Last week’s historic market plunge, in which the Dow Jones Industrial Average fell nearly 1,000 points over the course of a few minutes, has led to increased scrutiny of so-called “high-frequency trading” systems and their effect upon market prices. “High-frequency trading” involves the use of computerized systems to place large amounts of orders that are processed within fractions of a second to exploit minute shifts in the price of securities. A number of electronic trading markets have come under particular scrutiny, including the New York Stock Exchange Euronext and Nasdaq OMX Group. Executives from both of these exchanges are set to meet with the Securities and Exchange Commission today to discuss how “conflicting trading rules” may have contributed to last Thursday’s dramatic decline.
Maurice Raymond “Hank” Greenberg was born May 4, 1925 in New York City, the son of a Jewish candy store owner Jacob Greenberg. His father died when he was seven and his mother, Ada Rheingold, married a dairy farmer who lived in the Catskill mountains. Greenberg lied about his age in 1942, claiming he was seventeen, so that he could enlist in the Army. He later became an Army Ranger, landing on Omaha Beach on D-Day and participating in the liberation of Dachau in 1945. After the war, Mr. Greenberg received his undergraduate degree from the University of Miami Florida in 1948 and earned his L.L.B. from New York Law School in 1950.
Connections among board of directors and executive leadership of American International Group as of March 20, 2009.