There was a very interesting article on Zero Hedge the other day. In the data provided, I noticed that Goldman Sachs traded more for their Principal account than the next 14 firms COMBINED. And the next 14 were no slouches . . . Citi, JP Morgan UBS, Credit Suisse, Merrill, Barclays, Deutsche Bank, BNP Paribas, etc.
I mention this because it seems a bit coincidental that the markets have skyrocket during this very same period, and Goldman Sachs' stock price has jumped more than 70% to just about back to where our dear friend Warren Buffet bought in. Their stock prices has more than doubled the performace of any of the US markets!
It's also interesting that this 74% meteoric rise comes when Goldman Sachs has decided to sell stock to pay back the TARP dollars . . . even though they told us they didn't need the money. Obviously, Lord Blankfein, you needed the money because you don't have it to pay back . . . and you don't even have the billions you got from AIG.
And one final note. Wasn't it Lord Blankfein that told us the billions they got from AIG were not material? If so, why do they need to sell stock to pension funds and other fiduciary pockets of money in order to repay TARP?
I just don't get it. Doesn't any at the SEC consider who is trading and what they are trading? You've got one company, Goldman Sachs, trading for their own account in Program Trading, more than the next 14 largest firms combined.
The SEC is only concerned with the uptick rule these days, and how to design more ways for companies like Goldman Sachs to take advantage of the markets.
Here's a link to the article I referenced above - http://zerohedge.blogspot.com/2009/04/incredibly-shrinking-market-liquidity.html
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