Really? Only $550 million? Unbelievable. The SEC must be totally in bed with the big investment banks.
Goldman was not required to admit fraud, but says it made a "mistake", by not disclosing to investors that John Paulson (who was short the instruments GS was selling) hand picked the securities in the fund. In other words, it was designed to fail, and Goldman collected money on both sides of the deal.
Big win for Goldman. Big embarrassment for the wimpy SEC.
Thursday, July 15, 2010
Tuesday, July 13, 2010
Who Runs Wall Street?
Today is a great example of how program technical trading (designed by the "quants") rules Wall Street.
It's true: the stock market is a giant casino, manipulated by giant investment banks that are subsidized with our tax dollars. But only in the short run. In the long run they will all be dead, after making obscene amounts of money.(just a little dark humor)
Don't be fooled, this is a technical bounce. If you get in now you will get your face ripped off.
The price differential between near term puts (short bets or downside protection) on many stocks and intermediate term puts (ones which expire this fall) is huge. It is larger than it should be taking time into account.
This tells me this rally will fail. We could go as high as 10,600 first though.
It's true: the stock market is a giant casino, manipulated by giant investment banks that are subsidized with our tax dollars. But only in the short run. In the long run they will all be dead, after making obscene amounts of money.(just a little dark humor)
Don't be fooled, this is a technical bounce. If you get in now you will get your face ripped off.
The price differential between near term puts (short bets or downside protection) on many stocks and intermediate term puts (ones which expire this fall) is huge. It is larger than it should be taking time into account.
This tells me this rally will fail. We could go as high as 10,600 first though.
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