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Goldman Caught Manipulating Brent/WTI Spread: Penalty: $40,340

Tyler Durden's picture




 

For all those who believed that it was only JP Morgan who is manipulating the Brent-WTI spread, we regretfully have to inform you that the squid is once again front and center, having now been caught red-handed by none other than the ICE exchange, aka the home of Brent trading. From a just disclosed complaint: "On 28 January 2011 the Exchange’s monitoring detected six notable “price spikes” in the April11 Brent/WTI spread, between 14:26 hours and 14:31 hours UK time. These were investigated and found to be the result of a limit order and several large market orders placed in quick succession by a GSF trader...In relation to the events described above, the Exchange alleged that GSF had breached the following Rule: "It shall be an offence for a trader or Member to engage in disorderly trading whether by high or low ticking, aggressive bidding or offering, or otherwise." The Exchange recommended to the Committee that summary disciplinary proceedings be commenced in regard to the above mentioned allegations. The Committee subsequently considered the matter in accordance with Summary Enforcement Rule E.7...The Committee considered the behaviour of GSF and its client to be a clear case of disorderly trading, in that the  distorting price impact of the placement of such large orders in close proximity was not considered." But don't worry: the ICE naturally had to sugar coat its findings: "Having examined the instant messenger logs of the communication between the GSF trader and their client, the Committee found no evidence of intentional manipulation of the market; nevertheless it considered the breach to be of a serious nature." Well, thank god that all market manipulation occurs via perpetually recorded instant messaging. It would be inconceivable that Goldman and its "client" may have found a different way to hatch plans to defraud investors than one which involves on the record messages.. Simply inconceivable... And preposterous.

Bottom line: the fine for Goldman Sachs: £25,000

And now we return to your regularly scheduled market manipulation farce courtesy of Goldman and the central banks.

Full ICE circular (link)

ICE Goldman Manipulation

 

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Mon, 06/20/2011 - 11:54 | 1384984 TooBearish
TooBearish's picture

Fukking brilliant

Mon, 06/20/2011 - 12:13 | 1385049 Hugh G Rection
Hugh G Rection's picture

In other news...

 

"3 masked bandits armed with assault rifles stormed a major bank branch downtown today, making off with $12.3 million in large bills.  They were pursued and captured by responding police, and subsequently fined $50..... It's nice to see the justice system work so efficiently, back to you Craig."

Mon, 06/20/2011 - 12:19 | 1385063 Lieutenant Dan
Lieutenant Dan's picture

Probably cost then more to investigate than the value of the fine they received.

Mon, 06/20/2011 - 12:33 | 1385090 Manthong
Manthong's picture

This just means a slightly less desirable vintage at squid dinner tonight.

Mon, 06/20/2011 - 18:14 | 1386632 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

and in other news:

Man Robs Bank For $1 In Order To Get Healthcare

http://www.gastongazette.com/news/bank-58397-richard-hailed.html

http://i.imgur.com/1GHZc.jpg

Mon, 06/20/2011 - 12:53 | 1385153 ZeroPower
ZeroPower's picture

Or, more interestingly, not even the price of a full contract LOL

Mon, 06/20/2011 - 13:31 | 1385284 Hugh G Rection
Hugh G Rection's picture

ZP-

 

Forgot to tell you, congrats on the Stanley Cup. Go Canucks!

Mon, 06/20/2011 - 14:26 | 1385603 ZeroPower
ZeroPower's picture

Thank you, alas it was a tough game, but glad we prevailed and did our city and fans proud.

http://i.imgur.com/le7kn.jpg

Mon, 06/20/2011 - 15:00 | 1385785 augie
augie's picture

Thank god your team prevailed, less Vancouver be burned to the ground. 

Mon, 06/20/2011 - 15:44 | 1386007 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism.

Mon, 06/20/2011 - 15:44 | 1386012 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism.

Mon, 06/20/2011 - 15:45 | 1386017 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism.

Mon, 06/20/2011 - 15:50 | 1386023 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:50 | 1386024 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:50 | 1386025 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:50 | 1386026 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:50 | 1386027 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:46 | 1386028 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:50 | 1386032 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:46 | 1386033 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:46 | 1386034 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:50 | 1386035 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:46 | 1386036 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 15:50 | 1386037 riley martini
riley martini's picture

  The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans .  The  degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.

Mon, 06/20/2011 - 18:09 | 1386477 Hugh G Rection
Hugh G Rection's picture

I agreed the first 18 times.

