Taibbi Bump
Ping!
ping
bump
vomit
thanks for posting
not what i really wanted
but i needed that
i knew it all....but could not write it myself
corrupt financial markets? government collusion.
ya think?
nothing to see here
go watch football
ping
Since you are involved with the Street, would welcome your comments on this article.
I remember that morning very well.....BSC went south of $30 twice early, and I took some at 30 on the way up the second time....within about 30 mins I sold at a few cents shy of 37......didn’t have the cojones to then short it, but a BUNCH of folks did at that point, which added to the shorts who knew in advance that this was going to happen
mark
Since the guys and dolls who perpetrated these monstrously enormous frauds are either running the government and the SEC, or at a minimum dictating the actions of those running the government and the SEC, the likelihood of any one of them ever being charged even with jaywalking is essentially nil. The interests of justice in these cases would perhaps best be served by a bloody revolution in which these monkeys were dragged kicking and screaming out of their New York penthouses and Hamptons beachfront mansions and chopped up into little pieces on the street...perhaps.
Cheers!
Scary, isn’t it?
Anyone interested in the daily workings of Wall Street and how not to be fleeced like a lamb by the predators based there ought to follow Bill Cara’s blog:
I knew of him as a Canaccord(then Canarim) big shot when I was a Vancouver broker back in the day. He’s a straight-shooter and provides an excellent free service. His paying customers appear to be happy, and I’ve made some good money trading off his insights and work absolutely free.
Trading smarts aside, in today’s post he touched upon this fraught issue:
“First, I would set in place a Congressional impeachment process that would investigate the actions of the former Treasury Secretary Henry Paulson and the then head of the New York Fed Timothy Geithner, removing Geithner from his current position as Treasury Secretary until the investigation was complete. If there was a majority finding that Paulson and/or Geithner abused their authority, I think the permanent record would sufficiently scar their reputations that future appointees to those positions would toe the line.
Second: I would have another Senate committee investigate the trading blotters of Goldman Sachs to determine whether profits in the 3Q2009 (64 trading days) were made illegally via (i) front-running information that came to them from political sources, or (ii) by trading against order flow caused by their “research” analyst publications. I would want to know how much Goldman Sachs made trading against their own clients and whether those clients, being State pension funds, university endowments, hedge funds, and the like, were managed by “friends” of Goldman Sachs. For all those days in the past quarter where there were large gaps at the opening bell, I would want the investigators to determine whether Goldman Sachs traders caused those gaps by earlier trading in international markets and then buying or selling into the order flow after the open. In other words, were the Goldman Sachs’ trades part of a scheme. If any of the above did in fact happen, I would expect the government of the United States to indict and prosecute these people. With all the people involved, I am sure there would be many plea agreements struck that would result in such a large number of senior bank officers and directors going to prison that New York State would have to build another prison, and I’m sure the multi-billion dollar fines at Goldman Sachs would cover the cost.
The public — not just Americans, but people throughout the world who trade in US capital markets — have a need to know the answers to these questions. If there has been fraud, all the perpetrators, including the most senior people in Goldman Sachs and their former employees and associates in government ought to be put on a trial that the entire world would watch.”
The next move, one would hope, is to follow the thread and deal with the culprits, however many they are, wherever they are.
I never really believed that it was possible to make a trillion$ disappear without leaving a trace.
Can we keep this thread going for a while? Remarkably, to this day there are many delusionary self-styled experts here on FR willing to dazzle us with the explanation that the means of perpetrating this monumental scam were simple tools of the trade that we mere mortals are just too dumb to grasp.
The necessary arrogance of the scam artist is still in play. But the victims are slowly awakening from their unconscious role as financial sheep.
The big conservatives have a blind eye to these crooks, so boxed in by ideology that law breaking being so obvious is ignored. That gives the Dems leeway to play both sides, populist rants about wealth, millions in contributions from shady people such as Jim Cramer and other GS alum.
ping
The financial types, from top to bottom, are paragons of virtue.
BTTT
http://www.nytimes.com/2009/10/17/business/17insider.html
Hedge Fund Chief Is Charged With Fraud
By all appearances, Raj Rajaratnam was a self-made billionaire, having built Galleon Group into a giant hedge fund with a specialty in technology companies.
But prosecutors said on Friday that he had profited not from his trading genius but from his Rolodex, and they arrested him on charges of conspiracy and securities fraud in what they called the biggest insider trading scheme ever involving a hedge fund.
But - this long article is perhaps the best expose of how the lawless political left has moved to dominate private markets.
I’m sure the Obama administration will act fast to correct the problems and prosecute those who committed fraud. /sarc
Folks, this is how Barak Obama got elected. The 2008 financial crisis was orchestrated to get him in office and turn what would have been a moderate recession into a full scale economic collapse.
One thing everyone should realize right now. There is not one share of publicly traded stock that is worth the paper on which it is written. It is all one giant scam. And if you are in the stock market, you are the sucker.
Well, a very long article. There were crooked shennanigans but who was responsible? The headline and the lead suggest that it was wicked capitalists. “Wall Street.”
So, yes, most of what he says is true, but he seems to leave some stuff out. Like it was Chris Dodd, Barney Frank, Bill Clinton, the Congressional Black Caucus, and others whoo were most responsible for this lack of regulation. In other words, it was Big Government that made it possible, and that put CRA on steroids.
Paulson seems to have been at the center of the storm, and it turned out that Paulson was working for Obama, which became entirely evident when Paulson sprung the October Surprise on the hapless Bush and McCain, which put Obama over the top on election day.
Who got the largest contributions from Goldman Sachs, the firm that made the biggest bucks on those bank and investment firm crashes? Chris Dodd and a junior Senator from Chicago, Barack Obama.
Who got the money that Obama and Dodd demonized AIG for? Why, none other than Goldman Sachs, where Paulson was the former CEO.
Naked shorts? The government did absolutely nothing about that, although there were many protests from, well, Wall Street. Jim Sinclair among others was yelling abouot it for years, to no avail.
Who removed the uptick requirement for shorts, at the height of the financial crisis? None other than the corrupt fed regulators. That rule was installed in 1987, and removed just in time for the 2008 market crash.
Yes, there were corrupt folks on “Wall Street.” But they were working hand in hand with Big Government. And they still are. And Obama was far more involved in it than Bush, who simply didn’t understand what was going on during his watch.