Tie down a hungry dog and start jabbing it with a stick and you get a sense of what went down on CNBC yesterday afternoon when Bats Exchange President Bill O’Brien faced off with Brad Katsuyama and Michael Lewis over high-frequency trading. O’Brien, apparently operating on the notion that the best defense is a good offense, verbally lunged at Katsuyama at the first moment, accusing the chief executive officer of IEX Group of “trying to build a business on the planks of fear, mistrust and accusation,” telling both of them they should be ashamed, as if they were in a conspiracy of some kind -- and then it got uglier. He hectored, he badgered, he sulked, interrupted and ridiculed. There were insinuations that Lewis had money in IEX, which Lewis denied. (For the record, Lewis is an occasional columnist for Bloomberg, although no one’s really sure what he looks like.) If electronic exchanges
In 1907, President Theodore Roosevelt contrived a plan to send all 16 of America’s battleships -- his beloved Great White Fleet -- steaming around the globe, to prove that the U.S. was now a great maritime power. When word got out, Congress balked, threatening to withhold funds for what was regarded as a wasteful extravagance. Roosevelt responded that he already had the money he needed, adding: “Try and get it back!”
Arthur Levitt, former chairman of the U.S. Securities and Exchange Commission, interviews presidential historian Doris Kearns Goodwin about her new book, "The Bully Pulpit: Theodore Roosevelt, William Howard Taft, and the Golden Age of Journalism," on Bloomberg Radio's "A Closer Look With Arthur Levitt."