Taibbi: NYSE ends transparency to protect Goldman Sachs
Published: July 4, 2009
Updated 8 months ago
The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading — a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.
The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, says Matt Taibbi, the journalist whose Rolling Stone article on Goldman Sachs’ role in asset bubbles over the past century has rocked the financial world.
According to previous NYSE rules, any company that carried out program trading — essentially, large computer-automated trades worth more than $1 million — had to report the trades to the NYSE, which then made the information publicly available.
But, under new regulations (PDF) published last week, that requirement has been removed.
“The NYSE announced that it will no longer be releasing its weekly program trading data,” Taibbi wrote in a blog posting. “This is quiet obviously a move designed to make it even more impossible to track what’s going on in the NYSE and shield, in particular, Goldman Sachs.”
Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies’ stock market manipulations. Goldman Sachs is singled out because the investment bank’s share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months.
Blogs such as Zero Hedge have been using NYSE data to argue that Goldman Sachs now has an almost unfettered ability to control stock prices.
Responding last week to news of the NYSE’s rule change, Zero Hedge argued:
The NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE’s program trading.
Taibbi’s article on Goldman Sachs’ long history of involvement in asset bubbles and crashes can be found here.
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The next step will be for them to come to our house in person and PISS on our leg.
our leg — that makes me think of the three Norns who only had one eye between them, so they passed it around.
Take good care of our leg while I’m gone, OK?
You know, why the fuck are we bothering ourselves with a stupid government and rules and shit like that?
Let’s just appoint them Emperor for life, or make a craven image in their likeness or something, and just drop this silly pretense that they’re effectively restrained or regulated in ANY MEANINGFUL WAY.
too late — they beat us to it
proudprimate
too late — they beat us to it
Right. just like they beat us to it in the 20’s.
All we need to do now is exactly what Roosevelt did in the 30’s; squelch the bastards. Remove the removals that have taken place in the last years of the twentieth century and add the “new” mods of finance and stock manipulations into the mix of things regulated.
“Remove the removals that have taken place in the last years of the twentieth century and add the “new” mods of finance and stock manipulations into the mix of things regulated.”
This will take an act of Congress, and our Congress is bought.
They will remain bought until and unless they are fired and replaced with people who are so scared of being fired that they faithfully (Albeit grudgingly) represent us and our interests.
not for nothing but sometimes royal rule is better. Buddha comes to mind. Imagine one guy or gal making all the decisions who already have a pile of money and jewels. Sometimes they are not as arrogant and as greedy as the multitudes of immoral selfish greedy jerks we got now.
In theory, perhaps.. In application, history is replete with corrupt monarchs.
You make a good point by suggesting that someone who wants for nothing needs nothing. What do you corrupt such a person with when they have everything they could possibly want? What do you offer them? Sounds perfect, right? The pre-corrupted Monarch is therefore immune from further corruption!
Sadly, the very nature of man himself seems to lead to corruption and abuse if left unchecked, and without any proportion to his needs.
We seem to get the big head and just go fucking bat-shit-insane if we’re elevated above the workings and mechanics of the average person’s life. We just decide we’re a new fucking uber-class or something and all that wealth and the security it provides is quickly dismissed as an entitlement… A perennially inadequate one at that.
Go figure?
There’s simply too many profound examples of this kind of behavior to dismiss out of hand. Any honest analysis would have to conclude that, with very few notable exceptions (And most of those have now been romanticized to the point of absurdity) man is self corrupting and will remain so.
Right O’
I can think of a handful of MAN who may or may not deserve their romantic reputations.
1) Buddha
2) Jesus
3) Gandhi
4) Ross Perot
Ross Perot? Natty, check your meds.
So where are our righteous lawmakers on this? Well, they’re probably off gallivanting around with their lobbyists benefactors. That would include the satanic bankers who own their souls.
It’s kind of odd isn’t it? They create regulations for the rest of us but they exclude their devil masters. Oh the pleasures of bribery-as-free-speech!
“It’s kind of odd isn’t it? They create regulations for the rest of us but they exclude their devil masters. ”
Certainly. No minor nuance of your life is immune from their meddling and central planning. The geniuses in DC will decide these things! We are assured it is very important and for our own good.
Meanwhile, their pals run naked through the financial system and nobody lifts a finger.
