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Taibbi: NYSE ends transparency to protect Goldman Sachs
Daniel Tencer
Raw Story
Sunday, July 5, 2009
The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading — a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.
The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, says Matt Taibbi, the journalist whose Rolling Stone article on Goldman Sachs’ role in asset bubbles over the past century has rocked the financial world.
According to previous NYSE rules, any company that carried out program trading — essentially, large computer-automated trades worth more than $1 million — had to report the trades to the NYSE, which then made the information publicly available.
But, under new regulations (PDF) published last week, that requirement has been removed.
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“The NYSE announced that it will no longer be releasing its weekly program trading data,” Taibbi wrote in a blog posting. “This is quiet obviously a move designed to make it even more impossible to track what’s going on in the NYSE and shield, in particular, Goldman Sachs.”
Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies’ stock market manipulations. Goldman Sachs is singled out because the investment bank’s share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months.
Blogs such as Zero Hedge have been using NYSE data to argue that Goldman Sachs now has an almost unfettered ability to control stock prices.
Responding last week to news of the NYSE’s rule change, Zero Hedge argued:
The NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE’s program trading.
Taibbi’s article on Goldman Sachs’ long history of involvement in asset bubbles and crashes can be found here.
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28 Responses to “Taibbi: NYSE ends transparency to protect Goldman Sachs”
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July 5th, 2009 at 8:07 am
Since Rolling Stone ran the article about Goldman Sachs being behind every market crash, seems that the Stock Exchange is just covering up what they know is true.
http://rawstory.com/blog/2009/.....nce-1920s/
Guess GS was taking too much heat, and needed to clear up that transparency thing, before they got caught with their hand in the cookie jar.
Just more Government protecting the Bankers, and not giving a DAMN about the people and lives they destroy in the process.
DigDeeper Reply:
July 5th, 2009 at 1:50 pm
Sorry Madman, the Goldman Sachs angle is just a red herring bordering on misinformation to get people off the scent of the Fed.
The Fed is the problem at the top and GS is just one small part of the big problem.
Matt Taibbi is a dirty filthy government agent posing as a progressive liberal while he does the bidding of his NWO masters.
Read this for conclusive proof.
http://www.alternet.org/story/.....att_taibbi
Taibbi works for them, not for us or for the truth.
Be very very suspicious of everything he says.
Madman Reply:
July 5th, 2009 at 6:52 pm
The fed is the problem, I do agree… but, seems funny that the new NYSE moves would prevent any validation of the Rolling Stones article. Then again, it’s a sad day when a music rag puts out more truth than the nightly news.
CNN is the Michael Jackson Memorial Network now.
It’s about time, to start shooting.
Jim Lunsford Reply:
July 5th, 2009 at 9:01 pm
When I was a stock broker, I used to read The Investors Business Daily, an excellent newspaper. Though I read it for sales pitches, not real investment advice. One of the things I noted in it were the massive amounts of criminal activities uncovered on a daily basis by every large investment company. They’d be hit with fines for crimes which made the mafia look like pikers. What a ponzi scheme the entire stock market really is. 401ks were only designed to seperate the putzes from their money. Just watch your dreams go up in electronic smoke.
Beavis Reply:
July 6th, 2009 at 2:00 pm
Was there anything on Jim Morrison in there dude?
high time for truth Reply:
July 5th, 2009 at 10:43 pm
You guys don’t know anything. The Fed is owned BY the major banks. Including Goldman Sachs.
A Patriot Reply:
July 6th, 2009 at 8:36 am
I think This is the truth of it.
The FED itself is more like a shell company in a way – that gives a semblance of propriety to what is essentially Private Banks directly controlling the economy.
This is how all the Private Central Banks work – and they are always put together by Existing Banks – who are the Power behind the Curtain.
The Movie Money as Debt show the very origins of this modern criminal system.
Beavis Reply:
July 6th, 2009 at 2:02 pm
Fuck off you prick. We know more than you..
July 5th, 2009 at 8:09 am
Here’s a link to the real Rolling Stone Article
http://www.rollingstone.com/po.....le_machine
July 5th, 2009 at 8:44 am
WHAT A SURPRISE..
July 5th, 2009 at 10:15 am
I pulled all my money out…and was able to spend it before you guys had a crash and lost half of everything.
They say its gonna go down, yet again….
If you don’t want it, just leave it there cause sure as heck ‘POOF’ Gone.
or Pull it all out now, buy essentials and things for the future, pay off outstanding debts.
By doing this, you help yourself, and help starve the evil system
canta Reply:
July 5th, 2009 at 6:33 pm
No problem here, am out of the stock market for good. Will NEVER go back. Let the big boys play it themselves…………………….Take your money, pay off all your bills, and stock up and only buy esentials………..Sorry folks, that is what I have done.
