Wall Street Felon, HF Traders Plot 3rd US Stock Exchange: Every Thing's Rigged.

[georgephillip]

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."

"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."

Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.

It should be policed as if it's a major terrorist threat.

The last thing it needs is a new junior partner in systemic corruption.

"Now for a look at a few of the firms that want to run this new stock exchange.

"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.

"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.

"This is what happened next, according to the Justice Department..."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

 

[georgephillip]

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts. This is what happened next, according to the Justice Department:

"'UBS engaged in deceptive FX [forex] trading and sales practices after it signed the LIBOR non-prosecution agreement, including undisclosed markups added to certain FX transactions of customers.'

"'UBS traders and sales staff misrepresented to customers on certain transactions that markups were not being added, when in fact they were.'

"'On other occasions, UBS traders and sales staff used hand signals to conceal those markups from customers.'

"'On still other occasions, certain UBS traders also tracked and executed limit orders at a level different from the customer’s specified level in order to add undisclosed markups.'

"'In addition, according to court documents, a UBS FX trader conspired with other banks acting as dealers in the FX spot market by agreeing to restrain competition in the purchase and sale of dollars and euros. UBS participated in this collusive conduct from October 2011 to at least January 2013.'"

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

 

[sparky]

I've seen the ave Joe loose too many times to wall street.

Mortgages, Retirements, Annuities all go <poof>

Meanwhile the rich get richer, the poor poorer

Congress being the former, the rest of us reading this the latter

Now some of the savvy posters here have enlightened me to the specifics, which is an 'effin' epiphany once one gets his/her head around it

But one does not need be all that smart to realize the house never looses , h*ll a bag 'o hammers should get it by now.....

~S~

 

[sparky]

I've seen the ave Joe loose too many times to wall street.

Mortgages, Retirements, Annuities all go <poof>

Meanwhile the rich get richer, the poor poorer

Congress being the former, the rest of us reading this the latter

Now some of the savvy posters here have enlightened me to the specifics, which is an 'effin' epiphany once one gets his/her head around it

But one does not need be all that smart to realize the house never looses , h*ll a bag 'o hammers should get it by now.....

~S~

 

[Toddsterpatriot]

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."

"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."

Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.

It should be policed as if it's a major terrorist threat.

The last thing it needs is a new junior partner in systemic corruption.

"Now for a look at a few of the firms that want to run this new stock exchange.

"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.

"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.

"This is what happened next, according to the Justice Department..."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

You definitely shouldn't trade any shares on this new exchange.
You show them that they can't push you around anymore.
They'll be sorry they ever messed with you!

 

[BasicHumanUnit]

Anyone here made out really good on Wall Street?
Most REALLY wise Average Joes I know who are fairly savvy high rollers still have only done modestly well.
I think they allow "some" winners here and there to suck others in....like the Lottery.

 

[georgephillip]

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."

"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."

Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.

It should be policed as if it's a major terrorist threat.

The last thing it needs is a new junior partner in systemic corruption.

"Now for a look at a few of the firms that want to run this new stock exchange.

"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.

"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.

"This is what happened next, according to the Justice Department..."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

You definitely shouldn't trade any shares on this new exchange.
You show them that they can't push you around anymore.
They'll be sorry they ever messed with you!

Does the following sound problematic to you?

https://www.rollingstone.com/politi...-the-biggest-price-fixing-scandal-ever-82255/

"The banks found a loophole, a basic flaw in the machine. Across the financial system, there are places where prices or official indices are set based upon unverified data sent in by private banks and financial companies.

"In other words, we gave the players with incentives to game the system institutional roles in the economic infrastructure."

 

[georgephillip]

Anyone here made out really good on Wall Street?
Most REALLY wise Average Joes I know who are fairly savvy high rollers still have only done modestly well.
I think they allow "some" winners here and there to suck others in....like the Lottery.

"The Richest 10% of Americans Now Own 84% of All Stocks"

The Richest 10% of Americans Now Own 84% of All Stocks

"Despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10% of households controlled 84% of the total value of these stocks in 2016..."

I get the impression both major parties propose legislation favorable to the richest 10% of households while most of their rhetoric about "democracy" is directed to the lower 90%.

As for Wall Street, it seems clear that fraud is the driving principle.

 

[sparky]

As for Wall Street, it seems clear that fraud is the driving principle.

w/cognitive dissonance seat belts.....~S~

 

[Toddsterpatriot]

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."

"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."

Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.

It should be policed as if it's a major terrorist threat.

The last thing it needs is a new junior partner in systemic corruption.

