Taibbi: Impending Rule Change Means Goldman Sachs Stock Manipulations Can't Be Tracked
Remember that Rolling Stone piece about Goldman Sachs I mentioned the other day? Here's another post from Matt Taibbi that should raise serious concerns about the stranglehold the company has on the economic markets:
"In a move set to infuriate and send many Zero Hedge readers over the top, the NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Zero Hedge Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE's program trading."
-- Zero Hedge
I'm sorry I didn't post this earlier, but I urge readers to go over to Zero Hedge and check out this post about the NYSE's recent decision to change its procedures... to protect Goldman Sachs from bloggers like Zero Hedge!
This is complicated stuff (for people with no financial background, like me, it's nightmarish) and I have a longer thing about this coming out later. But the essence of this story is that Tyler Durden over at Zero Hedge has, for months, been complaining that Goldman has been manipulating the NYSE, in particular manipulating program trading in somewhat the same way (although perhaps not to the same extent) that they manipulated the commodities markets. In order to make his case -- and his theory has gained a lot of acceptance, to the point where Goldman had to respond to the allegations publicly -- he has been analyzing data the NYSE releases on program trading every week.
So what happened this week? The NYSE announced that it will no longer be releasing its weekly program trading data. This is quiet obviously a move designed to make it even more impossible to track what's going on in the NYSE and shield, in particular, Goldman Sachs. Let's hope there's a public uproar about this; Zero Hedge posted contact info for NYSE officials, and has urged readers to petition the exchange to restore the old rules in the name of transparency.
They plan to do this by July 10th, so it's important to call now. Let them know what you think of them making it impossible for anyone but insiders to know what's going on. From Zero Hedge:
This is a travesty, as well as a complete obliteration and a mockery of the move for transparency that the Administration, Regulators and Exchanges have been posturing they support.
We advise all readers to contact the provided staff on the memorandum and voice your incredulity with this brazen move to completely obfuscate Goldman's behind-the-scenes take over the world's biggest stock exchange.
Robert Airo, Senior Vice President, NYSE Euronext at (212) 656-5663 or
Aleksandra Radakovic, Vice President, NYSE Regulation at (212) 656-4144
We must begin an immediate massive conservation of resources.
That will mean a new paradigm of post Capitalist behavior.
Is this possible with Government Sachs.
Hardly but I thought it worth saying anyway.
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I read Tyler Durden (a pseudonym) at Zero Hedge everyday as I do many Capitalists.
There is a C&L Tyler Durden, one and the same? I have asked but I don't know, but I think not.
The Tyler Durden of Zero Hedge (presumed a he but not known) states the credo:
tyler durden (founder):
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Why does lowly me, a socialist come neo-communal thinker and will be neo-, which is to say non-utopian, communist, when we inform Marx that there are new tunes being played at this dance: peak oil, peak ecology, peak humanity and peak life on earth, why do I read these Capitalists (and cling especially to their best critics, though still Capitalists themselves)? Because they are the ones in the road most travelled.
The road to oblivion that we had better get off. A complete deleveraging from Capitalism itself.
Capitalists see profits, which mean everything and externalities which mean nothing.
A Capitalist looks at a mountain and sees the commodities underneath, after it is blown to pieces, at a forest and sees trees that will mean profit when they are cut down, the meaning of the mountain or the forest to the life on earth is an externality and means nothing.
A Capitalist looks at the sky and sees room for smoke stacks and so on and so forth…
Markets can never become so efficient as to underwrite the externalities, by definition. If they did, they would cease their activity because now the cost to the externalities, which have become so fragile, is greater than any possible profit.
Capitalism cannot be rehabilitated. It has nearly ruined the Earth and with it, neo-feudalism will be the coming thing, if we survive at all.
statusquObama, change you can only pretend in
Keep em coming. I read all of them.
What is your conceptual, continuity?
/
Corruption favors the wealthy.
Or is that violating the First Rule of Fight Club?
Corruption favors the wealthy.
What myth has Capitalism supplanted?
has always narrowed itself to his utopian solution, a bit of rhetorical legerdemain to keep our eyes off of his absolutely withering critique of capitalism. In other terms this is how the active and very powerful disseminators of disinformation reframe issues.
Another example is how environmentalists wasted years (I was one) fighting for the protection of trees, not forests. This made the debate about individual trees (leading to "a tree is a tree is a tree"), owl species, etc, while ignoring the fact that a forest is a living entity.
Add to this the predilection of most people to focus on details rather than the big picture and you end up with an intellectual "divided and conquired mentality" that those in power augment by pitting one group of poor folks against the others based on fallacious "moral values" differences and such.
Time for some serious paradigm-busting activity on both the practical and theoretical fronts.....or perhaps well past time for that.
... the bulk of his work was in pointing out the serious structural flaws capitalism had regarding its sustainability.
Basically, Marx understood capitalism as a stepping stone out of feudalism... not the final destination the capitalist oligarchies, that sprung out to replace the old feudal elites, are trying to make it.
If you read some of Marx's works he did not view Capitalism as a bad thing at all, it served a specific purpose... but it was supposed to be a temporary solution.
Incidentally, the Austrian school which was literally created in order to discredit and disproof Marx's claims, only managed to prove Marx correct over and over and over again whenever each of their crackpot theories have been implemented...