Beavis Reply:
July 6th, 2009 at 2:05 pm
Just set fire to all your dollars, then the bastards can never own them
July 5th, 2009 at 11:04 am
Amen Monrow. My husband and I did 2 years ago and that’s why we’re retired today and not working as a greeeter at Wal-Mar.
Madman Reply:
July 5th, 2009 at 12:59 pm
Where I live you would have to beat a disabled woman or a half dead 89 year old to get that job at Walmart as greeter.
http://www.youtube.com/watch?v=OR2xMw5-FZ8
July 5th, 2009 at 11:30 am
Eliot Spitzer has gone back to work. I think he should take a good look at this company and its machination’s. I think what he finds would be very interesting. Smartest guys in the room? (I think this part is just hype)/most corrupt guys in the room?most likely
ng Reply:
July 6th, 2009 at 6:43 am
Thats is why they got rid of Spitzer.
And Spitzer was number 9 on the list,
did You ever herd the name of number 1
and the rest of the names?
July 5th, 2009 at 2:52 pm
CNN is reporting that Congress and the President have bowed to pressure from Goldman Sachs. As of July 4th, the First Amendment has been repealed. The IRS will be auditing Zero Hedge. And a deportation order has been issued for Matt Taibbi.
July 5th, 2009 at 3:23 pm
That is job security! Get the whole truth today here at:
http://www.thegrandawakening.com/index.html
July 5th, 2009 at 4:15 pm
This is a deliberate, systematic, studied crash of the system and subsequent looting of it by Wall Street’s most powerful interests, nothing more. Like the Great Depression, where millions lived in misery as the rich got much, much richer, the globe is experiencing a massive value drain so that a few interests on Wall Street can build dynastic wealth in a few short years.
I could go on, and cite many other contributing deliberate manipulations. I won’t bother. You probably know most of them.
But the truth is that we are witnessing a nation whose policy is being run so special interests can profit at unprecedented levels while the standard of living of the populace inevitably declines to accommodate the transfer of wealth. It is completely deliberate, and not a bit of it is accidental. The smartest guys in the financial world didn’t all just get stupid and blow it – that’s a facile cover story being propagated by the captured press. They knew exactly what they were doing, they crashed the system to profit at levels it would normally take 50 years of stability to see, and they could give a rat’s ass whether you work at Burger King during your retirement as a result.
July 5th, 2009 at 4:36 pm
“Protect the guilty & you will be rewarded”
Wall Street
Art students
9/11 snow job
Chicken hawks
Moving company
Propaganda media
DNC stealth neocons
Anti-semitism accusers
The chosen the superior
2-3% of the US population
Extortion blackmail bribery
By deception ye shall wage war
AIPAC’s Israel-first dual-nationals
For profit NotFederal NoReserve scam
Words are plentiful deeds are precious!
July 5th, 2009 at 5:34 pm
Why aren’t we dragging these folks out of their corner offices and locking them up in jail at hardlabor? You know who the biggest dufus is, the Treasury Secretary, a know nothing jerk who didn;t even know how to file his taxes, and he’s the head of the IRS.
July 5th, 2009 at 5:46 pm
Golden Sachs being protected?!? Tell me this headline didnt make you puke in your mouth!
Who’s protecting you? Stop looing for external solutions
http://www.warnthepeople.org/be-prepared.html
July 5th, 2009 at 6:43 pm
HR 1207………
high time for truth Reply:
July 5th, 2009 at 10:46 pm
……..will go nowhere.
July 5th, 2009 at 7:31 pm
Hi, I’m with NYSE corporate communications and wanted to let you know that NYSE is not eliminating the weekly report; we’re just changing the data on which the report is based. Zero Hedge ran my response to its original post on this, in which I quoted from our memo to NYSE member firms:
“The Exchange further notes that it will use the existing account type indicator data – which captures program trade information for those orders sent to and executed on the Exchange – to report to the Commission on a weekly basis the program trading statistics for portions of program trades executed on the Exchange. Accordingly, beginning on July 23, 2009, the Exchange will provide the Commission with its weekly statistics on program trading based on account type indicator data rather than DPTR [daily program trading report] data. Similarly, at the same time, the weekly statistics regarding program trades that the Exchange provides to media outlets will also be derived from account type indicator data rather than the DPTR.”
Thanks — Ray Pellecchia
July 5th, 2009 at 7:48 pm
Did Goldman just get busted?
http://zerohedge.blogspot.com/.....qus_thread
July 6th, 2009 at 6:45 am
As long as we got Knesset in place instead of
people congress, see no justice