the financial markets are not just a casino.  What these guys do is create volatility where there might not be any or spoof a stock up/down by a few % for a while.  It's a bit more like poker where the guys with the big stacks can bluff the little guys.

But if you are a longer term investor this foolishness doesn't affect you much.  If a company like Apple creates a new, great product like the Ipod, its shares go from $15-->$80.  That's not a casino.

Try holding down GE when there's good news on their operations.  This crap can be done in the high tech stocks pretty easily because the companies are small, their value is ephemeral often (the next guys killer ap can make yours worthless overnight), and the valuations are only realistic if fantastic growth rates continue. Any hint of trouble can cause a big move because the stocks are high risk in the first place.

There's a reason Warren Buffett never invested in high tech.  Meanwhile, his stock has been a steady, above market performer for 4 decades.  Hardly casino-ish.

If you are merely getting in to day trade, better be able to run with the big boys or get ready to lose money.  That said, the activity he describes as "fomenting" is clearly illegal.  It's just damn hard to catch/prove.  The kind of manipulation the Enron sorts pulled in the commod markets are far worse, and once caught weren't so hard to prove so a bunch of those a-holes are in the clink.