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As First Suggested By Zero Hedge In 2009, Massive CDS Price Manipulation Scandal Erupts, Everyone Implicated

Tyler Durden's picture


Back in March of 2009 Zero Hedge, once again a little conspiratorially ahead of its time, solicited reader feedback on a key topic: CDS pricing manipulation, involving in addition to key cartel banks, such "independent" pricing services as MarkIt. We said: "Zero Hedge has received some troubling info (like there isn't enough)
regarding major pricing discrepancies between certain securities pricing
services. The services include companies such as IDC, Advantage Data,
Markit and others. While I will not disclose which one may be a culprit,
the allegation is that one (or more) are providing substantially above
market pricing levels, specifically as pertains to distressed
securities." Then back in August 2010, we followed up by explaining that it is the ongoing price manipulation scheme, in addition to other factors, that allows Goldman Sachs (and other CDS dealers to a much lesser extent) to constantly generate massive profits from trading an opaque off-exchange product like CDS. It took two years and a month for others to take notice of this inquiry, although naturally not in that slum of corruption and market manipulation, the United States of America, but in Europe. Bloomberg reports: "Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and other 14 other investment banks face a European Union antitrust probe into credit-default swaps for companies and sovereign debt, regulators said. ...The European Commission said it opened two antitrust probes. It will check whether 16 bank dealers colluded by giving market information to Markit, a financial information provider." So while some post flow charts explaining the hilarity behind conspiracy theories, others actually expose the facts that today are a conspiracy and tomorrow are a full blown criminal investigation.

From Bloomberg:

“Lack of transparency in markets can lead to abusive behavior and facilitate violations of competition rules,” said the EU’s antitrust chief, Joaquin Almunia, in an e-mailed statement. “I hope our investigation will contribute to a better functioning of financial markets.”

Global regulators have sought to toughen regulation of credit-default swaps saying the trades helped fuel the financial crisis. Lawmakers in the EU plan to encourage the use of clearinghouses and transparent trading systems. CDS are derivatives that pay the buyer face value if a borrower defaults.
Possible Collusion

JPMorgan, Bank of America Corp. (BAC), Barclays Plc (BARC), BNP Paribas (BNP) SA, Citigroup Inc. (C), Commerzbank AG (CBK), Credit Suisse Group AG (CSGN), Deutsche Bank AG (DBK), Goldman Sachs, HSBC Holdings Plc (HSBA), Morgan Stanley, Royal Bank of Scotland Group Plc (RBS), UBS AG (UBSN), Wells Fargo & Co. (WFC), Credit Agricole SA (ACA) and Societe Generale (GLE) SA will be investigated for possible collusion in giving “most of the pricing, indices and other essential daily data only to Markit.”

The commission said this “may have the effect of foreclosing the access to the valuable raw data by other information service providers.” It said some of the clauses in Markit’s licence and distribution agreements “could be abusive and impede the development of competition in the market for the provision of CDS information.”

The EU will also separately investigate credit default swap clearing and deals struck by ICE Clear Europe with Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley (MS) and UBS.

These agreements have clauses on preferential fees and profit sharing arrangements “which might create an incentive for the banks to use only ICE as a clearinghouse,” the EU said. That may block other clearinghouses from starting up and limit choice for CDS dealers, it said.

And with this done, we next we shift our attention to predicting what headlines on gold and silver market manipulation will look like in 2013. Or we could simply repost some mockery of all those tinfoil hat wearing idiots who dare to challenge the status quo...


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Fri, 04/29/2011 - 06:55 | 1219613 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

The bigger and more obvious the crime, the less likely of prosecutions.

This is the new way. All hail the new way.

Fri, 04/29/2011 - 07:16 | 1219640 AN0NYM0US
AN0NYM0US's picture

So while some post flow charts explaining the hilarity behind conspiracy theories,

there should be a warning that the link is to Ritholtz (though I am sure he will appreciate his traffic quadrupling)

Fri, 04/29/2011 - 07:38 | 1219683 CPL
CPL's picture

I was just thinking the exact same thing reading through the article.  I suspect we'll even see the laws changes to provide exemptions to certain parties but it will keep the whole legal framework to prosecute who is not in the "click".