 

30s are here again. Alas, the second Golden Age of Bank Robbery!

 

case study- Wheaton Bandit

Police seek help in capturing bank robber

Last Updated: May 27, 2011 02:28AM

As the deadline to charge one of the most prolific serial bank robbers in Chicago area history approaches, police again are asking for help in identifying the man who robbed a number of area banks including one in Naperville.

<snip>

The statute of limitations on bank robbery, which is a federal felony offense, is just five years. Given that the last robbery the Wheaton Bandit is suspected of committing was on Dec. 7, 2006, at the Glen Ellyn Bank and Trust, he must be identified and charged by Dec. 7 of this year.
Anyone with information on the bandit should call the FBI at 312-421-6700.

also see- Carl Gugasian

http://en.wikipedia.org/wiki/Carl_Gugasian

Mon, 06/20/2011 - 18:58 | 1386759 TheGoodDoctor
TheGoodDoctor's picture

That's because the armed bandits were actually bankers.

Mon, 06/20/2011 - 11:53 | 1384991 firstdivision
firstdivision's picture

If the ticks don't fit, one must acquit.

Mon, 06/20/2011 - 13:01 | 1385164 augie
augie's picture

can't we all just go long? 

Mon, 06/20/2011 - 11:57 | 1384993 mayhem_korner
mayhem_korner's picture

the Committee found no evidence of intentional manipulation of the market; nevertheless it considered the breach to be of a serious nature

Unintentional manipulation. Morality is long into Chapter 7...

Mon, 06/20/2011 - 11:57 | 1384994 element115
element115's picture

Oh shit! $40k. Man, that has got to hurt! Does this mean no dessert for lunch today?

Mon, 06/20/2011 - 14:08 | 1385492 Kelley
Kelley's picture

In unrelated news, a couple was fined $90,000 by the USDA for raising and selling cute bunnies in Ohio. If the couple fails to pay, the fines will jump to $4 million. The couple had sold about $10,000 worth of bunnies.

The investigator and others had said their bunnies were the healthiest they had seen.

There is no word on whether the couple intentionally manipulated the cute bunny market or not.

Mon, 06/20/2011 - 11:57 | 1384996 swissinv
swissinv's picture

jesus, for that fine I start to manipulate the Brent/WTI spread as well

Mon, 06/20/2011 - 11:54 | 1384998 Don Quixotic
Don Quixotic's picture

Can anyone explain wtf happened to Silver when it opened for trading last night?
http://www.kitco.com/charts/livesilver.html

Look between 18:00 and 20:00 last night. WTF is that?

Mon, 06/20/2011 - 12:12 | 1385037 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Looks like a bad feed at kitco, i was watching the live price at that time and it didn't hit the prices kitco's chart suggests.

Mon, 06/20/2011 - 12:09 | 1385039 Hugh G Rection
Hugh G Rection's picture

Looks like Michael J Fox was running the computers.

Mon, 06/20/2011 - 12:25 | 1385046 Dental Floss Tycoon
Dental Floss Tycoon's picture

 

Noticed that also.  A new algo maybe.

Can someone check what the bid ask spread was doing?

Could it be that someone was manipulating the market.  Don't they know they can be fined?

Mon, 06/20/2011 - 12:15 | 1385055 Don Quixotic
Don Quixotic's picture

I wasn't watching the feed live, so I just figured it was another GSF trader with no intent to manipulate the market. Whether kitco, GSF, or JP I suspect there's a fat finger here somewhere.

Mon, 06/20/2011 - 12:25 | 1385077 PaperBear
PaperBear's picture

Keep stacking the physical silver.

All this manipulation will come to bite the manipulators where it hurts and bite them hard.

Mon, 06/20/2011 - 12:58 | 1385166 curbyourrisk
curbyourrisk's picture

As long as JPMorgan is the one that is short Silver.....don;t expect to win.

Mon, 06/20/2011 - 11:58 | 1385002 SilverDosed
SilverDosed's picture

There's only one solution, and it involves a rope and a tree, NYC window would work well too. 25k fine... lulz... how much did they actually make from the trade?

Mon, 06/20/2011 - 13:23 | 1385262 Hugh G Rection
Hugh G Rection's picture

hmm, rope and a tree?  I was thinking an arena filled with banksters and starved lions, sharpened poles and impalement, and gladiatorial deathmatch tournaments, with the last standing pig man rewarded with a trip to the guillotine.  

 

All games would be televised of course, on pay per view, with the profits going to pay down the deficit.