"Now for a look at a few of the firms that want to run this new stock exchange.

"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.

"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.

"This is what happened next, according to the Justice Department..."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

You definitely shouldn't trade any shares on this new exchange.
You show them that they can't push you around anymore.
They'll be sorry they ever messed with you!

Does the following sound problematic to you?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"The banks found a loophole, a basic flaw in the machine. Across the financial system, there are places where prices or official indices are set based upon unverified data sent in by private banks and financial companies.

"In other words, we gave the players with incentives to game the system institutional roles in the economic infrastructure."

Yes, the idiocy of setting the price of loans based on something other than actual loans was idiotic.

The government should set the prices instead...….oh wait.

 

[Toddsterpatriot]

Anyone here made out really good on Wall Street?
Most REALLY wise Average Joes I know who are fairly savvy high rollers still have only done modestly well.
I think they allow "some" winners here and there to suck others in....like the Lottery.

"The Richest 10% of Americans Now Own 84% of All Stocks"

The Richest 10% of Americans Now Own 84% of All Stocks

"Despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10% of households controlled 84% of the total value of these stocks in 2016..."

I get the impression both major parties propose legislation favorable to the richest 10% of households while most of their rhetoric about "democracy" is directed to the lower 90%.

As for Wall Street, it seems clear that fraud is the driving principle.

"The Richest 10% of Americans Now Own 84% of All Stocks"

It's true, rich people are richer than poor people.

 

[georgephillip]

As for Wall Street, it seems clear that fraud is the driving principle.

w/cognitive dissonance seat belts.....~S~

Bankers’ Fraud Now ‘Too Big To Fail’!

"But the biggest shock came out of a federal courtroom at the end of March – though if you follow these matters closely, it may not have been so shocking at all – when a landmark class-action civil lawsuit against the banks for Libor-related offenses was dismissed.

"In that case, a federal judge accepted the banker-defendants’ incredible argument:

"If cities and towns and other investors lost money because of Libor manipulation, that was their own fault for ever thinking the banks were competing in the first place."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

Apparently, that cognitive di$$onance extends to the courtroom?

 

[georgephillip]

Anyone here made out really good on Wall Street?
Most REALLY wise Average Joes I know who are fairly savvy high rollers still have only done modestly well.
I think they allow "some" winners here and there to suck others in....like the Lottery.

"The Richest 10% of Americans Now Own 84% of All Stocks"

The Richest 10% of Americans Now Own 84% of All Stocks

"Despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10% of households controlled 84% of the total value of these stocks in 2016..."

I get the impression both major parties propose legislation favorable to the richest 10% of households while most of their rhetoric about "democracy" is directed to the lower 90%.

As for Wall Street, it seems clear that fraud is the driving principle.

"The Richest 10% of Americans Now Own 84% of All Stocks"

It's true, rich people are richer than poor people.

How do some rich people get richer than poor people?

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain.

"But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place.

"It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”

 

[Toddsterpatriot]

Anyone here made out really good on Wall Street?
Most REALLY wise Average Joes I know who are fairly savvy high rollers still have only done modestly well.
I think they allow "some" winners here and there to suck others in....like the Lottery.

"The Richest 10% of Americans Now Own 84% of All Stocks"

The Richest 10% of Americans Now Own 84% of All Stocks

"Despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10% of households controlled 84% of the total value of these stocks in 2016..."

I get the impression both major parties propose legislation favorable to the richest 10% of households while most of their rhetoric about "democracy" is directed to the lower 90%.

As for Wall Street, it seems clear that fraud is the driving principle.

"The Richest 10% of Americans Now Own 84% of All Stocks"

It's true, rich people are richer than poor people.

How do some rich people get richer than poor people?

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain.

"But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place.

"It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”

How do some rich people get richer than poor people?

It sounds like it starts by saving some money and using it to buy stock.

“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain.

Taking money? And you a trader on the other side of these HFT transactions? Or is it the 10% who own the 84%?

"But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place. ​

If your pension or mutual fund is doing millions of trades a day, they're doing it wrong.
​

"It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”​

If you're trying to trade as fast as the big guys...….you should stop.​

 

[georgephillip]

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."

"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."

Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.

It should be policed as if it's a major terrorist threat.

The last thing it needs is a new junior partner in systemic corruption.

"Now for a look at a few of the firms that want to run this new stock exchange.

"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.

"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.

"This is what happened next, according to the Justice Department..."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

You definitely shouldn't trade any shares on this new exchange.
You show them that they can't push you around anymore.
They'll be sorry they ever messed with you!

