Full story here from ZeroHedge.
The weaknesses in the S.E.C.’s case against Goldman were always obvious. At the end of the day, an investor who bought Abacus 2007 AC-1 was buying a static portfolio of risks. It didn’t matter who chose the underlying investments in the CDO, or whether John Paulson was destined [...]
BP’s president sells 1.4 million pounds worth of shares before the spill:
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7804922/BP-chief-Tony-Hayward-sold-shares-weeks-before-oil-spill.html
Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.
Shadowtraders has trained hundreds of day traders in trading emini futures with its online day trading strategies. [...]
Full story here from Business Insider.
In what’s perhaps Goldman Sachs’ (GS) biggest “growth” market, the company is already losing the PR game.
FT:
“Many people believe Goldman Sachs, which goes around the Chinese market slurping gold and sucking silver, may have, using all kinds of deals, created even bigger losses for Chinese companies and investors than it [...]
Full rant here from Max Keiser, who holds the distinction of getting waaay more pissed than even I do after researching crime after crime in the world of finance. This wackiness is the insurance policy that aliens would never invade this joint.
http://www.alternet.org/economy/146819/america%27s_ten_most_corrupt_capitalists/?page=1
ZeroHedge is my man today. Check this out. And this very appropriate quote in honor of yesterday.
In addition to having said many things about HFT in general in the last year, over the past 12 months Zero Hedge has focused a lot of attention specifically on Goldman’s dominance of the NYSE’s Program Trading platform, where [...]
On April 27, Goldman Sachs CEO Lloyd Blankfein was questioned by Senator Levin and other members of the Senate Subcommittee on Investigations about his company’s activities regarding sales of CDO’s. When asked over and over again if selling securities you consider worthless is ethical, Blankfein refused to answer the question and responded, “Senator, there is a lot in your question…and I am sure we will spend a lot of time on different parts of it.” Levin repeatedly questioned him, attempting to get Blankfein to take responsibility for what his company had done, and Blankfein said, contemptuously, “In the context of market- making, that is not a conflict. Clients shouldn’t care what our views are.”
Full story here from ZeroHedge. OK, I think this is the appropriate music for this…”going down, down, draggin’ me down”
Portugal… Spain…Greece…these are all last week’s news based on CDS trading patterns. Indeed, this week saw the biggest trade unwinds of all top 1000 CDS entities (including all corporates) precisely in these three [...]
Full story here from ZeroHedge. Of course Spain doesn’t need Euro 280 billion. They probably need some Euro 400 billion. Consider if you will, the 280 billion is over 2x the Greek bailout number, which itself has quadrupled in the last 2 weeks. Going long on printing presses! For some fun on Spain, click here.
Just [...]
Full story here. Goldman Sachs knee deep in the poo poo again…
The ICE (Intercontinental Exchange) not only manipulates oil prices but it also just bought the Chicago Climate Exchange.