Saturday, September 15, 2012

Wall Street Revealed as Utterly Rigged

To the few who will ever hear about this.  Here is a massively important story that, of course, will never be allowed to impinge on the delicate consciousnesses of the American voters.  I give credit to the Los Angeles Times for even allowing it to appear on its business pages:

"NYSE fine may further erode investors' trust in stock markets

The New York Stock Exchange agreed to pay $5 million to settle charges that it made stock quotes available to select customers before the general public. The fine may further erode investors' trust in stock markets...

The Securities and Exchange Commission accused the Big Board of giving an "improper head start" to certain customers. The NYSE's trading system gave a "faster path" to some private customers, while a separate "software issue" delayed the publishing of data to the public, according to the SEC.

"Their biggest clients were getting a built-in advantage," said Sal Arnuk, a partner at Themis Trading in Chatham, N.J. "It's like seeing who won a horse race and being able to bet before everyone else."

Yes, for years, the big guys on Wall Street (that would be, I presume, people like Republican candidate Mitt Romney,) have been getting trading prices ahead of everyone else. 

Of course, it was all just an accident. Here's a quote from the print story that did not make it into the online version:

"The timing differentials stemmed from technology issues, not from intentional wrongdoing by the exchange or any of its personnel," said Duncan Niederauer, the Big Board's chief executive."

Right.  "Yer honor, I never mugged that lady.  I don't know how her purse ended up in my closet."

A $5 million fine to people who unquestionably made tens of billions of profit from this illegal scheme, and of course no criminal charges and no one in jail.  That is like fining a serial rapist ten dollars and declaring that justice has been done. 

This story reveals the absolute corruption that lies behind people like Mitt Romney being able to amass $100 million dollar IRA's, and have incomes of $22 million a year without doing any work, while the economy is in a shambles that those very rich guys caused.  Here's the ultimate insult of this whole story:

"Beyond that, experts said, it risks feeding the notion among disaffected small investors that the stock market is tilted against them...Small investors have suffered bruising losses in the stock market over the last decade..."

Let me repeat that; it's too good to only read once:  "it risks feeding the notion among disaffected small investors that the stock market is tilted against them."  It risks feeding the notion...could that possibly be because for years, the stock market was tilted against them, rigged in the most blatant manner to steal billions of their money and give it to rich insiders?  Oh, no, it only risks feeding the notion.

This nation is sick, being bled to death by people like Mitt Romney. And yet, a couple of demonstrations halfway around the world, or some perverted Church's refusal to provide health care to its employees are regarded by our pathetic press as far more important issues to force on the public consciousness.  Meanwhile, the ultra-rich will just find another dozen or two ways to rob us blind, knowing that they will never face any consequences.

1 comment:

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