Is anyone still surprised that Goldman will announce huge profits on Tuesday? Does anyone still care? Rigging computerized trading is just one small trick on the repertoire; rigging the government is a bigger one. (Source.)
Ponder the many articles about how Goldman Sachs (along with other large banks) are manipulating the NYSE and most other financial markets. For example:
- ‘Secretive’ firms dominate US share trading, According to the Financial Times, trading firms drive “almost three quarters of all US equities trading volume,” that such firms represent about 2 per cent of the 20,000 or so trading firms operating in the US markets. But they accounted for 73 per cent of all US equity trading volume. [emphasis added] (Source: Financial Times; July 10 2009.)
- There have been several days in the last few months where Goldman Sachs, by themselves, trading for their own account (not for any client account), have accounted for over 40% of ALL NYSE trades. They now control an average of around 10% of ALL trades. (Source.)
- Controlling 10% of all trades is more than enough to influence stock prices. Goldman Sachs must have been good at it because, after their US Government bailout, Goldman Sachs now plans to pay their execs in 2009 the largest bonuses ever. (Source.) In aggregate Goldman Sachs will pay workers $17.92 billion in 2009, compared with $10.9 billion last year–an average of $642,447 per employee. (Source.) [Angry yet? Check out this.]
- When former Goldman Sachs employee, Aleynikov, was recently charged with stealing Goldman Sachs software, the Assistant U.S. Attorney Joseph Facciponti told a federal magistrate judge: “The bank [Goldman Sachs] has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways.” Meaning: Proof that Goldman Sachs has the software to manipulate markets. (Source.)
- Would a firm like Goldman Sachs sink so low as to manipulate stock prices? In Rolling Stone Issue 1082-83 (2009), Matt Taibbi describes how, “Goldman Sachs has Engineered Every Major Market Manipulation Since the Great Depression.” In his article he builds his case, names names, and cites sources. (Read the article here: Source.)
- Manipulating financial markets is not enough to satisfy endless greed. The political system is being manipulated as well. Goldman Sachs was among the top 3 contributors to the Obama campaign. (Source.) In the last decade, the financial industry’s $5 billion investment in campaign contributions and lobbyists resulted in boatloads of government hand-outs. By Bloomberg News’ account, $12.8 trillion worth of taxpayer loans, grants and guarantees were made to benefit Wall Street. Of course it is no accident that Goldman Sachs is one of the top 3 recipients of government give aways. (Source.)
The conclusion is clear, capital markets are now just a rigged game for taking money away from suckers–ordinary people like you and me. The efficient market hypothesis is a joke, a scam.
“Green shoots”? Bawahahahaha . . . what a cart load.
Even a former US Treasury Asst. Secretary said in a public forum that Geithner works for Goldman Sachs, not for the people. (Read here: https://prof77.wordpress.com/)
Right now is like the calm before the tsunami hits–people are walking around on the seabed looking at the sea shells, thinking this all just a very, very “low tide,” with no idea what is coming.