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This Message Brought To You By Goldman Sachs' Noble Liquidity Provisioning Team
Charlie Gasparino's recap of his behind the scenes meeting with Van Praag - apparently Goldman's most recent noble cause: "Providing liquidity" and their "proclivity for electronic trading." Odd... So odd.
Oh Michelle, as for the Nasdaq opening every morning just fine, maybe you should read this Bloomberg article from earlier today :
By Adam Ewing
July 20 (Bloomberg) -- NASDAQ OMX markets in Sweden, Finland and Denmark have resumed trading after failing to open on time this morning, delaying the start of trading by nearly 30 minutes.
“The markets are up and running,” Anna Rasin, a NASDAQ OMX spokeswoman in Stockholm, said by telephone. “There is still a problem with the data dissemination system, but if you are trading, you can still see quotes and prices.”
Rasin said there was a fire in a data room over the weekend, adding it is unclear whether that was the cause of today’s problems.
The Dow Jones Nordic 30 Index, a measure for the region, rose 59.16, or 1.2 percent, to 5,027.7 as of 9:59 a.m. in Stockholm. Norway’s OBX Index gained 1.7 percent, while Finland’s Helsinki 25 Index advanced 1.2 percent. The OMX Stockholm 30 rose 0.8 percent. The Copenhagen OMX 20 Index also increased 0.8 percent.
Seems Zero Hedge is not the only one in need of backup servers.
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I wonder what Goldman pays these days for a CNBC reporter?
Tyler - Are you going on CNBC's new feature "Blogger Buzz"?
explain to me why TD still cares about CNBC?
seriously.
if johnny & jane q. can't figure it out by now, let them go down w/ immelt & co.
please, ZH, i come to here to avoid those idiots.
ignore them.
I don't know - why would you comment on a thread with a CNBC video as the topic?
out of pure frustration.
I think you just opened up a wormhole somewhere in the Universe.
Because too many stupid people still watch CNBC so you have to be aware of what spew they are broadcasting.
do these stupid people read ZH?
probably not.
if yer "probably not" assessement is right, then why is CNBC plastered all over ZH?
I bet they flattered the crap out of him. If they can manipulate government as well as they do, a thug reporter should be little more than a practical joke to handle. Even assuming their services were needed as a liquidity provider at one time, at what point will the markets be capable of managing themselves?
That's what Greenspan said of hedge funds: they are good for the financial system and make markets more efficient by providing liquidity.... So GS can just as well be classified as a hedge fund, if that's what it sees itself as.
This is pure crap! Most of their risk taking is for their clients........bull shit!! Most of their risk taking is for themselves. Charlie is a whore.
I think GS is saying that no one else has enough money or desire to buy overpriced securities and subsequently run the prices up to sell to the shorts covering and therefor is saving America from a free marketplace.
Was watching this when it happened, seemed totally bizarre. I wonder what was said to Gasparino to get him to shut his yapper.
we let it happen. thumbs up to Gasparino for knowing and speakign the truth.
good finance articles
we need more honest voices
Charlie please look at their prop trading volume you schmuck ....
On the take.
GS IS liquidity. They have it cornered. Thus, they own everyone and everything. The ultimate coup has occurred. Ingenious, set everything up to fail, place operatives in key slots and come out the sole (or at least Alpha) survivor. End of story. End of free markets. Eventually all that will be left is for their bots to trade against each other with all the $. Ever see that show Life After People? They should show the GS bots trading away against each other as the only surviving intelligence on the planet.
CAPTCHA screwed up. 48-___=92?
48 - (-44) = 92
Ha ha, it would be fun to watch people try to answer the captcha's.
There is one glitch, it apparently does not allow negative numbers to be entered when the answer to the formula is required (though it apparenly does allow negative numbers when a portion of the equation must be entered).
what's movin the bonds today?
good question was thinking the same thing - WTF?
been keeping an eye on this large move across the board 2to30 and even TIPs.
no apparent reason and bonds have been decoupled from the equity and commodity futures today, no auctions this week either...
Goldman covering their shorts...and waiting for the the dive...look at gold today to fellas...
Maybe this?
