Courtesy of Pam Martens.
Eric Hunsader
Southern states are mad as hell and aren’t going to take it any more. After more than five years of watching their cities and towns suffer foreclosure and mortgage abuse from the biggest firms on Wall Street, rigged Libor swaps impoverishing local governments, and massive stock losses to municipal workers’ pensions, the South is rising up and suing Wall Street over its latest fleecing scheme – high frequency trading.
And before anyone starts to chuckle about the chances of Southern lawyers outfoxing the mega Wall Street law firms in their own stomping ground in the U.S. District Court for the Southern District of New York, you should know this one salient detail: one of the key Southern lawyers involved is Michael Lewis. That’s not bestselling author Michael Lewis; that’s Big Tobacco Cartel suing and winning lawyer Michael Lewis who mightily assisted in bringing the tobacco cartel out of the shadows and changed the health of a Nation forever.
Even more problematic for Wall Street and its hideously shrewd lawyers is that one of the smartest programming brains in U.S. markets, Eric Hunsader, is cooperating with the Southern lawyers. (Wall Street On Parade has previously written about Hunsader here and here.)
Last Friday, Andrew Smith, writing for the U.K. Guardian newspaper, featured Hunsader in a story about the lawsuit. Smith revealed that on May 6 of this year, Hunsader met with Lewis and his “dream team” of class action lawyers in Chicago to provide his technical expertise.
Why is Hunsader who runs a successful data business involving himself in what is likely to be the biggest legal free-for-all of the century? Andrew Smith of the Guardian shares this with us:
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