Somewhere along the line we reached a point where they stopped working for us. Currently, the only proven method of gaining representation is to lobby for it.
What really needs to happen, and the only way we stand a chance against the myriad interests actually running the place, is the wholesale firing of incumbent (ahem) “representatives” next year, and again in 2012.
Of course, in our supercharged political environment, this will never happen. Party line partisans will continue to maintain that our republicrat uber-party will save us and the media will support them.
I hear the right toss the word “socalism” around allot.. The left responds with scathing critiques of what passes for modern “conservatism” Back and forth. It is endless.
That’s all fine and good, but when I look, I see Fascism.. Or, as Mussolini might have preferred, “Corporatism” and I see it everywhere.
In addition, the word has been out for a while internationally that US financial markets are rigged and manipulated. I have read what the foreign press is saying about US financial markets, especially from Europe and Asia. No one trusts US bankers, US stock markets, the US treasury, the ederal Reserve, or any other US financial institution. China, Japan, Russia, India, and Brazil are quietly reducing their exposure to US based assets. When the time comes, the entire US financial system is poised to implode. Since the post-peak age began about a year ago, and the financial crisis, there are two remaining events to happen that will end much of US influence. The first is the dollar losing its status as the world’s reserve currency and the second is the dollar ceasing to be used for international oil sales. As soon as both happen, the games in Washington and New York will be over. Then the consequences. The whole bailout appeared to be designed to protect Goldman-Sachs, which has taken the place as the nexus of corrupt power that JP Morgan held for many years. All of these bankers belong in prison for the fraud they commited with their Credit Default Swaps, Structured Investment Vehicles, Collateralized Debt Obligations, and other derivative instruments.
you might add confiscation of gold to the list
So we now must assume that Goldman Sachs is always controlling the stock and commodity prices with their partners in crime, the privately owned Federal Reserve. They are enabled to do this by Tim Geithner, their suck buddy at the US Treasury who came directly from the NY Fed. The fucking game is rigged and these unscrupulous cocksuckers are fucking you and me into poverty. Why are they allowed to walk among us? They are all working together to milk this country of all its value leaving only the dry valueless carcass for the rest of us to fight over. End the Fed. Get rid of Geithner the enabler. If they say fuck the rules, we should follow their lead, right up their driveway. They pulled off the heist of the millennium with the fucking “bail outs”. Thank you Mr. Cocksucker Henry Paulson, who came directly from Goldman Sachs.
If you work for Goldman Sachs, JP Morgan Chase, the privately owned Federal Reserve, the NYSE or for Tim Geithner at the US Treasury, in any way form or fashion, watch your fucking backs. You may be rich, but don’t underestimate a mob of angry, armed, broke and hungry Americans who have just been repeatedly sodomized by a few greedy cocksucking banksters. This is a perfect day for beginning a revolution.
It’s great that you guys are finally getting angry at the utter fraud and corruption that is our modern government and banking system.
Now, when you’re ready to pick up a firearm and flush out the traitors that have destroyed this country then you’ll have earned your right to free speech. Otherwise, your words are simply blather.
GUNS AND GOLD.
Spot on eric150, spot on. This is so much Bullshit, and many people don’t even understand why this is so important. They where rat out by the stipulations of any trade over a million dollars. Bloggers and others where able to see the manipulation that was at hand. And here is what should be asked in the MSM (will never be, you can bet on it). Why is it so important that people not know what their trades are, especially when it was shown all the time up until this weekend. They are doing everything to make this market not transparent. And here’s something that should scare all of us too. Why is it so important now and not back 9 months ago for them to do it. Is there something about to happen or implode that they need Goldmans trades hidden in order for the fed to use them to stop it.
The world knows the US financial system is a criminal system that is running amok. The dollar is going to implode and in the end we are going to be in a super depression, the likes of which may be worse than the Hyperinflation of the Weimer republic. Seven banks failed on Thursday, 6 in Illinois and one in Texas. This is a controlled (so far) depression, but I don’t think they can control it anymore.
Let’s end this whole corrupt system. I have been saying this for quite some time. Let’s end wall-street. Let’s end the fed. Just screw them all. They know we’re close to the truth so they want to conceal us from it. These evil people think they can go on with their corrupt system more… and get away with it.
Looks to me like “the establishment” is in full panic mode.
Keep the pressure up folks, I smell blood in the water.
