Yeah, and those IB people do not only do this is US. They are doing this even more in Hong Kong , in Taiwan, in China and any non-US countries, except Japan, where local officials have higher sense of moral responsibility. In Taiwan, the last day of April is a slaughtering day. And the slaughter continues into May 4, May 5. Have a look at the Taiwan stock index, hoo00000000, blood makes a sea. Inside information kills. It happens anywhere in this world.
Nobody complainnig about the fact that Goldman Sachs is receiving 10 billion USD in TARP funds and risking money every single day in the 100 ´s of millions ? Thank you taxpayer for RE - financing GS principal trading desk !
when your people works in government, you're deemed to big to fail, and you tentacles in every hedgefund and mutual fund its kinda hard not to make money. A 2 year old can make 100 million if he had those type of resources. Its when they get into trouble they cry foul and comes for help.
So, what you are saying is we are basically trading against ourselves with taxpayer funds. Is this a great country or what?
Because of ridiculously stupid "claims" such as this: Not only is your grammar horrible (along with not knowing the difference between "their" and "there") but your ability to libel a company and make statements/claims as FACT is downright staggering.
Landis you have to admit having friends and excowokers in every important part of the government and the federal reserve you are going to get alot of access and insider trading. It's a close social circle and you know it landis. It was not long ago when the plunge protection team was pushed away as myth and that the government didnt give tacit approval for wall street to manipulate the markets. It's now fact and the reason the government gave is national security. We have to realize that goldman and like other large wallstreet firms have unfair advantages. they have friends in high places. they can place calls to those people and get answers, while others couldnt. Wallstreet has always been like that landis. Even market place rules are unfair. remember the coco trades which were broken, they cited market rules. Even large hedgefunds couldnt pull that off, only the topest of the topest brokers and top 3 mutual funds and hedgefunds could. Long story short, yes goldman has unprecedented access, but its slowly slipping now.
The reality is that Goldman does not make money the way you think they do. You're being very naive if you think they would waste their time with their core operations to work hard & smart when they enjoy exclusive edges via the good ole boy network. On occasion, they may get some fines here and there (aka payoffs), which are just the cost of doing business.
Investment banks dont actually do normal proper trading like normal people do though..., so you say that they earnt 100million quid in a day from 'trading'. When they instead merely act like how brokerage firms would do and make 100,000s of little amounts of money each day in comissions from being able to trade the opposite side of the bid n ask that normal traders have to trade on. I dont understand exactly all the jargon and stuff about how that all works as i dont trade through a broker or through an IB, and so have no interest in it.. lol But you can really call what they do ''trading''.
you speak like an expert on IBs. which major IB did you work for? or are you just full of shit? the guy that would never make it? I love this ET bitching... p.s. GS maybe wanted AIG to be bailed out - but they never wanted TARP money - they are not in the business of making money for taxpayers...