Does the following sound problematic to you?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"The banks found a loophole, a basic flaw in the machine. Across the financial system, there are places where prices or official indices are set based upon unverified data sent in by private banks and financial companies.

"In other words, we gave the players with incentives to game the system institutional roles in the economic infrastructure."

Yes, the idiocy of setting the price of loans based on something other than actual loans was idiotic.

The government should set the prices instead...….oh wait.

Instead of government setting prices you prefer the criminals who own government?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings – in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP – are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing.

"Moreover, it’s increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system.

"If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above."

 

[Toddsterpatriot]

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."

"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."

Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.

It should be policed as if it's a major terrorist threat.

The last thing it needs is a new junior partner in systemic corruption.

"Now for a look at a few of the firms that want to run this new stock exchange.

"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.

"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.

"This is what happened next, according to the Justice Department..."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

You definitely shouldn't trade any shares on this new exchange.
You show them that they can't push you around anymore.
They'll be sorry they ever messed with you!

Does the following sound problematic to you?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"The banks found a loophole, a basic flaw in the machine. Across the financial system, there are places where prices or official indices are set based upon unverified data sent in by private banks and financial companies.

"In other words, we gave the players with incentives to game the system institutional roles in the economic infrastructure."

Yes, the idiocy of setting the price of loans based on something other than actual loans was idiotic.

The government should set the prices instead...….oh wait.

Instead of government setting prices you prefer the criminals who own government?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings – in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP – are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing.

"Moreover, it’s increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system.

"If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above."

in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP

Assets are 60% of GDP?
What are their liabilities?

 

[georgephillip]

Anyone here made out really good on Wall Street?
Most REALLY wise Average Joes I know who are fairly savvy high rollers still have only done modestly well.
I think they allow "some" winners here and there to suck others in....like the Lottery.

"The Richest 10% of Americans Now Own 84% of All Stocks"

The Richest 10% of Americans Now Own 84% of All Stocks

"Despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10% of households controlled 84% of the total value of these stocks in 2016..."

I get the impression both major parties propose legislation favorable to the richest 10% of households while most of their rhetoric about "democracy" is directed to the lower 90%.

As for Wall Street, it seems clear that fraud is the driving principle.

"The Richest 10% of Americans Now Own 84% of All Stocks"

It's true, rich people are richer than poor people.

How do some rich people get richer than poor people?

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain.

"But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place.

"It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”

How do some rich people get richer than poor people?

It sounds like it starts by saving some money and using it to buy stock.

“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain.

Taking money? And you a trader on the other side of these HFT transactions? Or is it the 10% who own the 84%?

"But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place.

If your pension or mutual fund is doing millions of trades a day, they're doing it wrong.

"It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”

If you're trying to trade as fast as the big guys...….you should stop.​

How fast do you trade?
As fast as Michael Lewis?

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"Also in 2014, bestselling author Michael Lewis, a former veteran of Wall Street, released his newest book 'Flash Boys.' It thoroughly detailed how high frequency trading had rigged U.S. stock markets..."

"In an interview on 60 Minutes on March 30, 2014, Lewis called high frequency trading 'legalized front running,' where traders using high speed computers are able to get advance news on prices and what other investors are doing.

"In a saner America, the Securities and Exchange Commission would have outlawed the practice by now.

"But in today’s America, where Wall Street controls the political campaign purse of the members of Congress and the levers of the Presidential transition team that picks cabinet posts and Federal regulators, we have ended up with Wall Street’s lawyer running the SEC under both the Obama and the Trump administration."

Did you get that last part?
Wall Street lawyers ran/run the SEC under Obama and Trump.
Who do you blame, government or billionaires?

 

[georgephillip]

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"A group of nine financial firms, including an admitted felon and two high-frequency trading powerhouses, announced this week that they plan to open a national stock exchange to compete head on with the New York Stock Exchange and the Nasdaq..."

"Yes, our two major stock exchanges are a viper’s nest of conflicts of interest and in desperate need of reform, but this motley crew can only make matters worse...."

Twice in the past century, Wall Street banks have crashed the financial system and the US economy as a result of self-dealing and obscene greed.

It should be policed as if it's a major terrorist threat.

The last thing it needs is a new junior partner in systemic corruption.

"Now for a look at a few of the firms that want to run this new stock exchange.

"UBS, the powerful Swiss bank with a heavy presence on Wall Street, is one of the nine financial firms that announced plans to create the stock exchange, to be called Members Exchange, or MEMX.