Mon, 06/20/2011 - 11:55 | 1385004 JW n FL
JW n FL's picture

Great another JP Shield!!

 

I Love how Goldman is NOTHING more than the whipping post for the idiot sheep / retail crowd and JP gets a fucking pass ALL! DAY!!, Every-Fucking-Day form EVERYONE!

Mon, 06/20/2011 - 11:59 | 1385013 Franken_Stein
Franken_Stein's picture

 

Not from me.

I called Blankfein & Dimon pathetic carbohydrate units who better should never have been born.

Does it get any clearer ?

 

Mon, 06/20/2011 - 12:32 | 1385095 Prometheus418
Prometheus418's picture

Nope.

I'm heading to court in an hour and a half to see if I can fry up one of the Morgue's littler tenticles and make some calimari for lunch.

Odds are, we're going to get hammered, but there's a chance, and I'm going to fight until I fall from blood loss.

Mon, 06/20/2011 - 12:42 | 1385127 Jim in MN
Jim in MN's picture

Best of luck, and watch those appeals...someone 'up there' likes their squid live and well-fed.

Mon, 06/20/2011 - 13:02 | 1385181 cahadjis
cahadjis's picture

Good luck Prometheus, let us know what happened!

Mon, 06/20/2011 - 14:08 | 1385513 chunga
Mon, 06/20/2011 - 23:41 | 1387777 Jack Napier
Jack Napier's picture

At best they'll be held partially accountable for $138 million in losses. It's good to see some attempt at justice, but it won't make a dent. Criminal prosecution is the only thing that would brighten my day.

Mon, 06/20/2011 - 15:35 | 1385957 riley martini
riley martini's picture

 Goldman is the most proflicate Fascist criminals. The 225,000 signature petition that forced the show hearing revieled enough to show the bdepth of Goldmans criminal operation and those in government involved that were involved . The White House , Treasurie , Cabinet Member that were choosen by Goldman as payment for particapating in the fraud against Pensions,Muni Governments and School Districs ,Charities . Plus the foreign criminals Goldman used to defraud the American People " loose Hedge fund managers" fron Germany. The Fascist controlled media that tried to cover up for their Fascist masters. It was the petition and Rolling Stones that shined some light in the eyes of the sheep. Goldman has teamed up with foreign crinminals to ripp off Americans  too many times for a comment  ,You need an enclyopedia .

Mon, 06/20/2011 - 11:59 | 1385005 Version 7
Version 7's picture

Not to worry, the anointed (aka Lloyd Blankfein) will take care of the small problem.

JP Morgan Manipulating Brent/WTI Spread? They have specialized in silver.

 

Mon, 06/20/2011 - 11:57 | 1385010 speconomist
speconomist's picture

GSF: Goldman Sachs Foundation?

Mon, 06/20/2011 - 12:03 | 1385012 snowball777
snowball777's picture

Geez 360-436 bbl of penalties...what will they do?

Mon, 06/20/2011 - 12:03 | 1385014 DogSlime
DogSlime's picture

£25k fine.  That must really sting Goldman Sachs.  They won't do that again.

Good to see that this kind of behaviour is being punished with an iron fist.

Takes the piss, doesn't it?

Mon, 06/20/2011 - 12:38 | 1385119 chunga
chunga's picture

I'm sure it's tax deductable...

Mon, 06/20/2011 - 13:25 | 1385276 Hugh G Rection
Hugh G Rection's picture

Goldman would have to pay taxes first.

Mon, 06/20/2011 - 12:02 | 1385021 Missiondweller
Missiondweller's picture

Isn't this what HFT hedge funds are doing 10,000 time a day?

Mon, 06/20/2011 - 12:03 | 1385022 carbonmutant
carbonmutant's picture

Did either party profit from the transaction?

Mon, 06/20/2011 - 12:09 | 1385024 Franken_Stein
Franken_Stein's picture

Britain 'won't bail out Greece again' says Downing Street

 

George Osborne, the chancellor, will tell EU finance ministers in Luxembourg today that Britain does not intend playing a part in any new aid package for Greece.

 

http://www.telegraph.co.uk/finance/financialcrisis/8586519/Financial-mar...

 

Mon, 06/20/2011 - 12:14 | 1385043 francis_sawyer
francis_sawyer's picture

Yeah... That was after they checked their gold bar balance...

Mon, 06/20/2011 - 12:07 | 1385034 buzzsaw99
buzzsaw99's picture

the distorting price impact of the placement of such large orders in close proximity was not considered...