DJ ) 07/20 03:01PM DJ Fed's Lockhart: Has Open Mind About Increasing Fed Tsy Debt Purchases
By Michael S. Derby Of DOW JONES NEWSWIRES NASHVILLE (Dow Jones)--Federal Reserve Bank of Atlanta President Dennis Lockhart on Monday said the fate of the central bank's Treasury buying program is in the hands of the economy. "I am going to keep an open mind" about whether the Fed needs to buy government debt beyond the $300 billion it has already said it would buy, Lockhart said. The policy maker said the matter would be discussed at upcoming Fed meetings, and whatever happens will be a decision "made on overall economic conditions at the time." Regarding Treasurys, the Fed is nearing the end of what it has committed to buy. It's been acquiring the securities, along with a much larger supply of mortgage related debt, in a bid to lower borrowing costs. Lockhart also noted that the Fed never sought to target a given yield level, and its main objective was to influence the market to keep yields presumably lower than they would otherwise have been. Lockhart was speaking to reporters after a speech before local business leaders in Nashville. He is a voting member of the interest rate setting Federal Open Market Committee. The official also told reporters that he doesn't expect the Fed to require banks to hold more reserves in the future. He also said proposals to give the central bank more power as a regulator of financial stability are largely a recognition of the role already played by the Fed.GS IS liquidity. They have it cornered. Thus, they own everyone and everything. The ultimate coup has occurred. Ingenious, set everything up to fail, place operatives in key slots and come out the sole (or at least Alpha) survivor. End of story. End of free markets. Eventually all that will be left is for their bots to trade against each other with all the $. Ever see that show Life After People? They should show the GS bots trading away against each other as the only surviving intelligence on the planet.
CAPTCHA screwed up.
Gasparino has no freaking idea, does he?
To the contrary, Gasparino does indeed have a clue.
It's just that he's singing a different tune. By now, he probably knows full well that Goldman isn't creating liquidity for others. He's just reporting what Goldman says, and what Immelt wants to hear.
That's why I love CNBC!
Thug??? Thug???? More like rude pussy.
GS is not the only one going through possible unload:
July 20 (Bloomberg) -- Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., reduced holdings of mortgage debt last month and added to cash and equivalent securities.
they are also 60% at the front of the curve...
Charlie totally bottled it!! Went to the brink and backed off hard...'they present a legitimate argument'.. baloney - they've presented that case many times before and certainly prior to his article. No one counters that liquidity is needed but for the US treasury/NYSE to implicitly appoint Goldman that responsibility (albeit only in concept) and then to disproportionately remunerate them for doing so while allowing them to use Fed money as a HF with the protection of a commercial bank designation is a joke!!
ok, but that leaves us wondering:
WHERE ARE THE CUSTOMERS' YACHTS?!?
why even bother with cnbc vids?
it would be more fun to just turn zh into a cramer live blog.
math capcha givin' me a headache.
obama looked kinda clampy sweaty at the healthcare news conf.
where's my low cost quality care?
where's the usual mid july budget update? this bullshit of pushing it back to august is...well, bullshit.
Can't figure out if that is the question of the day, or what the heck that headline was on CNBC when I was walking past... Something about TARP and possibly totaling $27 TRILLION? I must have missed the context? That would have sent the dollar down 5% and gold over $1000 if it was as stated.
Link via Karl D: http://thehill.com/leading-the-news/watchdog-treasury-has-failed-to-adop...
Here's the Ticker: http://www.tickerforum.org/cgi-ticker/akcs-www?post=103347
Barofsky said that while the TARP program that Congress passed amounts to $700 billion, the total federal government support since 2007 for the economy and the financial sector could reach a far higher figure of $23.7 trillion. The government has committed significantly more money through a variety of other federal agencies and programs.
Looks like CG got some of GS loot.
Matt Taibbi's point proven again. Goldman has their ability to manage media coverage of them. Matt broke through. Charlie Gasparino is over to the dark side-- and all it took was one meeting.
Goldman continues with the "you can't handle the truth" argument. Without Goldman the world could not function.
Goldman has managed to so screw over this economy by not allowing NEW risk takers to come in and clean up THEIR mess.
Goldman used GOVERNMENT TAXPAYER money to protect their own place in the market and robbed the free market from finding a new batch of BETTER risk takers to clean up for a new stage.
Now it will take years (probably more than a decade) to fix markets once Goldman starts falling apart. Because of Goldman's iron grip during this last crisis we did not get market solutions. And cleaning up after a huge monopoly government controlled taxpayer funded intrusion into free markets will take a long time.
I agree. My gut reation was Charlie was played. The % argument falls flat.
Intermediating trades requires some capital, yes, but briefly. The intermediation defense is a distraction.
Increasing total volume is the big driver ( NYSE pays rebates, BBG and Yahoo et al pay ticker fees on volume). GS (or the best gamer of the scheme) win just by trading at marginal levels at relatively low risk. Its a nice steady annuity stream to the best of breed. And the game is just as good at 200 or 900 on the SPX.
I don't really care who gets to snatch these goodies, but please don't try to sell me the idea that you're (GS) playing the game to be a real liquidity provider when the 401k and pension funds decide the game is up and they want to liquidate at these levels.
Oops, why are 70% of the market makers suddenly on vacation hanging out on the Black Sea with Alexy when I want to sell my GGLnear yesterdays close.
I don't get it.
Whoa, Gasparino now back on CNBC talking shit about the bloggers attacking his credibility for selling out. Hey Charlie, why won't you read the rest of this fucking site? Are we adding volume, or are we adding liquidity?
Liquidity: when you look at your portfolio and pee your pants.
Ha! Listening to Tyler on Bloomberg radio right now.