Fri, 04/29/2011 - 08:00 | 1219732 rocker
rocker's picture

At least somebody is pissed off enough to try to eliminate the problem.  Look at how the treasury and the FED are doing favors for Goldman Sachs. Goldman Sachs is a hedge fund with bank status. Thanks Hank and Ben. This is wrong and totally corrupt to allow.  Otherwise, all hedge funds should be able to go to the discount window.

The U.K. taxed excess CEO profits @50%.  Would we have enough good people to do that here. Loyd Blankfein's 100 million dollar bonus is the result of tax payer funding. We paid for his bonus. All the while he belongs in Jail with Neel Kashkari.

Too Big To Fail is Much Bigger at JPM, GS, C, and BAC.  Will they break them up?  If not, the next crisis will be bigger.

Fri, 04/29/2011 - 08:12 | 1219764 narapoiddyslexia
narapoiddyslexia's picture

Here is what Uncle Ben is going to say about it all -

Just like his presser went, so will he continue.

Fri, 04/29/2011 - 09:21 | 1220006 rocker
rocker's picture

This crap went down in 2009.  Amazing, two years later.  For most, it is under the rug.  Things that make me go Hmmmm. 

Fri, 04/29/2011 - 15:33 | 1221829 LooseLee
LooseLee's picture

Blankfein belongs in jail? How silly! He belongs at the wrong end of a rope or firing squad!

Fri, 04/29/2011 - 08:14 | 1219774 Dejean Splicer
Dejean Splicer's picture

"who is not in the "click""

I was thinking the same. This is a warning shot to let the evil do-ers know, hands off Sovereign CDS.

But no mention of corporate CDS. Excellent! Net effect on Markit? Paid membership is up 44%.

Fri, 04/29/2011 - 08:38 | 1219840 CPL
CPL's picture

That's a good point.  I wonder though if it would open the door to anti-trust and monopoly lawsuits then.  I'm doubting it.  Why would they point at their own assets, the idiots in power need a parachute to jump from the plane.  The "scandal" will be understood by a handful of armchair economists like ourselves and few others.  Most people won't give a crap., all we can all do for it is plan around the mess these dolts have made.


and The Markit thing...I thought that was a website traffic thing like Alexa (sp??).



Fri, 04/29/2011 - 09:09 | 1219965 Caviar Emptor
Caviar Emptor's picture

Warning shot, but they're all in it. Just quells some anger from those who got burned. Looking busy

Fri, 04/29/2011 - 09:07 | 1219959 DeadFred
DeadFred's picture

My prediction is some European commission members are soon going to be buying new country estates.

Fri, 04/29/2011 - 09:11 | 1219967 Caviar Emptor
Caviar Emptor's picture


Fri, 04/29/2011 - 06:59 | 1219618 Hephasteus
Hephasteus's picture

So while some post flow charts.

Dirty trick click bait story to some crappy site.

Fri, 04/29/2011 - 07:12 | 1219644 AN0NYM0US
AN0NYM0US's picture


Fri, 04/29/2011 - 07:00 | 1219624 Racer
Racer's picture

and in the meantime the out of hours futures fairy waves the magic wand and pushes silly negative futures back to where they belong again and all is well and the bad stuff was all a bad dream

Fri, 04/29/2011 - 07:01 | 1219626 johnnymustardseed
johnnymustardseed's picture

Off with their heads!!!

Fri, 04/29/2011 - 07:48 | 1219707 MarketTruth
MarketTruth's picture

Never will happen. The EU needs a billion or two to reinflate their fraudulent market, so the EU will just settle with a very small billion Euro fine and all is well again. Of course these banksters made hundreds of billions of Euro, so call it EU Mafia VIG. Nothing more to see here, no jail time, everyone gets a free pass for a mere 5% of their fraudulent profits while the EU gets more money to keep their own fraud going.

Fri, 04/29/2011 - 07:04 | 1219631 Twindrives
Twindrives's picture

Rope burns on Dimon's and Blankfein's necks are in order. 

Fri, 04/29/2011 - 07:35 | 1219680 Captain Planet
Captain Planet's picture

thats a bit mild, dont ya think.

I mean, really, people are starving, and all your gonna do to them is string 'em up?

Dude, get creative...

Fri, 04/29/2011 - 07:04 | 1219632 entendance
Fri, 04/29/2011 - 07:50 | 1219706 Dejean Splicer
Dejean Splicer's picture

Let me guess, your movie Vatican Inc. was directed by 'Sal Sunstein' and funded by an 'israeli organization'.