 

LULZ

Mon, 06/20/2011 - 13:17 | 1385239 Oh regional Indian
Oh regional Indian's picture

Indeed. The farce is getting farcier every day.
ORI

Mon, 06/20/2011 - 12:11 | 1385035 AldoHux_IV
AldoHux_IV's picture

Regularly scheduled market manipulation by central banks and their banking masters indeed-- this is fine and finding almost insults us all (both banking cartel and those who oppose them) as it's about as useful in stopping market manipulation as is a nipple-less teet.

Mon, 06/20/2011 - 12:09 | 1385040 francis_sawyer
francis_sawyer's picture

Zero Sum Game...

Go ahead and check your account... That's the "zero" part... (any questions)

Mon, 06/20/2011 - 12:17 | 1385050 DaveyJones
DaveyJones's picture

40k. Now that's a disincentive. Reminds of the early days when we used to prosecute the lap dancers for breaking "regulations." You see open lap dancing is legal in our parts but if they get too close it crosses some sort of moral /legal barrier. Problem was, the girls were always given a fine which equaled twenty minutes of work. I was always fascinated by the undercover vice squad officers in their fifties getting tricks from girls the same age as their daughter. Also wondered what the wife said when he came home from a hard days work. Hi honey how was work...same old bump and grind? yeah thought so here's your beer.     

Mon, 06/20/2011 - 12:18 | 1385053 cougar_w
cougar_w's picture

I smell a patsy.

This "rogue trader" probably accounted for .1% of GS market manipulations that month. But he had his IM client open! So he catches all the heat and ICE is on record as being tough.

Mon, 06/20/2011 - 12:25 | 1385068 vegas
vegas's picture

the squid just gets bigger as us retail traders get it up the squid hole.

I bet that fine stings all the way to the top. WTF; this is simply an afront to every single person with a brain. What's worse, the manipulation or the asshats at these exchanges that "wink and nod" and then hand out a simply meaningless fine [oh, that'll show 'em]?

Mon, 06/20/2011 - 12:25 | 1385069 urbanelf
urbanelf's picture

40k falls out of Goldman's ass when they fart.  Why would they care?

Mon, 06/20/2011 - 12:26 | 1385082 Ted K
Ted K's picture

+1000.  Another ZeroHedge classic.  Thanks Tyler.  It can't be expressed what this means to the gruel eaters out here. 

Mon, 06/20/2011 - 12:30 | 1385083 deepsouthdoug
deepsouthdoug's picture

$40k fine - that will stop them! 

As Max sezs, 'Goldman Sachs are scum.'

Mon, 06/20/2011 - 12:26 | 1385084 goldencross10
goldencross10's picture

Goldman is pretty slimy and tend to put themselves above everyone else, but I do

support the work they do even if it is not always right, there are some very intelligent

people that work there. 

Mon, 06/20/2011 - 12:35 | 1385098 Medea
Medea's picture

If this comment is not sarcastic, you deserve all the vitriol about to come your way.

Wed, 06/22/2011 - 19:37 | 1393461 goldencross10
goldencross10's picture

Yes, sarcastic haha

Wed, 06/22/2011 - 19:41 | 1393463 goldencross10
goldencross10's picture

Yes, sarcastic haha

Wed, 06/22/2011 - 19:38 | 1393464 goldencross10
goldencross10's picture

Yes, sarcastic haha

Mon, 06/20/2011 - 12:32 | 1385100 JuicedGamma
JuicedGamma's picture

"doing god's work"

Mon, 06/20/2011 - 12:37 | 1385112 buzzsaw99
buzzsaw99's picture

suck a squid

Mon, 06/20/2011 - 12:38 | 1385118 alien-IQ
alien-IQ's picture

intelligence without conscience is a dangerous and destructive mixture.

Mon, 06/20/2011 - 12:46 | 1385130 Version 7
Version 7's picture

+1

Mon, 06/20/2011 - 13:06 | 1385194 Cheeky Bastard
Cheeky Bastard's picture

since when?

Mon, 06/20/2011 - 12:34 | 1385092 King_of_simpletons
King_of_simpletons's picture

Regulators will stop and ask for protection money from time to time. As long as the dues are paid there is no wrong doing. Win - Win for all. The sheep will think the regulators are doing their job, the banks will keep swindling.

