"It's Not A Market, It's An HFT 'Crop Circle' Crime Scene" - Further Evidence Of Quote Stuffing Manipulation By HFT

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Sat, 07/31/2010 - 07:00 | 497581 Popo
Popo's picture

Ok, so who's going to jail?   Wait..no one?  Oh... I see...  Well apparently all these "laws" aren't really "laws" after all.  

Apparently, this is a giant free for all.  

So I guess the lesson here is:  Lie... Cheat... Steal...  Stop paying taxes.  Do whatever you like folks, because there are no cops!  The proof is right up there for everyone to see.

On a daily basis the SEC shows us that there are no repercussions, and will be no repercussions for breaking the law.  


Until we see 1000's (yes *thousands*) of bankers sentenced -- this will continue to be a complete and utter joke.






Sat, 07/31/2010 - 07:21 | 497592 Bendromeda Strain
Bendromeda Strain's picture

Well now, in the first place this isn't real until a Gretchen Morgenson or an AEP runs with it. A Tyler Durden or a Matt Taibbi type can only serve as keen pointers for the guys (and gals) with shotguns. Of course, since ZH picked it up from a relatively obscure analytical source, it does demonstrate an information food chain in action. Deja vu. Did you just see that cat shudder twice?  

Sat, 07/31/2010 - 12:20 | 497815 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Two shudders and a hairball...

Look -- there's five-score monkeys over there reading ZH!

Sat, 07/31/2010 - 15:18 | 498006 caconhma
caconhma's picture

America loks more and more like Russia.

Yes, we got a black president but he is just an incompetent, lying, marxist puppet in the hands of his masters.   Our political landscape is becoming no different from Russia:
  • Terrible corruption here in America and there in Russia
  • Oligarchy is running country here and there
  • Russian president Medvedev is just Putin's puppet and Obama is just WallStreet banksters puppet
  • Russia has no democracy and America is losing it in a hurry (thanks to the staged 9/11 Patriot Act)
  • Russia cannot get by without a war ( Chechnya, Georgia, etc.,) and America cannot (Iraq, Afghanistan, Pakistan, Somalia, etc.,)
  • Russian secret police controls their Parliament and WallStreet Hebrew mafia controls our Congress
  Yes, we are in a deep shit!
Sat, 07/31/2010 - 18:03 | 498166 drwells
drwells's picture

I don't buy the Hebrew bit but other than that, dead on. The country I grew up in is dead and gone.

Sat, 07/31/2010 - 18:15 | 498171 New_Meat
New_Meat's picture

doc--+1 on the joo thingie, please yourself, but I'd say don't loose faith -- there are kids and old farts alike who have not been heard from.

or despair your ass off-your call.

- Ned

Sat, 07/31/2010 - 22:00 | 498285 NOTaREALmerican
NOTaREALmerican's picture

Concentrate the loot in a few small piles and it makes the job of the smart amoral scumbags that much easier.   Centralize any organization - with lots of loot - and the sociopaths will run it.   We've been centralizing power in the US since before WW2 but, on a big scale - continuously after WW2.    No going back now though.   It's very easy for sociopaths to destroy a democracy (after all, our government has already destroyed a few in the name of "freedom").  


Sat, 07/31/2010 - 13:15 | 497869 French Frog
French Frog's picture

Is there really no politician left in America who is willing to take this on and at least get some sort of answer from the SEC?

Sat, 07/31/2010 - 14:19 | 497933 scratch_and_sniff
scratch_and_sniff's picture

Not really. Its financial warfare-kill or be killed. I would love to see them take this shit into the forex markets.

Sat, 07/31/2010 - 22:08 | 498287 NOTaREALmerican
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For the last 50+ years, the political system in the US is nothing but a sociopath vetting process.  The entry points into the system -  at the local level - is where new politicians prove they are sociopaths (will say anything and lie in exchange for campaign contributions, called bribes in most countries).    The owners of the combined Republicrat Party (there's two teams: a Blue Team and Red Team - our dumbass peasants are VERY easy to fool, the Party owners) allow the newbie politicians to advance if they don't threaten the nobility families that own the country.   Very simple system; has worked very well.  The nobility owns almost everything now.

Sun, 08/01/2010 - 00:25 | 498357 andy55
andy55's picture


Sun, 08/01/2010 - 01:00 | 498372 Bringin It
Bringin It's picture


People talking about change in November are fooling themselves.  All the new faces I see, those who've been tasked with wrestling the Tea Partiers into line, talk tough about spending money. 

