Max Keiser – journalist, former Wall Street broker and options trader, and inventor of the software which is now being used for high frequency trading – claims that the big banks retroactivelyallocate losing trades to their clients, and keep the winning trades for their own proprietary trading desks:
Keiser Report: Goldman Sachs, Undeclared Enemy of the State
Added: 25. May 2010
This is the second time in the couple of weeks that Keiser has made this allegation. When he first brought this up, Keiser said that he has first-hand knowledge of this unlawful activity because – when he was a trader – he and everyone else did the same thing.
Submitted by George Washington on 05/27/2010 17:08 -0500
…and remember who got the bailout money back then:
– AIG Discloses Counterparties as Obama, Cuomo Assail Bonuses: This time the bailout money from the U.S. taxpayer went to: Goldman Sachs led beneficiaries, with$12.9 billion, followed by SocGen, France’s No. 3 bank, with $11.9 billion, and Deutsche Bank, Germany’s biggest lender, with$11.8 billion. Barclays Plc received $8.5 billion from AIG, Merrill Lynch & Co. got $6.8 billion, Bank of America Corp. got $5.2 billion and UBS AG got $5 billion.