With that said and this clip posted, no more stories on Goldman Sachs profanity, I swear.
Goldman S@#%$
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Saturday, July 31, 2010
More on Goldman Sachs Profanity Issue - I couldn't resist
My last post commented that more stories on the issue of GS employees prohibited from using profanity in emails was ENOUGH. But sometimes enough just simply isn't enough. Thanks to reader Sean Z. this video clip is just plain entertaining and is worth publishing. Thanks Sean.
With that said and this clip posted, no more stories on Goldman Sachs profanity, I swear.
Goldman S@#%$
With that said and this clip posted, no more stories on Goldman Sachs profanity, I swear.
Goldman S@#%$
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Saturday, July 31, 2010
High-Frequency Programmers Unhappy Making 6-Figures; Investors Punish Corporate Expansion Plans; Chinese Bank Turmoil; India Develops $35 laptop
Programmers Want Bigger Slice of the Pie
High-Frequency Programmers Revolt Over Pay
Pity the programmers toiling away at Wall Street's secretive high-frequency trading shops--places like Goldman Sachs ( GS - news - people ), Citadel and Getco. They wrote algorithms that take advantage of fleeting trading opportunities and bring in up to $100,000 a day. In return, they received a fraction of the pay doled out to their bosses.
Now some programmers feel used and are instigating a revolt. They are doing so by striking out on their own or forming profit-sharing arrangements. Jeffrey Gomberg, 32, worked for a trading firm that paid him a low-six-figure income after four years on the job. His trader colleagues, by contrast, made millions manipulating the algorithms he'd written.
Last year Gomberg and a fellow programmer quit their jobs and cut a deal with HTG Capital Partners of Chicago, whose programmers typically trade on regulated futures exchanges. HTG supplies office space, technology and access to exchanges. Gomberg keeps 40% to 80% of net profits, with the percentage rising as his profits do. More importantly, says Gomberg, the programmers retain ownership of the code they write.
“We designed this deal so we wouldn't lose intellectual property,” he says. “If it doesn't work out, we can go somewhere else and take all the software [that we developed]. That's really the key.”
Another high-frequency programmer, who spoke on condition that his name not be used, quit two firms that he believed were underpaying him. He says one group was generating $100,000 a day from his high-frequency trading software and paying him $150,000 a year. “I'm on my way to making a ton,” he says.
Given that HFT programs put out offers that are not legitimate (thus constituting fraud), I fail to see why HFT should not be banned. Thus not only is HFT not needed, neither are the HFT programmers.
http://tinyurl.com/2688snv
Make the time to read this:
Glass-Steagall fell after a decades long campaign involving hundreds of millions in lobbyist money spread lavishly around the Congress, led by Sanford Weil of Citibank. It involved Senator Phil Gramm, who helped to put the stake in the heart of the regulatory process under the Reagan banner, as did his wife Wendy, who as the chairperson of the CFTC had exempted Enron from regulatory oversight, and then left to take a position there on its board of directors.
Like the Mortgage Backed Securities scandal it involved only a relatively few principal players, like Alan Greenspan and Robert Rubin, who used their power and influence to silence and ostracize critics, and promote a climate of reckless disregard for the public trust under the meme of 'efficient markets' and deregulation. This might have been an innocent policy error if it did not involve premeditated fraud and theft on a massive scale.
The Committee To Save the World
http://jessescrossroadscafe.blogspot.com/2010/07/committee-to-defraud-world.html
Here's an interesting take on the huge amounts of money that hedge funds made during the sub-prime crisis from a guy with a heart (we hope). He said many of the things that this blog is saying.
Andrew Lahde bows out in style
Posted by Stacy-Marie Ishmael on Oct 17 19:03. (2008)
Say what you will about Andrew Lahde, but the man knows how to write a letter.
Last month, the famed-for-betting-against-subprime hedge fund manager shuttered his operations, citing unacceptable levels of counterparty risk.
His goodbye missive is impressive not just for its length, but for its clearly-articulated (and somewhat apocalyptic) closing arguments.
Here is an excerpt from that letter:
http://tinyurl.com/6grja7
You know why nothing criminally is done to the goldmans of the world...its all 1 big party and most of you out there are not invited!
Chelsea's Wedding
Let Them Eat Cake
By PAUL CRAIG ROBERTS
The Guardian (UK) reports that according to US government reports, one million American children go to bed hungry, while the Obama regime squanders hundreds of billions of dollars killing women and children in Afghanistan and elsewhere.
The Guardian’s reporting relies on a US government report from the US Department of Agriculture, which concludes that 50 million people in the US--one in six of the population--were unable to afford to buy sufficient food to stay healthy in 2008.
US Department of Agriculture Secretary Tom Vilsack said that he expected the number of hungry Americans to worsen when the survey for 2010 is released.
Today in the American Superpower, one of every six Americans is living on food stamps.
The Great American Superpower, which is wasting trillions of dollars in pursuit of world hegemony, has 22% of its population unemployed and almost 17% of its population dependent on welfare in order to stay alive.
The world has not witnessed such total failure of government since the final days of the Roman Empire. A handful of American oligarchs are becoming mega-billionaires while the rest of the country goes down the drain.
And the American sheeple remain acquiescent.
http://www.counterpunch.org/roberts07302010.html
A responsible look at how derivatives are a gamblers' bet and how the economy could be revived.
By ELLEN BROWN
“You all are the house, you're the bookie. [Your clients] are booking their bets with you. I don't know why we need to dress it up. It's a bet.”
- Senator Claire McCaskill, Senate Subcommittee investigating Goldman Sachs (Washington Post, April 27, 2010)
Ever since December 2008, the Federal Reserve has held short-term interest rates near zero. This was not only to try to stimulate the housing and credit markets but also to allow the federal government to increase its debt levels without increasing the interest tab picked up by the taxpayers. The total public U.S. debt increased by nearly 50% from 2006 to the end of 2009 (from about $8.5 trillion to $12.3 trillion), but the interest bill on the debt actually dropped (from $406 billion to $383 billion), because of this reduction in interest rates.
More here:
http://www.counterpunch.org/brown07142010.html
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