main problem that Goldman raises is a question of size: 'too big to
fail.' In some markets, they have a significant fraction of trades. Why
is that important? They trade both on their proprietary desk and on
behalf of customers. When you do that and you have a significant
fraction of all trades, you have a lot of information."
Further,
he says, "That raises the potential of conflicts of interest, problems
of front-running, using that inside information for your proprietary
desk. And that's why the Volcker report came out and said that we need
to restrict the kinds of activity that these large institutions have.
If you're going to trade on behalf of others, if you're going to be a
commercial bank, you can't engage in certain kinds of risk-taking
behavior."
The giants (especially Goldman Sachs) have also used high-frequency program trading which not only distorted the markets
- making up more than 70% of stock trades - but which also let the
program trading giants take a sneak peak at what the real (aka “human”)
traders are buying and selling, and then trade on the insider
information. See this, this, this, this and this. (This is frontrunning,
which is illegal; but it is a lot bigger than garden variety
frontrunning, because the program traders are not only trading based on
inside knowledge of what their own clients are doing, they are also
trading based on knowledge of what all other traders are doing).
Goldman also admitted
that its proprietary trading program can "manipulate the markets in
unfair ways". The giant banks have also allegedly used their Counterparty Risk Management Policy Group (CRMPG) to exchange secret information and formulate coordinated mutually beneficial actions, all with the government's blessings.
In addition, the giants receive many billions in subsidies
by receiving government guarantees that they are "too big to fail",
ensuring that they have to pay lower interest rates to attract
depositors.
Derivatives
The government's failure to
rein in derivatives or break up the giant banks also constitute
enormous subsidies, as it allows the giants to make huge sums by
keeping the true price points of their derivatives secret. See this and this.
Toxic Assets
The PPIP program - which was supposed to reduce the toxic assets held by banks - actually increased them, and just let the banks make a quick buck.
In
addition, the government suspended mark-to-market valuation of the
toxic assets held by the giant banks, and is allowing the banks to value
the assets at whatever price they desire. This constitutes a huge
giveaway to the big banks.
As one writer notes:
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip off
Exclusivo: el general Petraeus no ' ' Claro victoria en Afganistán en 2014 <b> ...</ b> En mi entrevista exclusiva con el general David Petraeus se sentía alentado por los progresos realizados desde que el presidente incremento de Obama de las fuerzas en Afganistán, pero que confía en que el ejército afgano puede asumir el liderazgo de las fuerzas de EE.UU. en la OTAN.
<b> Película Noticias </ b> Quick Hits: ' ' s Emma Stone Spider-Man Mira ', Annie Asiente <b> ...</ b> Publicado el 06 de diciembre 2010 15:05. Filed under: Trailers y clips, películas Noticias, Festival de Cine Sundance, Cinematical. Este correo electrónico. - Emma Stone estrenó su look de Spider-Man por primera vez a Trevor vivo en Hollywood el fin de semana. ...
Habitaciones Lujiazui: <b> Noticias </ b> & puntos de vista sobre las existencias de China (06 de diciembre <b> ...</ b> Inversores y comerciantes en el principal distrito financiero de China se trata de la siguiente antes del inicio del día de hoy el comercio: Con las expectativas sobre la inflación y la política monetaria cada vez más claro, los inversores están tomando las señales desde el extranjero ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip off
After their victory in the Napoleonic Wars, the victors -- the Brits and the Prussians and their hangers-on -- demanded an indemnity of 700,000,000 francs from the defeated French. Newly installed Louis XVIII and his courtiers didn't have a clue what to do. But Paris investment banker Gabriel-Julien Ouvrard had an idea. Don't borrow from the rich in France with a compulsory loan, he said. Don't raise taxes. Float a bond issue in London and borrow the money from the victors. Everyone thought the guy was crazy. But he wasn't. British banker Barings and Amsterdam banker Hope & Co. were happy to syndicate a loan for the French in the city. The bond issue sold out, and the prices of French rentes went up. Everyone made lots of money, and best of all, Louis XVIII got himself and the French people out of a jam so they could go on to lose three wars to the Germans in less than a century."The
main problem that Goldman raises is a question of size: 'too big to
fail.' In some markets, they have a significant fraction of trades. Why
is that important? They trade both on their proprietary desk and on
behalf of customers. When you do that and you have a significant
fraction of all trades, you have a lot of information."
Further,
he says, "That raises the potential of conflicts of interest, problems
of front-running, using that inside information for your proprietary
desk. And that's why the Volcker report came out and said that we need
to restrict the kinds of activity that these large institutions have.
If you're going to trade on behalf of others, if you're going to be a
commercial bank, you can't engage in certain kinds of risk-taking
behavior."
