When Pipeline Chairman Alfred Berkeley III spoke to Steve Forbes in an Intelligent Investing interview in March, Berkeley described the intelligence game with high-frequency traders on Wall Street.

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The heads of Themis Trading, a firm deep in the middle of all this, every day, published another book, Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio.

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Matin then contacted his college friend Mahmoud and convinced him to leave his job on Wall Street, where he was building high frequency trading systems, to join the company as well.

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Schwartz said that high frequency funds account for around 60% of the trading volume on Wall Street.

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In a page-one article Wednesday, The Wall Street Journal reported that Haim Bodek, who helped run a high-frequency trading firm, told SEC enforcement officials last year that he believed exchanges were giving certain sophisticated trading firms special advantages that helped them beat out other investors.

WSJ: High-Speed Trading in the Spotlight

The Wall Street Journal says the Securities and Exchange Commission is looking into whether high-frequency trading firms are distorting prices by quote-stuffing, placing huge numbers of orders and canceling them.

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Mr. Cooperman also has some pointers on how to handle Wall Street: reinstate the up-tick rule for short sellers and get rid of high frequency traders.

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