Friday, July 10, 2009

Media and Traders coming down hard on Goldman Themis Trading Blog
The video linked below is a must-see piece of journalistic skepticism. The duo at Bloomberg News are discussing the recent alleged theft of trading code by a former Goldman employee Sergey Aleynikov who moved to a hedge fund called Citadel.  Their commentary is incredulous.  Their tone seems to ask: "Is the Government working for Goldman now?"

Here are a few gems:

  • "What is Goldman Sachs doing with this trading code that could manipulate the markets?"
  • "And Goldman got on the phone to the Justice Department and got them so fast to nail this guy, it's almost - you wonder if they have a red line to the government."
  • "It is amazing within one day of Goldman calling they had FBI agents at his driveway doing surveillance.  The next day they arrested him…"
  • "It's interesting that the prosecutor from the testimony that I've read, it almost sounds as if he's working at Goldman Sachs."
Taibbi: New Secrecy Rule Lets Goldman Sachs Control Stock Prices Unmolested by Public Scrutiny

Executive Order 12631 was signed on March 18, 1988 by then-President Ronald Reagan, after the biggest one-day market loss in history -- also known as 'Black Monday' -- when the Dow Jones Industrial average dropped 508 points on October 19, 1987. Executive Order 12631 created the "Plunge Protection Team," a working group that was designed to keep the markets operating in the event of a sudden plunge in stock prices.,8599,1908562,00.html?iid=tsmodule

Goldman Sachs vs. Rolling Stone: A Wall Street Smackdown

Goldman Sachs is a giant pig. A giant pig that blows bubbles through a wand shaped like a dollar sign. A giant pig that laughs at us when we invest in worthless dotcom stocks. A giant pig that happily watches us get carried away and burned by rising home prices. A giant pig that smiles widely when we have to fill our tanks with $4-a-gallon gas. Quite simply, the investment bank that is revered on Wall Street could just be a bunch of crooks, and greedy ones at that.