Rothchild’s MK Ultra Victim under Protective Custody,,
Is Goldman owned by the Rothchild’s?
Sad day yesterday,,Steve McNair died,,
I went to school with a Steve McNair,his dad was my dentist,,
One has to wonder about his skills,,I had to wear braces Twice,,and so did my sister,,TWIN,TWIN,TWIN wearing of braces..
But then this Rotchild’s MK Ultra program,,is sadistic and they love to inflict pain on woman,,
But then I guess this connects to Rothchild’s MK Ultra,,marking my right front tooth with Bush Sr, and a back left molar with Bush Jr..
This means the CIA is working in the USA big and large…
So,,for an organization that is supposed to have ZERO authority in the USA,,,it appears they have more authority than any of our other government agencies,,
I wonder if there working out of that back room of the CIA that our Congress has NO AUTHORITY OVER,,,
Nobody knows the funding,what’s going on,,there’s no oversight,,and everybody in the government is afraid to even ask!
Is this the room where MK Ultra operates out of?
We know this is where many assassinations are planned….
But there has to be another room,,for while else would be communicating back to the Rothchild’s with,,”I don’t think so Al”..
Another favorite cliche of mine..
Listen up England,,,I think you have the Rothchild’s MK Ultra up and running,,,
Hey,hey,hey,,It’s fat ALBERT!
At a time when greater regulation is badly needed over the financial markets, we now get the opposite.
The public doesn’t understand program trading. Essentially it involves the purchase or sale of blocks of stocks and the simultaneous sale or purchase (opposite side of the first transaction) of index futures contracts which represent those same stocks. These trades take place whenever the ‘fair value” of the futures contract (the mathematical equivalent of the underlying stocks, allowing for dividends) is above or below the prices of the stocks themselves.
It’s all done by computer. When an index futures contract is sufficiently undervalued relative to the stocks to guarantee a profit on the arbitrage, the computer buys contracts and sells stocks to capitalize on the difference. But in so doing, it effectively violates the “uptick rule,” which says a stock can be shorted only when the last change in price was upward. When a computer dumps stocks, there are no upticks, only downticks.
To the extent that Goldman Sachs influences sentiment on Wall Street, it’s able to create its own profit center. Convince enough traders that bearish conditions exist, and you’ll get them selling futures aggressively for quick profits. This widens the fair-value spread and gives Goldman an easy opportunity for arbitrage. The key word is “aggressively.” When sentiment is neutral, the spread between the futures and stocks is too narrow for an arbitrageur to succeed. If Goldman is doing the abritrage (50% of all transactions at last count), there’s a dangerous link between its selfish interests and its ability to control sentiment on the street.
This assumes there was transparency….
So I guess the only option they leave us is to dismantle Goldman Sachs. They may not care for the method…but it will remedy the problem.
On its face or in your face as the case may be, this is a final move by powerful bankers to stratify the “free” market’s investor base into a monolithic, computer driven base that can be controlled with a few telephone calls. Individual investors and day traders have always been viewed as low level hand wringers: the Madoff scandal underscored that. The bankers are circling their wagons for the final assault. Better to invest outside this market, somewhere less corrupt, maybe Chicago or better still, your home town.
The previously posted comments concerning urinalysis, the gold standard, fraud and corruption are woefully short on reason. Capitalism and its investment schemes have always been based on lies; the same lies found in theology.
Welcome to the Western Anglo financial system. It’s becoming a third world financial mess. When you don’t like the rules, CHANGE THEM. Thats how it’s working now. Our system is a joke a big joke.
The concept of direct participation investment, like putting your money into a business, is a good thing.
What happens on stock exchanges is straight forward gambling.
Regulations that stop banks and brokers profiting from rapid purchase and sale of paper are sorely required. The good done by direct participation in businesses adding value to the products of human endeavour can continue only when the rapists’ approach to human investments is completely stopped by society.
A first class example is the JPMorgan approach to Bear Stearns, it’s employees and it’s stock holders; try to steal it first and then throw them a bone to quite the very noisy objections.
Concentrating on Goldman Sachs is a distraction from the universal destructiveness of the JPMorgan oligarchs, both in this term and in the 20th century
Whether it’s Goldman Sachs, AIG or Halliburton, our elected are not working for us. Campaign contributions were not addressed in the constitution and may be the single biggest source of corruption in our country. Polititions are held hostage by the enormous cost of getting elected and won’t outlaw their own legal bribery system. Does anyone have a solution?
