Michael Lewis, Columnist

Crash Boys

How did a kid from Hounslow grow up to cause a crash?

April 24, 2015 at 9:00 AM UTC

Updated on

April 26, 2015 at 2:42 PM UTC

By Michael Lewis

Michael Lewis is a Bloomberg Opinion columnist. He is author, most recently, of “The Premonition: A Pandemic Story.”

Where's the market resistance?
Photographer: Chris Ratcliffe/Bloomberg

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The first question that arises from the Commodity Futures Trading Commission’s case against Navinder Singh Sarao is: Why did it take them five years to bring it?

A guy living with his parents next to London's Heathrow Airport enters a lot of big, phony orders to sell U.S. stock market futures; the market promptly collapses on May 6, 2010; it takes five years for the army of U.S. financial regulators to work out that there might be some connection between the two events. It makes no sense.