when people don't understand complexity, they get concerned. stephanie: isn't that dangerous? on his part. to be a great writer and create a beautiful narrative and talk about facts and global markets. douglas: i think it was disingenuous to use some of the words he used. he is not for an market structure but he is a fantastic author with a great audience. it provoked a lot of discussion. ultimately, it was a great thing for our business because it enabled us to get on programs like this and talk about what we are. to have folks to take time to understand there are differences between a firm like virtu and the things discussed. matt: i like moneyball

we've heard of this especially with michael lewis's book, more than 50 places where stocks trade today and that's what happened during the three and a half hours. >> just because of the diversification. while alarming. there are other places for trading to happen. >> there are the entire time. if you just look at the ticker for the dow jones industrial average. the way most of us gain what happened every day. it was part of the down side. psychology was already down for the other places. the regulators have basically halted 70%. volume simply because there's been a sell-off without any information. a the love investors had just gotten into that. the issue in greece. does it stay or go? there are plenty of reasons people were nervous heading into the trading session today. when the market really started to take another leg lower and it was open the whole time. it was. in key time right before 3:00 p.m. eastern where the new york stock exchange does become important. critical even more important than at other times of the day. at the end of the day, a lot of mutual funds to have marshall

a joke i've been using lately is that since michael lewis came out with his flash boys book last year, we've been spending a lot of time thinking about high-frequency trading. i'd like to say if we're going to prioritize based on michael lewis books i go back to "liar's poker." the fixed income markets are largely the same they were in 1989. i think we have unfinished business there to attend to. it's easy for us to ignore these markets because generally speaking, they've been operating very well for 30 years. there's been a bull market. in this current interest rate environment, u.s. corporations for the last several years have hit the debt markets with much success. it's been great for our markets. it's allowed them to grow and exup and down and hire. that's a good thing but that's of course because of monetary policy. we have to get used to an environment and prepare for an environment in which that incentive is no longer in place and we have to worry about the potential for a liquidity crisis in the event that interest rates rise and we don't have the inventories that we used to w

i joke i've been using lately is since michael lewis came out with his flash boys book last year we've been spending a lot of time thinking about high frequency trading. and i like to say if we're going to prioritize based on michael lewis books, i'd like to go back to liars poker because fixed income markets are largely the same as they were in 1989, i think we have some unfinished business there to attend to. and it's easy for us to ignore these markets because generally speaking they've been operating very well for 30 years. there's been a bull market. and in this current interest rate environment u.s. corporations have hit the debt markets with much success in the last several years. it's been great for markets allowing them to grow and expand and hire. that's a good thing, but that's of course because of monetary policy. we have to get used to an environment and prepare for an environment in which that incentive is no longer in place. and we have to worry about the potential for liquidity crisis in the event that interest rates rise and we don't have the inventories that we used t

michael lewis wrote about them two years ago. you've got the nasdaq.these different trading systems are out there right now. so if there was some thought of hey, let's do this or let's do that, it would have to be a coordinated effort between many different groups many of whom have while albeit the same goals, not necessarily are the best competitors. some of them are pretty cutthroat with each other so i'm not sure that would be able to happen. guys, we do want to reiterate that trading is indeed happening. that is why you see the dow component moving because those dow stocks many of them are trading either, a, on an atlantic electronic platform or, b, through the nasdaq. that's where you're still seeing live trading. again, look at the video of the new york stock exchange right there, guys. >> i know. >> it's already slowed down much over the last couple of years. it used to be crowded with women and men. now there are not -- far 2350ufewer traders. but for those of us who live and breathe financial markets, that is a tough scene to watch. >> i want

. >> president obama told michael lewis in his famous article. be steve jobs and wear the same outfit every day. >> whatter the clothing. >>? was does char truce mean. it certainly feeling happen iener nnl. >> yes. >> it doesn't mean you hunger for attention. >> no you're lucky she's not wearing blake. it's evokes power and competition. >> and red too. >> because we associate it with sexuality. it can make women more competitive with women who wear red. >> what do red shoes mean? >> those are just fabulous. >> do you like my shoes? >> she means needy. >> what about charlie -- >> he wears tennis shoes. >> all the time. >> most of the team people can't see them. >> that's true. i'm not about to do what she did. >> it makes you feel more comfortable. >> absolutely. like the fact that it's unconditional. >> it really is fascinating. i do believe clothing can affect your psychology. i get it. >>> gayle has been impressed wi the pri prison story. >> it's a john miller joke. >> we're going to go thank you, heidi. >> am i supposed to be reading it? >> i'

i think of michael lewis at deutsche bank among others in london. what is the why for the across-the-board commodity implosion? john: you can take your pick on what to blame -- china, the fallen demand, the prospect of a rate hike later this year. you have to talk about the supplied side dynamics. if we take oil, despite a plunging rig count and the big slashes and cuts to the oil majors, total production in the u.s. is still right appear. total production in saudi arabia is at a record high and opec are consistently outstripping their own targets. the surprise dynamics, oversupply -- fundamentals to future supplier taking a big hit but you don't see that in total production and you don't see that in the numbers in my screen. brendan: let's get to the supply side and materials in iron. there was a note yesterday from goldman sachs in sydney saying the future of iron ore is the australians cannot stop producing or shipping. it's entirely supply-side driven in iron ore. did that note make a difference in london? john: i don't think it moved the dial m

matt: michael lewis has always said that he thought that large brokers should discourage people from are wanting to work on wall street. when i read it, i'm sure the same as when you read it, i want to go and work there. you think this should discourage kids from wanting to major in finance or go work in a big bank? matthew: or is it a how-to manual? john: people with common aspiration only about emulating or looking up to this kind of elitist, sexist, racist misogynist mentality that the character perpetuates online. i try to write unapologetically without the kind of cliches of a tiffany and redemption because i think that is important. people can draw their own conclusions. matt: but that obviously happen to you. you obviously had a moment of epiphany where you are like i do not want to do this anymore. john: but i do not look like on regrets on my career or the things we did. we had a lot of fun. most of my friends and people in this book are still at the bank in senior positions. matt: are they mad at you? did you change all of their names? john: pretty much all of their names.

