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Goldman Sachs Trading Unit.....Interesting Developing Story
- Thread starter libertad
- Start date
Quote from nitro:
Yeah, but think about it. The programmer doing this work, as well as the traders, would be liable themselves for breaking the law. So you are telling me that GS looks the other way when a programmer/trader exploits this? There are lots of eyes on these things internally. No disgruntled employees that felt betrayed by GS and never went public with the information? No employees that went to work elsewhere that implement the same strategy? No programmers in those places that felt they were doing something illegal? No officials at the NYSE that looked into it?
"You can fool some of the people all of the time, and all of the people some of the time, but you can't fool all of the people all of the time."
It doesn't ring true.
Goldman probably didn't look the other way, the probably WANTED them to exploit this. Its Goldman Sachs! These guys believe they rule the world! When was the last time you knew someone who wanetd to LEAVE Goldman? They work those guys like dogs and they love it. That firm is a secret society. Its like Skull and Bones for finance, and they get taken care of well.
$100 million a day is a good reason to "look the other way" especially when the SEC is in your back pocket.
i absolutely believe it
Looks like Citadel is getting into the act...
http://ftalphaville.ft.com/blog/2009/07/10/61361/the-cold-war-in-high-frequency-trading-turns-hot/
http://ftalphaville.ft.com/blog/2009/07/10/61361/the-cold-war-in-high-frequency-trading-turns-hot/
Quote from SCI new york:
Goldman probably didn't look the other way, the probably WANTED them to exploit this. Its Goldman Sachs! These guys believe they rule the world! When was the last time you knew someone who wanetd to LEAVE Goldman? They work those guys like dogs and they love it. That firm is a secret society. Its like Skull and Bones for finance, and they get taken care of well.
$100 million a day is a good reason to "look the other way" especially when the SEC is in your back pocket.
i absolutely believe it
.......................................................................
especially when the SEC/US Govt is in your back pocket.
after todays news this is all too confusing-if goldman does well-then all is well for the usa-if they are doing poorly the world is ending-it seems an unfair gangstar monopoly of the banking consortium-all manipulation to keep the masses from arming themselves and gettin tha ropes for a public lynching-somthing smells rotten i dont trust it
dead hobo Says:
July 9th, 2009 at 8:25 am
I can live with opportunistic theft on Wall Street. Madoff type characters are parasites but they can only prosper when lazy and stupid people come into vast wealth. Yes, the SEC is criminally liable in this case, but, on a smaller scale, it just goes to show stupidity and money donât mix well. This type of thievery will always exist in one form or another.
Unfortunately, Madoff is small potatoes compared to the creeping institutionalized theft that has permeated Wall Street over the past 10 or 20 years, but mostly in recent years. The oil thieves are still considered only an unlikely theory in some idiotic circles. Unfortunately, those circles control US finance. GS and others can, according to US prosecutors, manipulate markets without fear ⦠only those who steal the code they use to manipulate markets have something to worry about.
Big banks get their inside people into regulatory agencies and these folks protect them from within.
Complicit business news media helps, using such stupidity as âGreen Shootsâ and âLost Less Than Expected!!!â to shill for the thieves. Their slavish support is so common as to be satirized and accepted as normal instead of outrageously shameful.
Uncle Stupid decides to pump the markets with taxpayer money (yes, unproven but pleeaase, tell me how iBanks get $250,000,000 to pump the market using SPY in one big transaction, multiple times, sometimes daily, over the past couple of months? ), cynically believing that a rising market and theft from other traders will ignite a market of sheep? (Theft from other traders = if you win in the stock market then someone else loses. Itâs a zero sum game. Only inflation hides this fact somewhat. Now itâs government supported theft.)
Until the people regain control of the financial institutions and markets and government agencies that have become so thoroughly corrupted in recent years, the market is only a place to play betting games on your PC using brokerage accounts because itâs cheaper than flying to Las Vegas. And itâs not even an honest game. You just have to guess on which direction the theft will run today and bet with or against it.
July 9th, 2009 at 8:25 am
I can live with opportunistic theft on Wall Street. Madoff type characters are parasites but they can only prosper when lazy and stupid people come into vast wealth. Yes, the SEC is criminally liable in this case, but, on a smaller scale, it just goes to show stupidity and money donât mix well. This type of thievery will always exist in one form or another.
Unfortunately, Madoff is small potatoes compared to the creeping institutionalized theft that has permeated Wall Street over the past 10 or 20 years, but mostly in recent years. The oil thieves are still considered only an unlikely theory in some idiotic circles. Unfortunately, those circles control US finance. GS and others can, according to US prosecutors, manipulate markets without fear ⦠only those who steal the code they use to manipulate markets have something to worry about.
Big banks get their inside people into regulatory agencies and these folks protect them from within.
Complicit business news media helps, using such stupidity as âGreen Shootsâ and âLost Less Than Expected!!!â to shill for the thieves. Their slavish support is so common as to be satirized and accepted as normal instead of outrageously shameful.
Uncle Stupid decides to pump the markets with taxpayer money (yes, unproven but pleeaase, tell me how iBanks get $250,000,000 to pump the market using SPY in one big transaction, multiple times, sometimes daily, over the past couple of months? ), cynically believing that a rising market and theft from other traders will ignite a market of sheep? (Theft from other traders = if you win in the stock market then someone else loses. Itâs a zero sum game. Only inflation hides this fact somewhat. Now itâs government supported theft.)
Until the people regain control of the financial institutions and markets and government agencies that have become so thoroughly corrupted in recent years, the market is only a place to play betting games on your PC using brokerage accounts because itâs cheaper than flying to Las Vegas. And itâs not even an honest game. You just have to guess on which direction the theft will run today and bet with or against it.
well said!!! here-cheers to you-now if everyone would wake up and do something about the theivery!