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Frontrunning: August 3
- Goldman Sachs' reputation tarnished (FT)
- HFT Recap:
- Paul Krugman - Rewarding bad actors (NYT)
- RIse of hte machines (Economist)
- Countering High-Frequency Trading (Strategic Reasoning)
- Tradeanator 2: Settlement Day (YouTube)
- Wall Street profits from trades with the Fed (FT)
- Markit's CDS services said to be part of anti-trust probe for anticompetitive practices (Bloomberg)
- The rise and fall of Steve Rattner: Exit the Czar (NY Magazine)
- Dollar in freefall (Reuters)
- Stocks rally when prez ratings dive (NY Post)
- Commodity bubble v2 as Chinese credit bubble becomes sentient (Bloomberg)
- HSBC first half net down 57% on bad loans (WSJ)
- About that panic - September 2008 (John Batchelor Show)
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Don't forget, S&P adding another digit today!
P2 is approaching...
i presume you mean p2 peak?
Hmmm.... What a clusterfuck... Trading with the Feds and distributing $33 billion in bonuses. Dudes we are screwed.
Are we devolving into arse holes ?
http://www.ft.com/cms/s/0/e84383dc-7f8c-11de-85dc-00144feabdc0.html
These do not make any sense. Is the fed scared of a complete breakdown of the system if it doesn't intervene ? Looks like it though. If so, why the facade of green shoots and recession is over crap.
Makes perfect sense. Fed is scared and green shoots fantasy buys a little time.
The Fed is openly encouraging and enabling massive front-running of their own very large orders.
Let's put High Frequency Trading on the back burner, this is a much bigger scandal.
From the Financial Times article:
Wall Street profits from trades with the Fed
"However, the Fed is not a typical market player. In the interests of transparency, it often announces its intention to buy particular securities in advance. A former Fed official said this strategy enables banks to sell these securities to the Fed at an inflated price."
In other words, the Fed, the biggest player in the history of the financial markets (Alphabet soup of programs, Quantitative Easing, Regular FOMC actions, etc....), is transferring $10s of billions to Wall Street (and BlackRock and PIMCO, BTW), without this support hitting the bailout totals.
What about PIMCO having a trading room investing for their clients just above (or below, who knows) a trading floor buying toxic crap for the government, in the basically same instruments.
The NYT had an article about it about a month ago, Bill Gross said that traders from the two floors mingled, didn't know what information they exchanged over beers after work...!
Didn't even mention any sort of Chinese Wall.
In fact, pretty much described a situation where they could simply take advantage of the government's situation as the "elephant." ... almost as though by telling the NYT reporter, he was cleansing himself...weird, I say.
From the NYT article on June 28th:
'He says he assumes that Pimco traders working on behalf of the government don’t talk to their peers trading for Pimco’s own accounts. Then again, he said he doesn’t know for sure what happens after hours.
“I don’t drink beer with these guys; I have no idea what happens in the privacy of their own homes,” he says. He says that when he encounters traders working for the Fed outside the office, he doesn’t talk to them.
“I pass some of them on the way to the lunch shop,” he says. “I just sort of wave. I don’t know what to do.”'
http://www.nytimes.com/2009/06/21/business/21gross.html?th&emc=th
Now why has the Baltic dry index rolled over in the last couple of months? I thought the economy was going great guns lol.
http://ransquawk.com/articles/17193
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Rattner ought to be investigated for committing criminal extortion, given Equity Private's and Marla's comments that Rattner threatened Chrysler lender's with IRS audits unless they gave up rights in the Chrysler process.
In many states it is a criminal extortion to coerce money or property from someone by threatening to commit a crime. It is a crime for white house staff to request the IRS audit individual taxpayers. The rules are in 26 US Code 7217 and were a reaction to Tricky Dick Nixon's habit of having the IRS audit his enemies.
Belonging to the "party of the people" has its perks.
"MARK IT ZERO, DUDE"
Wait - when did The John Batchelor Show return?
Settlement Day - ROFL
If GS is evil, they don't deserve government help.
If GS is too good, they don't need government help.
Either way...no help
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