Fri, 04/29/2011 - 07:10 | 1219648 Youri Carma
Youri Carma's picture

Good be somtin or could be a gigantic whitewash like done oh so many times before by ridiculous punishment of just a small amount of money payed by the taxpayers anyways.

Fri, 04/29/2011 - 07:11 | 1219651 Silverhog
Silverhog's picture

The cows are gone, the public has been screwed so many times they can't walk straight. Only a revolution could dump this garbage pile now.

Fri, 04/29/2011 - 07:59 | 1219727 spankthebernank
spankthebernank's picture

Americans are too fat to revolt.

Fri, 04/29/2011 - 08:25 | 1219806 tmosley
tmosley's picture


Fri, 04/29/2011 - 08:25 | 1219808 Zero Govt
Zero Govt's picture

all it takes is not paying your tax, on masse ...Game Over Govt easy could it be

Fri, 04/29/2011 - 08:36 | 1219844 tarsubil
tarsubil's picture

That would be easy to prosecute. If we all buy physical PMs and start using them for local ocommerce that is hidden from taxation? Wouldn't that be hard to prosecute?

Fri, 04/29/2011 - 10:18 | 1220268 MachoMan
MachoMan's picture

This already exists...  it's called the cash society...  and anytime I have encountered it through my profession, it's been a jaw dropping experience...  businesses in BFE making obscene amounts of cash that probably goes unreported...  hole in the wall places...  always interesting. 

Literally, there are people who for generations have worked for cash, are on no payroll, and need to purchase necessaries with cash...  likewise, there are businesses that operate largely on cash receipts from these people... 

The cash society grows directly proporionate to the taxing authority's increase in size, scope, and requirements.

Fri, 04/29/2011 - 08:38 | 1219838 downwiththebanks
downwiththebanks's picture

And when they do finally wake up, we KNOW that the most vocal ZeroHedgers will attack them for doing so.  

After all, popular protest against genocidal austerity and "liquidate everything!" politicians interferes with banker-gangsters getting paid.

Which means no hookers or dope.  Can't have that.

After all, keeping the bankers in good dope is Uncle Sam's #1 agenda item.

Fri, 04/29/2011 - 07:16 | 1219659 THE DORK OF CORK
THE DORK OF CORK's picture

Max K had a excellent show about this back in December

Go to 13.50


Fri, 04/29/2011 - 07:19 | 1219660 The Profit Prophet
The Profit Prophet's picture

I guess we will get to see if this corrupt farce of a financial system is truly a global circus. Do Europeans settle for 5 cents on the stolen dollar like they do in America?

T.E.I.N. everyone!

Fri, 04/29/2011 - 07:26 | 1219667 Hushups
Hushups's picture

Yeah, but did you guys see Kate's dress!?!




Fri, 04/29/2011 - 08:35 | 1219831 snowball777
snowball777's picture

Clinton got another one?

Fri, 04/29/2011 - 08:36 | 1219846 CPL
CPL's picture

What colour is it?


Spunk coloured.

Fri, 04/29/2011 - 08:42 | 1219858 tarsubil
tarsubil's picture

My wife literally got pissed off I didn't understand what "the Royal Wedding" was, I assume kate is the bride. I thought it was a movie or play. People are down right desperate for a distraction.

Fri, 04/29/2011 - 09:17 | 1219991 Reptil
Reptil's picture

You can tell your wife they've intermarried for centuries. ^__^

Fri, 04/29/2011 - 11:40 | 1220653 Rainman
Rainman's picture

It's just a bunch of female Cinderella bullshit. I am told over and over I will never be able to understand it....even if I wanted to.

Fri, 04/29/2011 - 07:26 | 1219670 Catullus
Catullus's picture

Tell me again, Goldman, how you were "hedged" against AIG exposure.

Fri, 04/29/2011 - 07:28 | 1219674 DutchSucker
DutchSucker's picture

Lets truly hope this isn't a cover-up by the EU to find those banks not guilty.


It is very easy to do a fake investigation and say nothing is wrong.

Any "official" leaks of irrefutable evidence are very welcome, and spread those far and wide please!