Mon, 06/20/2011 - 12:30 | 1385093 Crab Cake
Crab Cake's picture

It is a natural law, a kharmic law, that the punishment fits the crime; thus it was implaced by our founders. Natural law cannot be undone, it just is, and the farther this nation strays from its founding document that enumerated these inalienable rights the larger the toll will be. For every action there is an equal and opposite reaction. The jurisprudence system in this country has become just as, if not more, skewed than the realms of politics/business/finance/health... If justice, and the cops won't do their job, there will quickly come a time when it is done for them and to them.

Mon, 06/20/2011 - 12:37 | 1385104 Medea
Medea's picture

Such sloppy thinking.

Mon, 06/20/2011 - 12:37 | 1385105 JuicedGamma
JuicedGamma's picture

Now that this has gone public the trader in question can look for other means of gainful employment.

Mon, 06/20/2011 - 13:28 | 1385269 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

Presidente Hopium's commodities czar has an oppening?

Mon, 06/20/2011 - 12:36 | 1385107 Aristophanes
Aristophanes's picture

There is no justice and there is no law.  Defenestration for all these fuckers and their pet politicians would be appropriate.

Mon, 06/20/2011 - 12:37 | 1385110 Aristophanes
Aristophanes's picture

..and the complicit enforcement agents and judges too.

Mon, 06/20/2011 - 12:43 | 1385120 Jim in MN
Jim in MN's picture

Looks like they forgot to add jail time and seizure of personal assets to the penalty list.

 

"2-4-6-8, it's OK to manipulate!  Yaaaaay SQUID!"

Mon, 06/20/2011 - 13:17 | 1385236 Oh regional Indian
Oh regional Indian's picture

Funny Jim.

I kept trying to come up with something like 1-3-5-7, but it kept ending in heaven.

ORI

Mon, 06/20/2011 - 15:27 | 1385924 Hugh G Rection
Hugh G Rection's picture

5-10-15-20, anal rape em till they're walking funny.

Mon, 06/20/2011 - 12:39 | 1385121 Korbin Dallas
Korbin Dallas's picture

Bad Squid!

Probably funded the deal thru funds shipped to Mexico so it would be all legal-like.  Like what we do with rifles.

Mon, 06/20/2011 - 12:40 | 1385122 molecool
molecool's picture

Well, expect more of the same then - obviously the punishment to profit ratio is rather tiny. White collar crime on Wall Street is rampant as this nation accelerates down the slipper slope of plutocracy.

Mon, 06/20/2011 - 12:45 | 1385124 Caviar Emptor
Caviar Emptor's picture

Waiting for CNBS anchorettes to label this a "Populist Backlash!" 

OMG! 

These banksters need protection! 

Mon, 06/20/2011 - 12:47 | 1385133 topcallingtroll
topcallingtroll's picture

Disorderly trading sounds kinda vague.

I am suspicious of allowing enforcement of vague rules that have wide discretion and varying interpretations. No rules are necessary except real time disclosure and identification of all trades greater than $5000 in value. That would greatly simplify things.

Mon, 06/20/2011 - 12:46 | 1385137 cougar_w
cougar_w's picture

Top traders probably expense cocaine habits in excess of $40K. It's all profit.

Mon, 06/20/2011 - 12:57 | 1385154 cougar_w
cougar_w's picture

Off Topic Extreme Edition.

The ZH tinfoil brigade may like this one:

http://www.sinfest.net/archive_page.php?comicID=3940

Sinfest is extremely well done BTW. Now, don't spend all day in the comics, 'kay?

-= Uncle Cat =-

Mon, 06/20/2011 - 13:18 | 1385221 Oh regional Indian
Oh regional Indian's picture

I think this is just more slap in the publics face than Goldman's.

Look, they ripped of a few trillion, no problem, give them more.

Ooooh, they manipulated Gasoline via crude....bad boys.

You lose .0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000001 percent of your 1933 net profit.

Or something equally farcial.

ORI

http://aadivaahan.wordpress.com/2011/06/17/nuclear-american-cross-other-thoughts/

Mon, 06/20/2011 - 13:31 | 1385282 Fox-Scully
Fox-Scully's picture

Could we please add three more zeroes!

Mon, 06/20/2011 - 23:26 | 1387723 Tic tock
Tic tock's picture

..but these occurrences do have knock-on effects, there are nations who depend on the market-price to purchase Oil and it doesn't help to keep an obviously weak link in what are critical foreign policy objectives. At some point Bilateral Oil agreements may re-emerge as a preferred pricing model.

Do NOT follow this link or you will be banned from the site!