tag:blogger.com,1999:blog-5724181159639068489.post4807936672146303243..comments2023-11-05T05:09:14.089-05:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs and Super Duper Bailouts!RobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5724181159639068489.post-42923127030493724642010-12-11T23:09:56.692-05:002010-12-11T23:09:56.692-05:00I guess the country should just accept these guys ...I guess the country should just accept these guys operate outside the laws:<br /><br /><br />The Economy Cannot Recover Until the Big Banks Are Broken Up <br /><br />Nobel prize winning economist Joseph Stiglitz noted in September that giants like Goldman are using their size to manipulate the market:<br /><br /> "The main problem that Goldman raises is a question of size: 'too big to fail.' In some markets, they have a significant fraction of trades. Why is that important? They trade both on their proprietary desk and on behalf of customers. When you do that and you have a significant fraction of all trades, you have a lot of information."<br /><br /> Further, he says, "That raises the potential of conflicts of interest, problems of front-running, using that inside information for your proprietary desk. And that's why the Volcker report came out and said that we need to restrict the kinds of activity that these large institutions have. If you're going to trade on behalf of others, if you're going to be a commercial bank, you can't engage in certain kinds of risk-taking behavior."<br /><br />The giants (especially Goldman Sachs) have also used high-frequency program trading which not only distorted the markets - making up more than 70% of stock trades - but which also let the program trading giants take a sneak peak at what the real (aka “human”) traders are buying and selling, and then trade on the insider information. See this, this, this, this and this. (This is frontrunning, which is illegal; but it is a lot bigger than garden variety frontrunning, because the program traders are not only trading based on inside knowledge of what their own clients are doing, they are also trading based on knowledge of what all other traders are doing).<br /><br />Goldman also admitted that its proprietary trading program can "manipulate the markets in unfair ways". The giant banks have also allegedly used their Counterparty Risk Management Policy Group (CRMPG) to exchange secret information and formulate coordinated mutually beneficial actions, all with the government's blessings.<br /><br />http://www.zerohedge.com/article/economy-cannot-recover-until-big-banks-are-brokenAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-69226846495264864812010-12-11T22:32:51.825-05:002010-12-11T22:32:51.825-05:00A Secretive Banking Elite Rules Trading in Derivat...A Secretive Banking Elite Rules Trading in Derivatives<br /><br />On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.<br /><br />The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.<br /><br />Drawn from giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk. <br /><br />In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks. <br /><br />http://www.nytimes.com/2010/12/12/business/12advantage.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-26650331170900918312010-12-11T15:52:40.752-05:002010-12-11T15:52:40.752-05:00Thanks all for the above links. (I've already...Thanks all for the above links. (I've already posted the Paul Craig Roberts video.)Joycenoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-36472644810994339032010-12-11T13:36:53.957-05:002010-12-11T13:36:53.957-05:00But even if Weidner is in no mood to take advantag...But even if Weidner is in no mood to take advantage of this opportunity handed to him on a platter by National Title, raising the visibility of these depositions, which are a matter of public record, hardly seems a good PR move. Recall how Goldman’s efforts to shut down www.goldman666.com backfired spectacularly. <br /><br /><br />http://www.nakedcapitalism.com/2010/12/new-tactic-to-silence-foreclosure-abuse-critics-sue-them.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-33016920860660395162010-12-11T13:33:30.066-05:002010-12-11T13:33:30.066-05:00Might not agree with everything but good interview...Might not agree with everything but good interview:<br /><br /><br />On the Edge with Paul Craig Roberts<br /><br /><br />http://maxkeiser.com/2010/12/11/ote86-on-the-edge-with-paul-craig-roberts/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-5461691359850771782010-12-11T12:13:16.071-05:002010-12-11T12:13:16.071-05:00Wall Street Bonuses Show `We Still Have a Problem,...Wall Street Bonuses Show `We Still Have a Problem,' Obama Aide Warren Says<br /><br /><br /><br /> Wall Street banks reaping profits and paying bonuses while the rest of the country struggles shows “we still have a problem” with economic disparity, said Elizabeth Warren, the Obama administration adviser responsible for setting up the Consumer Financial Protection Bureau.<br /><br /> “This just staggers me; I mean, I just don’t have words to describe what this means,” she said in an interview for Bloomberg Television’s “Conversations With Judy Woodruff” that will be broadcast this weekend. “For me, what an economic recovery is about is about what happens to American families. It’s what happens in the real economy. It’s whether or not families are building up wealth in their homes or whether or not their homes are dragging them over an economic cliff.” <br /><br /><br />http://tinyurl.com/22nub34Anonymousnoreply@blogger.com