Fri, 04/29/2011 - 07:38 | 1219681 Dejean Splicer
Dejean Splicer's picture

If it smells like Limburger it probably is Limburger. But credit for at least bringing it to light. Not too many others even bother any more. Too focused on their critical roles as inflators.

Fri, 04/29/2011 - 07:40 | 1219682 Captain Planet
Captain Planet's picture

This investigation is a good step, but a little too late, no?

This investigation took 2 years to long will it take to file criminal charges?

And then prosecute? Dimon will be 120 by the time this goes before a judge.

Fri, 04/29/2011 - 09:40 | 1220097 Commander Cody
Commander Cody's picture

A year from now they'll announce a multi-million Euro settlement with no admissions of guilt paid by the taxpayers.  This is SOP.

Fri, 04/29/2011 - 07:44 | 1219689 slackrabbit
slackrabbit's picture

The best thing is that this whole charade is almost over.

Like TD said - we used to be the tin-foil or doomer brigade.

Notice how people aren't laughing anymore or the uncomfortable silences on CNBS?

Let alone people being accused of terrorism because they want fiscal common sence.

I think the loss of confidence is accelerating - and the latest poles show it, especially when people now longer tut-tut you when you refer to this as a depression or talk about the rank and blatent the manipulation in the  markets, instead they grimley agree.

This stuff is so transparent now, but the circle can not hold forever.

Gold and silver are doing the talking and even if people don't believe us, they do believe in profits - either way they vote with their feet for different reasons, but all in the same direction.

Fri, 04/29/2011 - 08:40 | 1219852 CPL
CPL's picture

The circle will last as long as people are educated by themselves and by the systems in place involve inner tubes and bananas

Fri, 04/29/2011 - 07:45 | 1219692 ivars
ivars's picture

See how nicely USA stimulating effects on DJIA pattern follows those of Greek government on Athens index in 2009. The USA seems to be very close to Greece in some financial behaviour aspects. Hence the future may also be the same:

Fri, 04/29/2011 - 07:48 | 1219700 IMA5U
IMA5U's picture

now that guys are falling all over themselves to buy credit, it is safe start poking to make sure the CDS guys don't construct something to blow up the world again

Fri, 04/29/2011 - 09:32 | 1220067 Urban Redneck
Urban Redneck's picture

they are already working on it - SDS

Fri, 04/29/2011 - 15:42 | 1221857 James
James's picture

Urban Redneck said -

they are already working on it - SDS



Don't you mean SDR?

Special Drawing Rights.

Sat, 04/30/2011 - 09:27 | 1223684 Urban Redneck
Urban Redneck's picture

Sovereign Debt Spreads

Technically CME calls them Sovereign Yield Spreads (SovYS), but that just disguises the function of being the next paper crap trend, and if they actually referred to them as SDS no one would buy them.

CDS - Private sector crap debt "protection"

SDS - Public sector crap debt "protection"

Fri, 04/29/2011 - 07:48 | 1219709 HEHEHE
HEHEHE's picture

It wouldn't surprise me at all if the allegations are true - in fact I'd be surprised if they weren't.  The motivation though of the EU is of course questionable considering the bad shape of their banks and their members fiscal situations - lets stop the one market that gives a direct picture of what investors percieve to be our credit risk.

Fri, 04/29/2011 - 09:54 | 1220163 ViewfromUnderth...
ViewfromUndertheBridge's picture

or hold it to ransom and get back some of the money they stole...

Fri, 04/29/2011 - 07:57 | 1219712 Zero Govt
Zero Govt's picture

"..although naturally not in that slum of corruption and market manipulation, the United States of America, but in Europe.."

Good discription though i can't see any dividing line mid-Atlantic!

Fri, 04/29/2011 - 07:54 | 1219719 gkm
gkm's picture

And the point of these probes would be?  

My guess: to raise some cash for the cashless sovereigns.  Guilt-free of course.

Fri, 04/29/2011 - 08:43 | 1219867 gkm
gkm's picture

TD:  any guesses when the Fed may be charged with market manipulation?

Fri, 04/29/2011 - 07:58 | 1219722 Northeaster
Northeaster's picture

Just made official complaint with The SEC with included links. I will also follow up with my Congressional Reps.

Will it do anything? Probably not, but doing something is better than nothing.


Thanks for all the great work done here. Definately a daily "must read".

