Archive for July 7th, 2009
Senator Jim DeMint (R-SC) is blocked by Senate Democrat Leadership from having a vote on his amendment to audit the Federal Reserve, based on a bill authored by Congressman Ron Paul (R-Texas) in the House, H.R. 1207, and Senator Bernie Sanders (D-Vermont) in the Senate, S. 604.
This is by no means over, but shows that the left (democrats) does not care about transparency.
FROM THE MARKET TICKER (KARL DENNINGER)
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said, according to a recording of the hearing made public today. “The copy in Germany is still out there, and we at this time do not know who else has access to it.”
Uhhhhhhhhh…..
Let’s see…. so someone who knows how to use this program can use it to manipulate markets can they? Is that manipulation “in fair ways” if Goldman uses it, but “unfair ways’ if someone other than Goldman uses it? That seems to be a rather different claim than this:
July 6 (Bloomberg) — Goldman Sachs Group Inc. may lose its investment in a proprietary trading code and millions of dollars from increased competition if software allegedly stolen by a former employee gets into the wrong hands, a prosecutor said.
Well of course. That’s what these sorts of cases are usually about. Someone misappropriates some trade secret material and by using it they would give someone the same advantages in a marketplace that the rightful owner (who spent plenty to develop it) has. But that’s not market manipulation, is it? Once again, the claim made in open court:
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said, according to a recording of the hearing made public today. Did Assistant US Attorney Facciponti make an erroneous statement, or did he just lay a nuclear egg on the table, step back, and set it off – on accident – admitting in open court that the software in question “can be used to manipulate markets”? Inquiring minds would like to know.
Amazing. Goldman Sachs of shit can be trusted with this program?