Excuse me, Politicians
When you let these Talmudist’s make the rules, they will always rape and plunder the goyim. It’s their Philosophy! Don’t for one minute think that Madoff isn’t a part of this pillage and that with some loophole written by these Zionists, he will be out of prison doing it again under another name.
STFU. There are alot more frat-boys screwing their own kind as well. Greed is color blind.
Rothchild’s Mk Ultra Victim,,
After heavy thought,,
To many victims, how to do this,,hmmm
The equation,,
1.How many countries victimized
2.How many years they were victimized
3.Populous of country during the years victimized
The above should determine easily and quickly, how to divide the compensation money..
I know the USA has been victimized since around 1928..
Don’t know about England,etc..
Then as they have jumped on many real conditions,illnesses,etc,,it will take to long to compensate..
Currently there working on reports to cover-up how many they victimized,
One of the latest was the report on building immunity to allergies.
Won’t work,,
So after grave thought,,
The victims of death and murder will be identified and get additional compensation..
Such as crib death families and murders..
As they have used every real conditions it will be to complicated and compensation delayed for to many years..
So we will call on the LAW to identify the above..
Good plan,,this gets the compensation in the hands of the victims fast..
I hope the USA can put some of this money in an account for hunger.
As this money was gotten threw ill gains and evil and many have suffered threw out the World,,
Maybe America can make a start in righting the wrongs…
Quote Frank Zappa:
It’s fairly obvious, since Richard Nixon, that there is no such thing as a fair deal for any voter in the United States — You’re just not gonna get it. It’s a joke — the people that you vote for, they’re the next best thing to criminals. But of course they have money for advertising campaigns that make them look a little bit better than they actually are.
Whether it’s the SEC, FCC, DEP,(choose your favorite acronym), etc. The regulatory institutions meant to protect us, no longer serve us. Congress, the Senate and the parties themselves answer to the same master. Government of the people by the people for the people, has been replaced by Government of the corporation by the corporation for the corporation. One of the biggest disasters that befell us occurred in “1886 when the Supreme Court ruled on a case called Santa Clara County v. Southern Pacific Railroad. The results of which corporations acquired legal personhood” and this is why we no longer have control of our government and Monsanto, Exxonmobil, et al, do.. We need to repeal the results of that ruling if we are ever to have a chance of having some sort of democracy again.
Here are some links with info on the 28th. Amendment:
http://www.chelseagreen.com/content/watch-separation-of-corporation-and-state-the-birth-of-the-28th-amendment-movement/
http://www.huffingtonpost.com/2008/11/10/fishermaam-proposes-28th_n_142735.html
http://www.reclaimdemocracy.org/personhood/edwards_morgan_corporate.html
“Protect the guilty & you will be rewarded”
“Blogs such as Zero Hedge have been using NYSE data to argue that Goldman Sachs now has an almost unfettered ability to control stock prices.” Ah, here we are again…when ANYONE can buy ink “by the barrel”, the “background financial structure” collapses, or tries to collapse the “ink by the barrel” folks. October 1987, March/April 2000, October 2008. The fun is in the “spectator sport” category. Everybody else gets hurt. But the “background structure” folks keep hoping that soon “progress” will stall. It’s the march of history, folks. NOBODY NEEDS a billion dollars. NOBODY. Swallow your greed and get comfortable with the concept of just being sane–like most of the rest of us–or get run over by the steam rollers of progress you’ve been “pretending” to worship.
Ooops. Forgot to mention that “democracy” and “capitalism” are actually “progressive” concepts–corrupted lately, of course, but still essentially “progressive”. Man, that has to hurt for Goldman Sachs types!
My advice, stay out of the market. Pay off your house, put money into your business or a CD, but don’t let investment banksters anywhere near it.
We have been so had by these parasites. While most of us were busy making families and trying to live a good life these vermin were scheming into the night how to take it all for themselves.
This is going to come down to the working class tearing down Wall Street. Time once again for the guillotine to find itself at the center of the solution for what is basically a crimes against humanity.
End Walls Streets reign over this country. Bring down Goldmen Sachs and let the blade fly.
But why?!? We haven’t had any perfectly good mass hangings in a long time!