But when you look a little deeper, the Scot Brown-s, Michelle Bachman-s, Shara Palin have a big hard-on for Zionist causes and are more than willing to spend your money and shed blood to prove it.

Sat, 07/31/2010 - 07:20 | 497593 LeBalance
LeBalance's picture

Oh there are cops all right, but you need to determine which side of the law you are on.  Do you have permission to conduct all of the activities that you do during the day?  If so and you continue in the good graces of your clan or master, then all is well.  One of your set might come to you one day and ask that you do a turn in stir to mollify the populace (Milkin, Madoff, etc), but no worries, you will just make more bones with the boss.

Sat, 07/31/2010 - 16:31 | 498094 AnonymousAnarchist
AnonymousAnarchist's picture

I've been gone for a week so I'm not sure if this was posted on ZH but I saw this a couple days ago on the ICYMI RSS Feed....

High-Frequency Programmers Revolt Over Pay

Pity the programmers toiling away at Wall Street's secretive high-frequency trading shops -- places like Goldman Sachs, Citadel and Getco. They wrote algorithms that take advantage of fleeting trading opportunities and bring in up to $100,000 a day. In return, they received a fraction of the pay doled out to their bosses. Now some programmers feel used and are instigating a revolt.

Sat, 07/31/2010 - 22:10 | 498289 NOTaREALmerican
NOTaREALmerican's picture

Programmers revolting?  HA!   In their dreams maybe.   When it comes time to guard the re-education camps, the programmers and engineers will be the guards; probably the accountants too.

Sat, 07/31/2010 - 22:50 | 498310 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

Last summer, a programmer named Sergey Aleynikov left Goldman Sachs for a newly formed Chicago trading company called Teza Technologies. In February U.S. prosecutors indicted Aleynikov for allegedly stealing hundreds of thousands of lines of source code from Goldman's high-speed trading platform as part of a move from a $400,000 job to a $1 million one.

God's code is God's code.   In the Ark of the Covenant the code must remain, only the high preists are able to ssh into "those" servers...

Mon, 08/02/2010 - 01:05 | 499198 Ura Bonehead
Ura Bonehead's picture

Yes, I enjoyed that irony.  Sort of like an accountant for the mob going to jail for shaving a few grand from the drug operations.

America is truly screwed.

Sat, 07/31/2010 - 07:28 | 497598 Sunshine Down t...
Sunshine Down the Road's picture

This is what the 'new normal' looks like... Got to keep the top 20% happy or the house falls... Distract the remaining 80% and get reelected. It seems too easy.

Sat, 07/31/2010 - 09:39 | 497685 Whatta
Whatta's picture

"distract the remaining 80%"


You mean like terrorists are everywhere...no, we are bored with that...

you mean like global warming...no, we are bored with that...

You mean like...a big environmental disaster in the GOM...except now there is no oil to be found, and we are becoming bored with that...

Sat, 07/31/2010 - 14:34 | 497949 doublethink
doublethink's picture

How about a wedding?

Sat, 07/31/2010 - 18:38 | 498186 SuperBull
SuperBull's picture

You mean Chelsea Clinton?

She has her mother's beautiful smile... Isn't she adorable!  **cute**

Sat, 07/31/2010 - 22:23 | 498295 Almost Solvent
Almost Solvent's picture

Bethenny getting married wayyyyy better.
Plus she had a baby.
Love those Real Housewives of NYC!

Sun, 08/01/2010 - 15:25 | 498764 Cathartes Aura
Cathartes Aura's picture

how 'bout another World Cup?

those sport tourney's keep the team spirit alive - go RED, go BLUE, go NATIONS!

when's the next Super BAwl partay?

Sat, 07/31/2010 - 14:57 | 497979 MrPalladium
MrPalladium's picture

"Got to keep the top 20% happy or the house falls... Distract the remaining 80% and get reelected. It seems too easy."

A cryptic reference to Vilfredo Pareto's law of social control; to wit, the top half of one percent run the show and reap most the benefits, but they must keep the next 20% of the population happy (those with the skills to replace them), and the bottom 80% don't matter.

Thus keeping prices elevated without having to spend real money is the establishment's wet dream. In a manner of speaking they are providing "liquidity" in that it is easier and less painful to sell into higher prices than lower prices.

