Yesterday Peacenik was talking about Wall St. being a casino and a rigged game. This article today from Kenninger and Zerohedge shows you just one way the game is rigged. Most of the volume of the NYSE is generated by Goldman Sachs. Which reminds Peacenik about Matt Tabbi's most recent article in the Rolling Stone Check it out.
And just for some final Canada Day cheer check out Garth Turner's take on the future. And don't miss the latest Pension Pulse. Peacenik admits that this is making Peacenik queasy about the future. Oh yeah, California is now paying its bills with IOU's. Can Peacenik pay Peaceniks bills with IOU's? Can you?
Conspiracy To Hide Bubble-Formation
In yet another move to make a mockery of so-called market transparency, and again with mad props to Zerohedge, we have this:
The Exchange has filed with the SEC to implement the decommissioning of the DPTRrequirement following the July 10, 2009 trade date. Accordingly, the last required submission of the DPTR will be on July 14, 2009, which is the second business day after the last trade date for which the DPTR is required.
Go read the entire Zerohedge article; what this means, in short, is that the ability of people (like you and I) to see the fact that a handful of banks, most specifically Goldman Sachs, constitute the majority of NYSE trading volume - and they're trading for their own book, not for customers, will no longer be disclosed.
This "back and forth trade" between a handful of institutions is nothing more than the old "pump and dump" game that has been played in the OTC market forever - and almost always screws the individual investor.
Read on...
