Friday marked the sixth anniversary of the Flash Crash, where the Dow Jones Industrial Average fell almost 1,000 points in just a few mysterious minutes. Since that time, Jim Cramer says things have not gotten any better.
On the day of the Flash Crash, buyers seemingly vanished from the market, allowing a frightening plunge to occur right before the world's eyes.
Cramer instantly recognized the toxic combination of aggressive short-sellers and high-frequency traders who vanished whenever the selling got intense as the root cause of the crash.
Even as the market recovered from its losses that day, the incident wrecked the confidence of home gamers after they couldn't withstand losing that much value in the blink of an eye.
"Nothing has really changed to stop the market from once again losing its integrity in 15 minutes of insane, manipulated trading," the "Mad Money" host said.
That is why when Wynn Resorts CEO Steve Wynn ended his earnings conference call with a tirade against high-frequency traders and manipulators of his stock, Cramer found himself agreeing whole heartedly.
"Wynn is a casino genius who knows when the game is rigged. He knows that the regulation of the stock market is far weaker than the regulation of casinos," Cramer said.
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When asked about his company's expanded buyback on the conference call, Wynn responded "We never know what the street is going to do with the funky trading."
Wynn went on to explain that management wanted to ensure the company was properly prepared in the even that something strange happened on Wall Street and the stock became extremely oversold.
"The activity in the stock markets is, in my view, poorly regulated and irresponsibly policed, especially with regard to short sales," Wynn continued.
Cramer interpreted Wynn's commentary as an understanding that his stock has become the target of short sellers looking to play the downside of China via his company's exposure to Macau. And when the short sellers drive the stock down, Wynn has been prepared by buying the stock himself, putting as much as $100 million of his own money to work.
Wynn added that he thinks the government turns a blind eye to the way that high-frequency traders and short sellers attempt to rig the market.
"I think every individual stock owner and every member of the SEC should read this conference call," Cramer said.
Wynn represented a stark reminder to Cramer that six years after the flash crash, nothing has really changed to stop the market from crashing again. Cramer added that if only stocks were regulated as strongly as casino gaming, then maybe the market could earn back people's trust and individuals would return to what is regarded as the greatest vehicle for wealth creation out there.
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