But it is a sop to the next 20% - the group that should know better but that still wants to believe in the system.

And as Tyler so eloquently notes, risk just keeps rising through it all.

Sat, 07/31/2010 - 20:54 | 498240 lewy14
lewy14's picture

Given these premis - I'd say personally that the critical "19.5%" is getting mighty fed up, and this is much more consequential than whatever the 80% is thinking.

Revolutions can and do occur within the elite.

In the context of Walter Russell Mead's taxonomy of American political classes, I'd call what's going on now a Hamiltonian civil war.

Coldish, for now, but heating up.

Sun, 08/01/2010 - 09:58 | 498468 fThis
fThis's picture

By "Hamiltonian civil war," I hope the Jeffersonians win out...doubtful, yet hope worthy, imho.  But then again, "hope in one hand & spit in the other, see which hand fills faster."  The ever expanding coercive and compulsive power of the national government has its centralizing foundation with Hamilton & others. http://xroads.virginia.edu/~cap/ham/hampltcs.html

Politicians who make waves or attempt to actually do something about it are branded "moon-bats," to wit, Ron Paul.

Its every man for himself, so you better align yourself with the strongest gang if you want some measure of (political/economic) safety & security.  Sad, but (risk of redundancy) imho, true.

Sat, 07/31/2010 - 21:21 | 498255 caconhma
caconhma's picture

Back in 1920, Lenin had problems with his fellows Jewish member of his Bolshevik Party.

So, what did he do? Lenin expanded his Ruling Party Politburo with totally illiterate workers. Why? When one of them was asked whether they understand issues they are voting for, he gave a perfect reply: "No we don't understand  the issues we are voting on but we ALWAYS vote ways Lenin instructs us to vote."


Do the Congressmen read the financial reforms bill (or for this matter most of other bills)? The answer is "NO" but they are allowed to add something for themselves. This is how American politics works. It is that simple.

Sat, 07/31/2010 - 22:00 | 498284 MacedonianGlory
MacedonianGlory's picture

The same thing happens in Greece.

Sat, 07/31/2010 - 08:02 | 497613 megatoxic
megatoxic's picture

Completely agree. 

We need to find a nice little coastal island somewhere and turn it into a prison isle for criminal bankers.  Barring that, it may be time for some vigilante justice, since the authorities clearly have no intention of stopping these crooks.

No, I'm not joking.

Sat, 07/31/2010 - 13:08 | 497859 Cistercian
Cistercian's picture

I strongly disagree.We should throw them into a volcano.Katla demands a sacrifice!

 Yes, throw them into the lake of fire.....before it is too late!

Sat, 07/31/2010 - 14:24 | 497941 scratch_and_sniff
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Strap the fuckers to the electric chair and let the algos determine the amplitute.

Sat, 07/31/2010 - 23:46 | 498334 BurritoGas
BurritoGas's picture



Sorry. Couldn't resist.

Sat, 07/31/2010 - 14:49 | 497969 New_Meat
New_Meat's picture

I like it, it is a way to bail out Iceland, they could charge (not too much either) for each event. - Ned

Sat, 07/31/2010 - 15:27 | 498015 Noah Vail
Noah Vail's picture

I am most fond of gullotines. It takes one to two minutes for the brain to die after the head is severed.

I wonder what they think about in the interim, LOL.

Sat, 07/31/2010 - 16:10 | 498081 scratch_and_sniff
scratch_and_sniff's picture

Probably about how they could scam you in 2 minutes.

Sat, 07/31/2010 - 20:12 | 498228 superman07
superman07's picture

High powered rifles are cheap. 338LM will end any bankers tyranny.

Sat, 07/31/2010 - 20:18 | 498229 New_Meat
New_Meat's picture

you bet. misguided children think "one round-one target"

Line 'em up and knock 'em down.

- Ned

Sun, 08/01/2010 - 15:33 | 498784 Ardent Spirits
Ardent Spirits's picture

Like the Nazis did. One bullet can go thru four or five people when they're lined up.

Sat, 07/31/2010 - 09:12 | 497659 breezer1
breezer1's picture

a joke? whats wrong with you people? these machines are the only thing keeping the markets up. do you want a complete collapse? do you want chaos? the next thing would be a real estate crash, gdp would plummet, unemployment would be 20% instead of 9%.

wake up will ya , they are doing all this for us.

oh shit i gotta go , the president is on a talk show, gee he has such a nice smile. later.   