The giants (especially Goldman Sachs) have also used high-frequency program trading which not only distorted the markets
- making up more than 70% of stock trades - but which also let the
program trading giants take a sneak peak at what the real (aka “human”)
traders are buying and selling, and then trade on the insider
information. See this, this, this, this and this. (This is frontrunning,
which is illegal; but it is a lot bigger than garden variety
frontrunning, because the program traders are not only trading based on
inside knowledge of what their own clients are doing, they are also
trading based on knowledge of what all other traders are doing).
Goldman also admitted
that its proprietary trading program can "manipulate the markets in
unfair ways". The giant banks have also allegedly used their Counterparty Risk Management Policy Group (CRMPG) to exchange secret information and formulate coordinated mutually beneficial actions, all with the government's blessings.
In addition, the giants receive many billions in subsidies
by receiving government guarantees that they are "too big to fail",
ensuring that they have to pay lower interest rates to attract
depositors.
Derivatives
The government's failure to
rein in derivatives or break up the giant banks also constitute
enormous subsidies, as it allows the giants to make huge sums by
keeping the true price points of their derivatives secret. See this and this.
Toxic Assets
The PPIP program - which was supposed to reduce the toxic assets held by banks - actually increased them, and just let the banks make a quick buck.
In
addition, the government suspended mark-to-market valuation of the
toxic assets held by the giant banks, and is allowing the banks to value
the assets at whatever price they desire. This constitutes a huge
giveaway to the big banks.
As one writer notes:
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip off
After their victory in the Napoleonic Wars, the victors -- the Brits and the Prussians and their hangers-on -- demanded an indemnity of 700,000,000 francs from the defeated French. Newly installed Louis XVIII and his courtiers didn't have a clue what to do. But Paris investment banker Gabriel-Julien Ouvrard had an idea. Don't borrow from the rich in France with a compulsory loan, he said. Don't raise taxes. Float a bond issue in London and borrow the money from the victors. Everyone thought the guy was crazy. But he wasn't. British banker Barings and Amsterdam banker Hope & Co. were happy to syndicate a loan for the French in the city. The bond issue sold out, and the prices of French rentes went up. Everyone made lots of money, and best of all, Louis XVIII got himself and the French people out of a jam so they could go on to lose three wars to the Germans in less than a century."The
main problem that Goldman raises is a question of size: 'too big to
fail.' In some markets, they have a significant fraction of trades. Why
is that important? They trade both on their proprietary desk and on
behalf of customers. When you do that and you have a significant
fraction of all trades, you have a lot of information."
Further,
he says, "That raises the potential of conflicts of interest, problems
of front-running, using that inside information for your proprietary
desk. And that's why the Volcker report came out and said that we need
to restrict the kinds of activity that these large institutions have.
If you're going to trade on behalf of others, if you're going to be a
commercial bank, you can't engage in certain kinds of risk-taking
behavior."
The giants (especially Goldman Sachs) have also used high-frequency program trading which not only distorted the markets
- making up more than 70% of stock trades - but which also let the
program trading giants take a sneak peak at what the real (aka “human”)
traders are buying and selling, and then trade on the insider
information. See this, this, this, this and this. (This is frontrunning,
which is illegal; but it is a lot bigger than garden variety
frontrunning, because the program traders are not only trading based on
inside knowledge of what their own clients are doing, they are also
trading based on knowledge of what all other traders are doing).
Goldman also admitted
that its proprietary trading program can "manipulate the markets in
unfair ways". The giant banks have also allegedly used their Counterparty Risk Management Policy Group (CRMPG) to exchange secret information and formulate coordinated mutually beneficial actions, all with the government's blessings.
In addition, the giants receive many billions in subsidies
by receiving government guarantees that they are "too big to fail",
ensuring that they have to pay lower interest rates to attract
depositors.
Derivatives
The government's failure to
rein in derivatives or break up the giant banks also constitute
enormous subsidies, as it allows the giants to make huge sums by
keeping the true price points of their derivatives secret. See this and this.
Toxic Assets
The PPIP program - which was supposed to reduce the toxic assets held by banks - actually increased them, and just let the banks make a quick buck.
In
addition, the government suspended mark-to-market valuation of the
toxic assets held by the giant banks, and is allowing the banks to value
the assets at whatever price they desire. This constitutes a huge
giveaway to the big banks.
As one writer notes:
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
bench craft company rip offExclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Posted Dec 6th 2010 3:05PM. Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. ...
Lujiazui Breakfast: <b>News</b> & Views About China Stocks (Dec. 6 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: With expectations about inflation and monetary policy becoming clearer, investors are taking cues from overseas ...
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