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Investors are panicking again; they withdrew a whopping $20.7 billion from hedge funds in the month June. This is one of the largest outflows from the Market since 2009, and it could also reflect a new trend where investors are sick of paying Jackasses, oops we mean experts to do nothing but sit on their fat asses, lose money and then have to pay these leeches a huge fee. The current data seems to support this assertion
Net flows to hedge funds for the 2nd quarter were almost negative $11 billion and for the first half of 2016, net flows were negative $30 billion. Clearly, a trend is in place; not only are experts losing money in the markets, but the crowd is also negative on this market as they simply don’t understand the main driving force behind this market. They do not see against such a terrible backdrop off events how this market continues to trend higher. Investor Anxiety; Rocket Fuel for Unloved Stock Market Bull
Goldman Sach’s Corruption: Goldman’s rap sheet
During the first half of the 2000s, there were more ethical lapses at Goldman:
- In 2002 it was fined $1.65 million by the industry regulatory body NASD (now FINRA) for failing to preserve e-mail communications.
- In 2003 it paid $110 million as its share of a global settlement by ten firms with federal, state and industry regulators concerning alleged conflicts of interest between their research and investment banking activities.
- That same year, it had to pay $9.3 million in fines and disgorgement of profits in connection with federal allegations that it failed to properly oversee a former employee who had been charged with insider trading and perjury.
- In 2004 Goldman was one of four firms each fined $5 million by NASD for rule violations relating to trading in high-yield corporate bonds; Goldman also had to make restitution payments of about $344,000.
- In 2005 the U.S. Securities and Exchange Commission (SEC) announced that Goldman would pay a civil penalty of $40 million to resolve allegations that it violated rules relating to the allocation of stock to institutional customers in initial public offerings.
- That same year, it paid a fine of $125,000 to NASD for violating rules relating to the sale of restricted securities during initial public offerings. Shortly thereafter, it was fined $140,000 by NASD for late and/or inaccurate reporting of municipal securities transactions.
- In 2006 Goldman was one of 15 financial services companies that were fined a total of $13 million in connection with SEC charges that they violated rules relating to auction-rate securities. In another case relating to auction-rate securities brought by the New York State Attorney General, Goldman was fined $22.5 million in 2008. Full Story
Other Articles of Interest:
Long Term Stock Market Bears Always Lose (July 27)