Sat, 07/31/2010 - 15:33 | 498021 Bartanist
Bartanist's picture

Your questions are actually serious questions:

I do not want a collapse, but want a fair and real market and from there we can start to progress. If to get there, the current bag holders have to get a 70% haircut, well so be it.

No, I do not want chaos.

Unemployment is already at 20% and climbing. With real and trustworthy markets unemployment would 20% and declining.

Yeah, the Manchurian (err Kenyan) Candidate blew off a prior commitment with the Boy Scouts to be on "The View".

Sat, 07/31/2010 - 17:33 | 498144 Rainman
Rainman's picture

Barry will no doubt get wind of this particular ZH article. It is linked into from Huff Po, average readership IQ of 91. I'll be damned. 

Sat, 07/31/2010 - 21:04 | 498244 Sisyphus
Sisyphus's picture

As of 9:00 PM EST, Saturday, guess how many comments has this article generated on HF (41). Next, guess how many comments has Chelsea marrying Marc has generated (313). Now, do you have any reason to ask why 'they' have been able to pull it off? I don't.


We have seen the enemy and he is us.


Sat, 07/31/2010 - 22:26 | 498297 Village Idiot
Village Idiot's picture

"We have seen the enemy and he is us."


I just happened across this quote the other day - everything happens for a reason. bwahahaha.  Seriously, what a disgraceful commentary. Time to pull collective head out of ass.

Sat, 07/31/2010 - 23:00 | 498317 Sisyphus
Sisyphus's picture


VI, it is kinda strange to call you that. I have read your commentary and your moniker doesn't do you justice. You are much smarter than the most of us here. However, not knowing your real name, I guess I'll have to address you using your nom de plume.

Yes, I do agree, what a disgraceful commentary. You know what, it's much worse out there in the real world. I 'experiment' with my friends, colleagues and acquaintances and leave the encounter stunned, worried, saddened and concerned. I ask them the most basic question - 'what is money' - and am utterly stunned by their responses. These are the same people who are managers and directors at fortune 500 companies. I was in Chicago once and an executive from UBS happened to be sitting next to me at the hotel bar. And I asked him about his views on the economy. His response was, he doesn't know, he doesn't care, he doesn't think about it, and as long as he has a job it doesn't matter. The stock market is coming back and that's all that is important to him. Rest is inconsequential.

I am sure, most people in the U.S. would share his view. Revolution? What revolution? Keep the indexes rising and the rest will be forgotten by the masses.

Sun, 08/01/2010 - 02:12 | 498391 Village Idiot
Village Idiot's picture

Thank you for the compliment, Sisyphus. And the guy you refer to, was me.  Still safe, but not feeling secure.  Take care.

Sun, 08/01/2010 - 09:57 | 498476 fThis
fThis's picture

Sarcasm noted, and appreciated. +11 to counter "junks."

Sun, 08/01/2010 - 16:02 | 498820 merehuman
merehuman's picture

i recognize sarcasm when i see it. Well done and never mind the junkers, they are impervious to sublety.

Sat, 07/31/2010 - 09:20 | 497664 Gordon Freeman
Gordon Freeman's picture

No, Popo, there are PLENTY of cops, lots and lots of cops, SWATs, soldiers, detectives, prosecutors, and so forth--this is a POLICE STATE, after all.

The problem is that all that enforcement we pay through the nose for is to keep the sheeple in line, particularly the upper middle-class, who have something to lose, thus are easy to terrorize, and holding a bit of coin to shake down at every opportunity.  Wall Street is off the hook, my friend.

Nothing will change until the system changes.

Sat, 07/31/2010 - 09:32 | 497673 Boilermaker
Boilermaker's picture

The upper middle class is the dangerous parties to the fraud.  They are typically educated, informed, and well read but, moreover, they are close enough to the elite to see and understand the fraud.  When they get the feeling that their comfortable yet less than opulent life is going into the shitter then they mobilize and organize.  That's the danger.  When I see my ability to provide for my family going the hell-in-a-handbasket and my kids future in jeopardy...I get a wee bit pissed.


Sat, 07/31/2010 - 10:39 | 497732 Carl Marks
Carl Marks's picture

Right you are. The UMC works for the Oligarchy. Like all workers, their loyalty is rented.Obama is gambling that the lower classes will coalesce around him while he fleeces the UMC, but my money says otherwise.

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