If one man can legally take down the entire market (on purpose?), can you trust anything? They need to fix that, or find and prosecute this person. Why have millions in a market if it can evaporate in seconds?
It reminds of me this rat who bet his life savings on puts back around 2000 or so. It was a tech stock that had blowout earnings and he bet wrong. So what did he do? Cheat! He put out a fake press release on the wire services (that wasnt verified for some reason despite its shocking nature).
It basically said the CEO of the company was tendering his immediate resignation because he had cooked the books and released fraudulent earnings. After this hit the wires, the stock fell 50% at one point, and this criminal twit walked away with a temporary six figure profit on his otherwise worthless puts.
The stock was halted AFTER the release (usually responsible companies halt trading PRIOR to market moving news) but not before he dumped his puts. The SEC saw his trades and picked him up in 24 hours.
edit: I found it (I had to rack my brain from 10 years ago) -
http://en.wikipedia.org/wiki/Emulex_hoax