If Marx had only toned out some of his manifestos, these vermin would not have any recourse to use faux victimization to discredit Marx's views. Concern trolling seems to be something not new at all, and the conservatives seem to have it down to an art form. There were some serious flaws in his proposals, but the correct assessments in his works outnumber said flaws.
if I had the billions in taxpayer "bail-out" funds that Goldman Sachs does then the NYSE flacks might listen to me.
Goldman Sachs: Criminals in high places!
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
These are Obama's guys, once Clinton's who helped repeal the the Glass Steagall Act of 1933. Why the hell isn't Obama stepping up and putting the smack down on this? Why does either Republican or Democrat party matter again? I need someone to remind me.
Goodnight, Frau Blücher
Because none of them will be 'Traitors' to their class.
statusquObama, change you can only pretend in
I know a guy at work who is a straight up white power skinhead nazi son of a bitch. He always talks about the "Jewish International Banking Conspiracy".
.
Laying seige to Goldman Sachs headquarters instead of playing cowboy in Afghanistan. That is if their mission is still to defend the US.
Those white collar chickenshits would fold at the sight of 5 mall cops.
mall cops.....plenty of Fox watchers amongst them...think all bankers are Jews....organize a million mall-cop march on Wall Street!
A bit o/t but anyone know the movie about the two hapless young rent-a-cops guarding Jim Morrison's grave all night? Hilarious and I'd like to see it again just to hear the stupid right wing guy get fed up at losing the argument at one point and say "look, Liberal...." Just like the dinner table at home back in the day!
Rothschild's..
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Corruption favors the wealthy.
we ought to be tracking this stuff. I better complain to my Congressmen about this. Thanks for the heads up!
goldman sachs the perpetual financial bubble making machine. darwinian capitalism has no boundries and no shame.
charge of the Obama administration’s financial policy and we can assume that Goldman and the Federal Reserve are cloned twins with rabies.
How far can it go? Apparently there’s no real limit.
So the NYSE changes its rules to protect Goldman Sachs criminals from a blogger, and the Obama administration protects Dick Cheney and future VPs from being exposed on The Daily Show...
I mean, that is the "transparency" Obama made us believe in...
Heck, now we need FOIAs to even request the list of guests to the White House.
...the the following link to the list of contacts:
http://www.sec.gov/complaint.shtml
It's the only one that might actually achieve a result, if enough people use it.
is far from the change they dreamed up in their imaginations.
comes into play in all this.
He never claimed it was going to be "change we could empirically verify" ;-) "believe" implies faith... and you know how that goes...
You have to believe that the change is real in order for it to be real to you, just like Santa Claus and Jesus.
Without reviewing all the vertiginous particulars of 2008, suffice it to say that the US economy fell on its ass and that the "global economy" did a face-plant as well. The American banking sector imploded spectacularly to the degree that investment banking actually went extinct -- as if a meteor landed on the corner of Madison Avenue and 51st Street. The response by our government was to shovel "loans" onto the loading dock of every organization that pretended to be something like a bank, while "bailing out" an ever-longer line of corporate claimants with a pitiable song-and-dance. The oil markets went on a roller coaster ride. The housing bubble collapse grew to avalanche velocity (taking out whole colonies of realtors, mortgage brokers, and construction contractors in its path), the commercial real estate sector developed hemorrhagic fever, retail drove off a cliff on Christmas Eve, the stock market fell in the toilet, jobs and incomes went up in a vapor, and tens of millions of ordinary citizens addicted to revolving credit found themselves in a life-and-death struggle for the means of existence. None of this is over yet.
It won't end as long as corporatist continue to control our government.
Two good analysis in a row.
And without a question, nothing is going to change as long as we have the corporate fascist's bribing our government and getting everything they want.
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
change around your efforts to keep a light on their activities? (And I'm not being sarcastic.) Looks like you were doing a service for people in your field, of your own accord, only to have, apparently, stuck a thorn in Goliath's foot. Must be good to know that you're on to something pertinent, but frustrating watching your efforts (potentially) go away under the banner of "change/believe/reform" blah, blah blah...
What would be the best way to compose a letter to the people mentioned to have a decent impact (from complete financial idiot like me)? I'd be glad to put in my two cents, but I don't want to sound like it's my last two cents, a-la Palin.
(Just signed up at your site BTW. Hopefully I can learn something...)
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
I congratulate Taibbi on the piece, it's must read material for anyone on the liberal or conservative sides of things. No one company should ever have that kind of power and these manipulations must stop. We know who the bad guys are and they aren't some mythological ancient secret society.
Politics is for the present, but an equation is for eternity. Albert Einstein
As soon as we realize there are no elections...simply two who are chosen by the same powers with one slated to win...in this case Obama. Obama is a complete liar and PR person for those he serves which are the CFR, Goldman Sachs, Federal Reserve, BOA, etc. The central bankers of the world have taken over and until we quit relying on this phony political system that is completely rigged we won't be able to eliminate these blood suckers from our planet.
Oh Great! so if i invest with them i don't get to see where my money is?
Oh Great! Who else can i invest with?
"Government by organized money is just as dangerous as Government by organized mob"
-= Franklin Delano Roosevelt =-
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