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Jul. 2 2009 - 9:46 am | 179 views | 4 recommendations | 9 comments

New York Stock exchange covering for Goldman Sachs?

In a move set to infuriate and send many Zero Hedge readers over the top, the NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE’s program trading.

via Zero Hedge: NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary.

I’m sorry I didn’t post this earlier, but I urge readers to go over to Zero Hedge and check out this post about the NYSE’s recent decision to change its procedures… to protect Goldman Sachs from bloggers like Zero Hedge!

This is complicated stuff (for people with no financial background, like me, it’s nightmarish) and I have a longer thing about this coming out later. But the essence of this story is that Tyler Durden over at Zero Hedge has, for months, been complaining that Goldman has been manipulating the NYSE, in particular manipulating program trading in somewhat the same way (although perhaps not to the same extent) that they manipulated the commodities markets. In order to make his case — and his theory has gained a lot of acceptance, to the point where Goldman had to respond to the allegations publicly — he has been analyzing data the NYSE releases on program trading every week.

So what happened this week? The NYSE announced that it will no longer be releasing its weekly program trading data. This is quite obviously a move designed to make it even more impossible to track what’s going on in the NYSE and shield, in particular, Goldman Sachs. Let’s hope there’s a public uproar about this; Zero Hedge posted contact info for NYSE officials, and has urged readers to petition the exchange to restore the old rules in the name of transparency.

More on this later.


2 T/S Member Comments Called Out, 9 Total Comments
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  1. collapse expand

    how chinese of them. this reminds of something from krugmans’ blog from a few weeks ago where he notes that analysts looking at energy use saw spectacular dips, leading them to conclude that economic activity in china was declining at far higher levels than admitted by the central government. the government’s response was to quit publishing the data.

  2. collapse expand

    Not that I want you to let-up on GS, but this looks to me like a change in the reporting standards, rather than eliminating the report?

    While I admire the work that ZH does, it does have a tendency to come across as an unhinged conspiracy website.

    Keep up the incredibly good work…..

  3. collapse expand

    just wanted to see if my earlier critical email was posted

    hmm no surprise

  4. collapse expand

    Wow, Matt, you’re the big headline on the huffpo. Testify!

  5. collapse expand

    Never say you can’t understand the crazy stuff these guys spin from straw. It’s nothing more than basic math with lots of obtuse terms and ruses. Anyone who wants to know can find out up to the point where the government and these bums confloat. Like getting rid of the M3 money supply measurement in 2006 just when it looked like M3 was about to reach a slope of 1. (The Brits still think it wise to watch how much funny money we can gin up regularly.) Volcker taught me as an eleven year old that an over sized money supply equals the recession from hell. Copper was seven fold higher compared to only four times this last bubble. He jacked the Fed rate so high to stop inflation, everyone was squealing. Helped lose Carter the White House, but Volcker cared more for country than party. Where have they got him locked up?

  6. collapse expand

    I hope you stay on this until it explodes, as it should. I’m amazed that only a few seem interested. In my uneducated in-the-world-of-finance mind, this is a monster of a problem for GS. Maybe we are so broke everywhere else that we can’t afford the trials it will take to put these guys away. I would think that the SEC would jump on this and take this gigantic squid down and put its tentacles in shackles for life or at least 150 years. I loved your squid analogy so I use it whenever possible. But I am sincere, I hope that you will relentlessly dog this hi fi criminal until some people who can actually do something about it become interested and take action. They already would have if it had been some ordinary schmuck, some computer guru working out of his garage. He’d be gone.

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