Mark Orrin Barton, like the overwhelming majority of day traders, lost money — approximately half a million dollars during the boom market of 1998-99. Unlike most losing day traders, Barton reacted by showing up at the day-trading offices and murdering nine people and wounding twelve before killing himself. The victims tried to hold the day trading firms liable, on the theory that day-trading companies are committing torts against their customers by letting them choose to lose money, thus causing them to snap. (See Jan. 9-10, 2002). The Georgia court of appeals has affirmed a summary judgment against such ludicrous claims–but in part because there had been no previous crime at the firm, which makes one wonder whether such an attenuated theory of causation might flower in the future. (Richmond Eustis, “Day Trader Firms Ruled Not Liable for Rampage”, Fulton County Daily Report, Dec. 19) (via Bashman). Curiously, a true-crime writer on the web quotes one of the wounded plaintiffs as saying “You can’t blame it on day trading.”

Filed under: personal responsibility