Fri, 04/29/2011 - 08:00 | 1219737 overmedicatedun...
overmedicatedundersexed's picture

northeaster way to go but the courts will find you have no standing to bring the case as they have time after time about the obuma's ID..stolen SS#, on and on. it's good to be king.

Fri, 04/29/2011 - 07:58 | 1219723 the not so migh...
the not so mighty maximiza's picture

Dynamite ZH


Fri, 04/29/2011 - 07:57 | 1219728 overmedicatedun...
overmedicatedundersexed's picture

Mr Gates.."somebody has to go to jail."

some poor trader will get sent up, paulson and the gang will laugh.

what do we think they all do at the bilderbergers and elite get togethers at Davos??

they laugh and laugh and laugh.

Fri, 04/29/2011 - 08:03 | 1219740 HEHEHE
HEHEHE's picture

Of course!  The higher ups can't keep track of EVERYTHING.  Just because they enjoy the fruits of the fraudulent acts in their oversized bonuses and stock options doesn't mean they need to be persecuted.

Fri, 04/29/2011 - 08:03 | 1219739 cherry picker
cherry picker's picture

It is about time this world started getting wise to financial instruments very few understand.  If it is more difficult to figure out than how a nuclear reactor works, we have a problem.  :)

Fri, 04/29/2011 - 08:09 | 1219752 TumblingDice
TumblingDice's picture

LOL. The government is bipolar. It wants to prosecute the same people who lend it money...Bad idea, the interest is going to go up. Even a month or so when interest rates go up is too much for the government to bear so any lengthy investigation is just too expensive. Well its either government rates or the stock market. Last time they treid investigating the fed was in April 2010 and we remember what happenned then.

The funny thing is that with honest bankers the government would get much higher rates anyways. They don't want these one to leave. This is just a pathetic attempt to get a handout. Just disgusting.

Fri, 04/29/2011 - 08:31 | 1219822 downwiththebanks
downwiththebanks's picture


No matter how glaring and criminal the theft, NOTHING can interfere with proper adherance by those indebted to these wretched banker-gangsters.

Despite the mock outrage, paying these hooligans back at interest rates of their choosing is more important than schools, hospitals, food or collective bargaining for many ZeroHedgers.

Nothing - I mean NOTHING - is more important than keeping the opium drip going to these addicts.  Otherwise, they might have to work for a living to pay for their dope and hookers.

Fri, 04/29/2011 - 08:33 | 1219827 snowball777
snowball777's picture

I've been wondering how to get close enough to these parasites to deal the final blow (pun intended)...laced-coke + she-assassins posing as hookers. Brilliant!

Fri, 04/29/2011 - 08:38 | 1219843 falak pema
falak pema's picture

it applies to the show in EU as well...all US banks are raping the PIGS with manipulated CDS...what a gang bang of public debt this is! While their european counterparts sweat it out like dumb-fucked mummies in their sarcophagus...they'll be hanged if they do and hanged if they don't participate in this rip-off. As their books are now totally screwed by the bond dividend rate going skyward...No way they won't be shaved to the bone.

Fri, 04/29/2011 - 08:45 | 1219870 Rikki-Tikki-Tavi
Rikki-Tikki-Tavi's picture

I think the complexity of the problem is lost. It is natural and desirable to have transparency in a market but it is a lot easier in equity markets where the market maker has one number to keep track of per company.

In credit a company is likely to have outstanding debt in multiple currencies, maturities and typical have debt of varying seniority (who has higher priority in case of a default) so a CDS market maker can easily have 20-30 quotes to keep track off per company (in a market where he/she potentially is exposed to arbitrage). Let us further assume they have to cover 500 companies - it quickly becomes very complex.

So exactly how useful is CDS quotes from a data provider like MarkIt? You receive a file once a day with "averaged" (and perhaps slightly massaged) numbers computed based on data collected by MarkIt from market makers. This is a lot better than nothing because at least you have some idea where most things are trading but just as in equities it has somewhat limited value to know how a market closed last night if you want to trade intra day. Typically risk departments will use MarkIt data whereas trading desks will use "real time" data send as Bloomberg runs from market makers.

It is hard for me to see that any data provider could do a significantly better job than MarkIt unless they are willing to execute on their levels and obviously MarkIt is protective about its business but that is not a conspiracy.

