Remarkable winning streak
So the trading desks of four big investment banks—Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase—made money every working day last quarter, a 63-day streak. Goldman never made less than $25 million a day, and over $100 million on 35 days.
There is no way that anyone could do this just by being clever—it’s mathematically impossible. There’s too much short-term randomness even in strongly trending markets. And they’re probably not just making it up, Bernie Madoff-style. How are they doing it? Maybe Congress, if it’s interested in more than grandstanding to entertain and divert the masses, could launch a follow-up to the Goldman inquiry. You can do a lot with subpoena power. Inquiring minds await…
Agreed. If Congress doesn’t butch up it could be a job for the likes of Matt Taibbi of vampire squid fame!
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Why do you hesitate to follow up and find out what’s going on? Fraud is fraud. They have been accused by others of front-running the money of their large clients — mutual funds and pension plans — using high-frequency trading algorithms.
In short, they are criminals, and their criminality extends right through to all of their enablers in Treasury, the Fed, Congress and the White House.
Your publication might be better suited pursuing these real stories instead of naively regurgitating faked unemployment statistics. There are lies and spin aplenty on the WSJ and CNBC.
I don’t have subpoena power. Congress does.
The unemployment stats aren’t faked. The truth is bad enough without having to invent critiques.