Remember what was said about Madoff when people started looking at his operation?
There were only two possible explanations for the firm's apparently never-losing trading: They were either front-running or cheating in some other fashion, or the entire thing was a gigantic ponzi scheme.
We later learned that #2 was the case.
But is there an example of #1 somewhere? Hmmmm....
Aug. 5 (Bloomberg) -- Goldman Sachs Group Inc. made more than $100 million in trading revenue on a record 46 separate days during the second quarter, or 71 percent of the time, breaking the previous high of 34 days in the prior three months.
Trading losses occurred on two days during the months of April, May and June, down from eight in the first quarter, the New York-based bank said today in a filing with the U.S. Securities and Exchange Commission. The company made at least $50 million on 58 of the 65 trading days during the quarter, or 89 percent of the time.
Just two days of losses in the entire quarter?
There are a lot of very good traders in the world, but nobody has that sort of record on any sort of consistent basis unless they've managed to rig the game.
You can be "the smartest guys in the room" but nearly-perfect records at the poker table are almost always an indication that someone has managed to figure out a way to peek at the other side's hole cards.
Oh, and they're gambling (or cheating?) with your money too - not their own:
Banks such as Goldman Sachs are benefiting from lower borrowing costs after the Federal Deposit Insurance Corp. in October started guaranteeing bank debt issues that mature within three years. Goldman Sachs said in today’s filing it had $25.1 billion of debt guaranteed by the FDIC under the agency’s Temporary Liquidity Guarantee Program. The bank sold about $30 billion of the FDIC-backed securities between November and March, according to company filings.
Is this an example of "heads we win, tails you lose, and we're peeking at your hole cards"?
Inquiring minds want to know.
Link
I want you to think about a large pair of breasts. I want you to visualize these breasts, round and pendulous , of smooth creamy texture, nipples erect. I want you to concentrate on the warmth of the breasts, how warm they are. I want to imagine these breasts pressed gently to your forehead.
ReplyDeleteVery good.
What color are the breast? what about the nipples? pink/brown/ or purplish?
ReplyDeleteYellowish, with goosebumpy skin.
ReplyDeleteServed with Mayonaisse on a sesame seed bun.
Chick-Filet
Good Savory Goodness
Right...now can we get back to the article.
ReplyDeleteAhhh ...what was that article about?
Oh yes... Goldman Sacks and the Stock Market.
What! Are ANY of you out there still so clueless that you don't realize that that the Stock Market is as rigged to favor the house (GS in this case) as are casinos in Las Vegas. Quite simply, Goldman Sacks rules. They've bought off Congress, Obama and the regulators (and of course, they've always had the FED on ther side...after all, the FED is their own creation).
I'm OUT of the US Stock Market.
I'll stay out untill there's a VERY MAJOR change.
National Guard Hiring for...GET THIS??? "INTERNMENT CAMP GUARDS" in Florida, read all about it and the "Swine Flu."
ReplyDeletehttp://pencildicksvstheworld.blogspot.com/2009/08/army-national-guard-hiring-detention.html
Dear PencilDick,
ReplyDeleteI notice you have Isreal is the whore of babylon on your webpage. I am a Christian, and came to a similiar conclusion about a year ago, only I came to the conclusion Isreal is the Beast and America the False Prophet which looks like a lamb but speaks like a dragon and forces the entire world to worship the Beast which was, is not, and shall be, which had the wound of the sword and yet lives.
Feel me?
Just passing it on...
ReplyDeletehttp://www.atimes.com/atimes/Global_Economy/KH05Dj03.html
Have fun. :)