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Did Wall Street Get Hacked, Back Away or Just Get Overwhelmed on Monday?

Courtesy of Pam Martens

Wall Street Bull Statue in Lower Manhattan

Wall Street Bull Statue in Lower Manhattan

The U.S. Senate Banking Committee needs to get its act together and immediately schedule hearings on the trading outages that occurred at numerous discount brokers and mutual funds on Monday. According to thousands of on-line complaints, customers of major firms like TD Ameritrade, Fidelity, Vanguard, and T. Rowe Price could not access their accounts using the firms’ websites on Monday and thus could not place sell or buy orders as the market dove 1,597 points in mid afternoon, then partially recovered to close down 1,175 points.

At online outage tracker, downdetector.com, both TD Ameritrade and Fidelity were verbally brutalized by outraged customers, many of whom said they had lost thousands of dollars as a result of the outage. Others commenters were stirring up momentum for a class action lawsuit.

Complaints against Fidelity included this one from a poster calling himself Lee Yih:

“The Fidelity Active Trader Platform finally loaded after 80 minutes of trying. I put in 4 orders, but nothing. No indication of orders received, no indication of an execution. I do have the order numbers, however. The website should not be giving the appearance it is up, when orders entered are swallowed up and we do not know where we stand. I called them and waited for 32 minutes on hold before giving up.”

The posts against TD Ameritrade included many people who said they were fed up and planning to find a new broker. A woman identifying herself as Stephany Crawford wrote…

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