Morgan Stanley Trader Faces Inquiry on Possible Manipulation by Susanne Craig The New York Times Deal Book http://dealbook.nytimes.com/2012/12/02/morgan-stanley-trader-faces-inquiry-on-possible-manipulation/?nl=todaysheadlines&emc=edit_th_20121203
[Excerpted] Specifically, regulators at the CME Group,
which runs commodity and futures exchanges, are investigating whether
Mr. Hadden’s purchases or sales of Treasury futures late in the trading
day manipulated closing prices in the market and, in turn, made other of
his trades more profitable, according to people briefed on the matter
who were not authorized to speak publicly.
Majia here: The emphasis on individuals, such as Mr. Hadden, lends support to the idea that the problem of corruption is restricted to a few "bad apples."
In contrast, I would like to reiterate that the sheer volume of scandals - the Libor Scandal, the evidence of manipulation through naked short selling and blockages of other traders, and the fraud endemic in collateralized debt obligations - EVIDENCE WIDESPREAD FRAUD.
Jul 26, 2012
The second major scandal is the
Libor scandal. This scandal demonstrates the degree to which the market system
is rigged by the powerful players. The scandal concerns the London interbank
offered rate, which according to ...
Nov 15, 2012
Why
aren't the Wall Street banksters being charged criminally for the fraud
and deception at the heart of the financial crisis. Two prominent
economists have asserted publicly that criminal action was involved in
the crisis: ...
Nov 26, 2012
Majia here: High frequency trading
allows companies to engage in a variety of fraudulent activities -- including
quote stuff and naked short selling -- thereby allowing companies to 'scalp'
other traders' legitimate trades.
Oct 23, 2012
Majia here: High frequency trading
allows companies to engage in a variety of fraudulent activities -- including
quote stuff and naked short selling -- thereby allowing companies to 'scalp'
other traders' legitimate trades.
Aug 28, 2011
Financial Warfare Using High
Frequency Trading, Quote Stuffing and Naked Short Selling. This is a passage
from an essay I've recently written on the subject of financial warfare. These
are tools of financial warfare because ...
Sep 15, 2012
Financial Warfare Using High Frequency
Trading, Quote Stuffing and Naked Short Selling
http://majiasblog.blogspot.com/2011/08/financial-warfare-using-high-frequency.html
...
Aug 27, 2012
"Banks being probed for
interest-rate manipulation face potentially tens of billions of dollars in
claims from dozens of lawsuits in the US from cities, insurers, investors and
lenders who say they were hurt by the allegedly fudged ...
Jul 27, 2012
WSJ: "Libor Suits Weighed by
Mutual Fund Firms". The Wall Street Journal July 27, 2012 p. C3. Majia
here: Do you have a 401k? If so, your investments may have been harmed by the
big banks' manipulation of the Libor rate.
Jul 16, 2012
Good News: "States Step Into
Libor Probe". The Wall Street Journal July 16, 2012 By J. Eaglesham, R.
Albergotti, & M. Corkery p. C1, C2. [Excepted] "Prosecutors in New
York and Connecticut are investigating whether their ...
Jul 05, 2012
I hope everyone is following this
scandal. It is yet another example of how corrupt the financial world is. As if
we need another example. The scandal concerns the London interbank offered
rate, which according to The Wall ...
Feb 18, 2012
Paraphrasing: The article explains
that the targets for the manipulation were the yen London interbank offered
rate (yen Libor) and specific financial derivatives linked to Libor. The
article reports that six banks on the yen Libor ...
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