"UBS received a deferred prosecution agreement from the U.S. Justice Department in 2012 for its role in engaging with other banks to rig the international interest rate benchmark known as LIBOR.

"In exchange for not getting prosecuted, UBS agreed to not commit any more criminal acts.

"This is what happened next, according to the Justice Department..."

The Biggest Price-Fixing Scandal Ever – Rolling Stone

You definitely shouldn't trade any shares on this new exchange.
You show them that they can't push you around anymore.
They'll be sorry they ever messed with you!

Does the following sound problematic to you?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"The banks found a loophole, a basic flaw in the machine. Across the financial system, there are places where prices or official indices are set based upon unverified data sent in by private banks and financial companies.

"In other words, we gave the players with incentives to game the system institutional roles in the economic infrastructure."

Yes, the idiocy of setting the price of loans based on something other than actual loans was idiotic.

The government should set the prices instead...….oh wait.

Instead of government setting prices you prefer the criminals who own government?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings – in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP – are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing.

"Moreover, it’s increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system.

"If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above."

in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP

Assets are 60% of GDP?
What are their liabilities?

Current or long term?

 

[Toddsterpatriot]

Anyone here made out really good on Wall Street?
Most REALLY wise Average Joes I know who are fairly savvy high rollers still have only done modestly well.
I think they allow "some" winners here and there to suck others in....like the Lottery.

"The Richest 10% of Americans Now Own 84% of All Stocks"

The Richest 10% of Americans Now Own 84% of All Stocks

"Despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10% of households controlled 84% of the total value of these stocks in 2016..."

I get the impression both major parties propose legislation favorable to the richest 10% of households while most of their rhetoric about "democracy" is directed to the lower 90%.

As for Wall Street, it seems clear that fraud is the driving principle.

"The Richest 10% of Americans Now Own 84% of All Stocks"

It's true, rich people are richer than poor people.

How do some rich people get richer than poor people?

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain.

"But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place.

"It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”

How do some rich people get richer than poor people?

It sounds like it starts by saving some money and using it to buy stock.

“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain.

Taking money? And you a trader on the other side of these HFT transactions? Or is it the 10% who own the 84%?

"But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place.

If your pension or mutual fund is doing millions of trades a day, they're doing it wrong.

"It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”

If you're trying to trade as fast as the big guys...….you should stop.​

How fast do you trade?
As fast as Michael Lewis?

A Wall Street Felon and High Frequency Traders Announce Plan to Form Stock Exchange

"Also in 2014, bestselling author Michael Lewis, a former veteran of Wall Street, released his newest book 'Flash Boys.' It thoroughly detailed how high frequency trading had rigged U.S. stock markets..."

"In an interview on 60 Minutes on March 30, 2014, Lewis called high frequency trading 'legalized front running,' where traders using high speed computers are able to get advance news on prices and what other investors are doing.

"In a saner America, the Securities and Exchange Commission would have outlawed the practice by now.

"But in today’s America, where Wall Street controls the political campaign purse of the members of Congress and the levers of the Presidential transition team that picks cabinet posts and Federal regulators, we have ended up with Wall Street’s lawyer running the SEC under both the Obama and the Trump administration."

Did you get that last part?
Wall Street lawyers ran/run the SEC under Obama and Trump.
Who do you blame, government or billionaires?

Lewis called high frequency trading 'legalized front running,' where traders using high speed computers are able to get advance news on prices and what other investors are doing.

I log into my TD Ameritrade account and enter an order to sell 200 shares of QQQ at $161.28.
How does the high speed trader see my order and what does he do with it?

 

[Toddsterpatriot]

You definitely shouldn't trade any shares on this new exchange.
You show them that they can't push you around anymore.
They'll be sorry they ever messed with you!

Does the following sound problematic to you?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"The banks found a loophole, a basic flaw in the machine. Across the financial system, there are places where prices or official indices are set based upon unverified data sent in by private banks and financial companies.

"In other words, we gave the players with incentives to game the system institutional roles in the economic infrastructure."

Yes, the idiocy of setting the price of loans based on something other than actual loans was idiotic.

The government should set the prices instead...….oh wait.

Instead of government setting prices you prefer the criminals who own government?

The Biggest Price-Fixing Scandal Ever – Rolling Stone

"All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings – in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP – are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing.

"Moreover, it’s increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system.

"If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above."

in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation’s GDP

Assets are 60% of GDP?
What are their liabilities?

Current or long term?

Both.