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Guest Post: China Panic
Looks like Marla made her way to the Paper Street stamina bar last night... Must have been quite a show. For those who never went to bed, here are some early morning observations compliments of Black Swan Capital.
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TD, Abelson mention #2 bro. Congrats. ROCK THE BOAT!
What Has Sergey Wrought?
A computer jockey quits Goldman and causes a stir. Why loan modification is no cure for housing.
Another notable departure, but one that hasn't gotten the publicity it merits, was that of Sergey Aleynikov, who is neither a prominent pol, a pop celeb nor an unlucky hedge-fund manager. Rather, he's a Russian who became a naturalized U.S. citizen, reputedly knows computers like the back of his hand and put that knowledge to work for Goldman Sachs. Mr. Aleynikov recently left Goldman, presumably for greener pastures, a normal and even laudable action -- except that he absent-mindedly took with him the code to the firm's proprietary software for so-called high-frequency trading. Nabbed by the feds and charged with theft, he is currently out on a $750,000 bail bond.
As "high frequency" implies but doesn't do full justice to, such computer-driven trading entails the extraordinarily high-speed and exceptionally high-volume buying and selling of stocks and commodities. It's a prime example of technology being enlisted in the service of Mammon, and it generates millions of bucks for firms like Goldman. Critics claim that via its special software, Goldman is able to detect huge order positions ahead of their execution, and to profit accordingly; in other words, that high-frequency trading is essentially high-tech front-running.
It's well to keep in mind that Goldman, although hardly without sin, has become a convenient receptacle for everything that's wrong with the world. And heavy-breathing outrage fed by conjecture, a careful study of Blackstone reveals, doesn't constitute evidence.
The hubbub over high-frequency trading grew in intensity and virulence when a slightly befuddled prosecutor told the court, in arguing to keep Mr. Aleynikov in the hoosegow rather than allowing him to make bail, the Goldman code in the wrong hands could lead to "unfair manipulation" of markets. We couldn't help being amused by how ravenously the malapropism was seized upon by hordes of cybernauts, unable to resist the obvious, as suggesting that in Goldman's hands it was used for "fair manipulation."
We'd be remiss in not crediting Tyler Durden and his feisty Zero Hedge blog for early coverage of the Aleynikov affair and helping to make the dog days of summer a tad less doggy. We suspect the folks at Goldman may not concur, but think how dull life would be if everyone agreed.
old news from June but interesting just the same -
The Empire Strikes Back: FTC Plans to Regulate Blogs That Have Affiliate Relationships - http://cryptogon.com/?p=9367
this Cryptogon site that ZH featured a while ago is wild - apparently Obama's science Czar, John P. Holdren is a full fledged eugenicist like all the conspiracy whacks have been saying - this is truly bizarre = http://cryptogon.com/?p=9812 - Holdren's book is available online with a free registration - http://www.questia.com/library/book/ecoscience-population-resources-envi...
according to sources from "Der Spiegel", the german government will declare that the recession is over. Wow man, that was easy...
http://www.spiegel.de/wirtschaft/0,1518,635617,00.html
it is over but the question is for how long - ECRI (Lakshman Achuthan) who is almost always correct (seriously) is calling for its end in the next few weeks: - http://www.businesscycle.com/news/press/1475/ -
The Made In America is what can bring this country back into its feet. China is history. The Dragon can go back to sleep. Its is comfoting to read articles which make sense about the situation in Asia.
Silly knave, China will have its problems, that's for certain. But in the end, they still have all the money, fool.
Bullshit walks, and I am Chumbawamba. Fool.
Is this paper from that Super-Inflation fund? Started by the guy who wrote the book of same namesake? I wanna say Nassim Taleb or something like that.
I'm just visiting your site as a small gesture of protest of CNBC's host Dennis "Beaker" after watching his horrible attack on bloggers' free speech. I hope others visit you as well.
I'm off to find the other bloggers he unfairly criticized.
Don't know Dennis, I don't watch cnbc. Don't care much for business news that is a cesspool of con artists.
Although it is useful to understand what propaganda the state controlled media mouthpiece is spouting at any moment. So much kowtowing to all the GE bosses lately too.
oh the grim irony "state controlled media"
Remind me again which country is this is?
Do yourself a favor Anonymous #6299, find a name, fuck CNBC, but don't fuck Dennis Kneale (you might catch stupid), and drop by often.
Is 'Crooks' a real name or is wall street brazenly sporting these in your face names ?
Roubini and Shiller on Bloomberg. Must see(hear).
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/...
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Comrade.