So what is the solution? I sincerely doubt market makers will expose themself to the risks associated with posting live prices on so many parameters at least in acceptable volume - you simply can't make that a business and that is after all what a market maker ultimately is. What you can do (and has been done) is to concentrate on liquid indices where the data involved is similar to what a swap trading desk has to deal with and hence it is possible to get reasonable liquidity on all quotes involved.

Some trades will by nature be illiquid and it is very easy for investors to decide not to get involved if they don't like this. Typically illiquidity comes with a premium and some investors might get tempted by this but the bespoke nature of the investment does become a problem when margin calls suddenly moves against the investor and the combination of illiquidity and leverage becomes deadly.

Surely the investment banks used the illiquidity aspect to their advantage during the crisis but any market in distress will hurt investors and the value of 10 MarkIt clones is questionable if your broker has different opinions about the market price and volume available at that price - that is if he is picking up the phone.

Fri, 04/29/2011 - 09:47 | 1220120 X. Kurt OSis
X. Kurt OSis's picture

Everyone knows single-issuer CDS prices from Markit are bullshit.

Its the second step reliance on Markit prices that are problematic.  At one point, Tunisia was quoting tighter than Illinois on Markit.  I'm a firm believer in the fact that this nation and all of its states are bankrupt but c'mon!

That process is frought with problems, conspiracy theories aside.

Fri, 04/29/2011 - 10:16 | 1220264 downwiththebanks
downwiththebanks's picture

Working people had wealth, and it was stolen by banker gangsters with math porn and weather prediction software.  They did it for the drugs and the hookers.

Real complex.

Fri, 04/29/2011 - 11:45 | 1220667 Rikki-Tikki-Tavi
Rikki-Tikki-Tavi's picture

Yes, the pusher should certainly be blamed but remember that the drug addict and the police also played a role. What concerns me is that the police (aka politicians and regulators) are trying to come up with a new set of rules inside an area they likely don't understand and hence risk missing all the real issues so in 2 years time history repeats itself. So by "complex" I mean dig deep enough to understand that, as an example, having a MarkIt clone won't prevent a rerun of the crisis.

Fri, 04/29/2011 - 14:00 | 1221333 downwiththebanks
downwiththebanks's picture

The problem is that the "addicts" (ratings agencies, auditors, corporate lawyers, pension funds, IRAs, 'institutional' investors) and those who suffer from the decisions they make aren't the same.

The masses of people get fucked when people play casino games with what little they have, behind their backs.

Sat, 04/30/2011 - 08:18 | 1223590 Rikki-Tikki-Tavi
Rikki-Tikki-Tavi's picture

I don't disagree with you but in fairness I think we need to add all those people who ultimately fuelled the machine by having excess demand for credit to the "addicts" group. This was sovereigns (all to obvious now), corporates funding themselves at LIBOR + 25bps (few, if any, countries can do that today) and households living beyond their means on cheap credit (being able to buy that slightly bigger house and car; having access to 5 credit cards and favourable loans - all made possible because the credit derivative machine got the risk off the banks balance sheets). The world got far too leveraged and many benefited while the music was playing. Still not everybody behaved irresponsibly and they are, as I see it, the victims having to pay for the excesses of the past via Bernanke's money printing.

Fri, 04/29/2011 - 10:21 | 1220275 Bansters-in-my-...
Bansters-in-my- feces's picture


"The bigger and more obvious the crime, the less likely of prosecutions.

This is the new way. All hail the new way."

Worth repeating FM...

Fri, 04/29/2011 - 10:23 | 1220282 Downtoolong
Downtoolong's picture

Sell everyone on the idea of pricing relative to an index, then manipulate the index. It’s the oldest rigging practice known; bigger than any Ponzi scheme ever. One can only imagine how many hundreds of dollars the perps will be fined for this one.

Fri, 04/29/2011 - 10:58 | 1220399 AldousHuxley
AldousHuxley's picture

goldman: "see these asses?"

public: "yes, let's see.....they are ________"


Fri, 04/29/2011 - 11:03 | 1220494 blunderdog
blunderdog's picture

Sounds to me like Joaquin doesn't really understand the purpose of "our" financial markets.

The *goal* is to siphon assets from the majority to a tiny technocratic minority of "financial engineers."  His little investigation certainly isn't going to help anything in that regard.

Um.  Duh.

Well let him have his fun, I guess.

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