historical note, if anyone is not familiar as to how greece got in this position, they should read michael lewis' book "boomerang" which shows you how greece managed to massage its numbers to get into the eurozone. francine: we know what the past -- >> i will be up front. it has been shifting. we may well not necessarily get a yes vote. there will still be negotiations. manus: as erik said, there is a long way to run. there were new offers, counteroffers, minor changes. take us through sunday night. the greek people are being told, double down, say no. tsipras says, this will embolden our position. will it? >> i'm not sure. the government pressure now is so intense. this is why tsipras was flip loving yesterday. if there is a yes vote, he is going to be having a more difficult position. manus: ultimately, if there was a new election -- >> you would think so. that raises bigger questions about the role of the eu. is it there to instigate regime change? the greeks are in a terrible position. a lot of it, they inherited through no fault of their own. it is a question of how you go forward. you have

people are looking at market structure if this happened before michael lewis' book came out, how differentversation might have been. what is the issue and problem with our market structure as it stands? >> it comes at a time when there is volatility in the market and uncertainty. you add on what that does to the confidence for investors. i completely understand it. it makes sense. i think this is largely a one-off situation. it's an unfortunate one-off. there are a lot of many days where things are going really well. people don't talk about that nearly enough in my opinion. >> to your point, when you talk about this yesterday is the perfect example on why people should be confident because the system was stable and secure. >> it got fixed. >> you didn't see the market fall out of bed when we were having an issue. in fact it did work the way it should work. maybe we have too many venues. that being said the market did work the way it was supposed to and people were not in danger. >> let's get out to athens. greek government officials expected to send in their bailout proposal any minute. an

. >> jim, i wonder if this had happened before michael lewis came out with his book "flash boys" how different the discussion around that might have been. >> i can tell you, we all recognize now the true-- from one company. i think that the notion of redundancy is built by competition, and i also have to tell you that i'm surprised the market wasn't down more. i felt that china's awful. i'm gla glad to see that europe bounced a little bit. china should be down at least at the opening. and if we get the same reaction as we did last night, people will understand that's why we were down 260. this is a china market right now, not a europe market. >> all right, jim, stay right there. on that very point, alcoa out with quarterly results. >> that's right. so alcoa out 19 cents adjusted earnings per share for the second quarter. that was 3 cents shy of estimates. the street had been looking for 22 cents a share. revenue better than expected $5.9 billion, the street looking for $5.81 billion. citing slower than reported economic growth. also saying it continues to project growth. given the fa

vehicle had especially designed emblem to honor fire fighters joyce craig and michael goodwin as well as a police officer lewisbert wilson. families were there to help with that dedication. very well deserved. >>> 8:36. do you see that stuff being tossed from the eastern state penitentiary, those are tastykakes. let them eat tastykakes, 2,000 to be exact they were thrown from the top of the eastern state penitentiary asthma reantoinette was drag to the guillotines this was of course all part of the bastille day reinact. is an annual tradition in philadelphia's fairmount neighborhood. bastille day is expect particular california of song, dance to commemorate the beginnings of the french revolution. >>> all right. 8:36. nfl and philadelphia soul honored men and women in uniform with the speaks football game. wounded warriors took on nfl alum night including former eagles. "eyewitness news" reporter alexandria hoff was there for the action. >> reporter: only thing separating these two teams are their stats, and their sacrifices. >> men and women, talking about professional athletes, very motivating and sometime i

. >> mayor michael nutter addressed a crowd and olympic gold mid med list carl lewis read a portion of independence it is the 50th anniversary of the first lgbt protest in the united states. and the voting rights act of 1965. >>> well right now fbi agents are fanned out across the country monitoring parades games and concerts from 56 command centers set up at field offices ready to react and respond to any threat that pops up on this independence day. >>> like in chicago where officers are working 12 hour shifts to make sure big events like the grateful dead show at soldier field are safe. the banks of the charles river are heavily guarded in boston. ahead of hundreds of thousands of visitors coming to look at the firework after dark. and in new york boats equipped with radiation detecting equipment are patrolling the hudson. >> this is the most energetic series of warnings that i've heard coming out of the fbi or dhs for a long time even members of congress are giving us warnings. i think it's because of the high volume of social media traffic comeing to the united states from oversea

. ♪ >> mayor michael nutter addressed the crowd and the olympic gold med list carl lewis read a portionndependence much it is the 50th anniversary of the first major lgbtq protest in the united states and voting rights act of 1965. ♪ >> annual independence day parade made its way through old city today. some raindrops fell on those marching bands but it didn't keep the crowds from lining chestnut and market streets to watch the floats and bands go by by. >>> and right now, brad kind of touched on this a little bit fbi agents are fanned out across the country monitoring fireworks and concerts from 56 command centers set up at field offices. ready to react and respond to any threat that may pop up this independence day. >>> like in chicago where officers are working 12 hour shifts to make sure big events like the grateful dead show at soldier field are safe. the banks of the charles river are heavily guarded in boston ahead of hundreds of thousands of visitors coming to look up at the fireworks after dark. >>> and in new york both equipped with radiation detect detecting equipment patroll

michael." today, abc news world news tonight anchor david muir. and an artist from upstate new york gets a new look as we continue our picture-perfect makeover week. plus, performing her new hit "thunder," leona lewisplause]