Manipulation and Corruption (another long post)
Volatilty? What volatility??
A friend of mine is a portfolio manager and I'm including a section of a recent email on market corruption and also another article from "Wall Street on Parade" dealing with GS corruption.
First the email:
"...very often, these "Whales" get caught and have to pay fines and penalties for their actions. Nobody goes to jail but they pay fines and penalties instead.....the size of the penalties, and these "Whales" agreeing to pay them without hesitation, means that they can steal the money and then are willing to pay fines and penalties with a fraction of what they stole. No one ever goes to jail, so it's basically just a license to steal....Organized Crime members usually end up dead or in jail for life sentences, so though crime does pay, the risks are too much to take, but here are the fines and penalties paid by the following "Whales" who got caught."
This is his list of top three offenders since 2000:
BAC: 264 offences, fines/penalties: $83bn
JPM:197 offences, fines/penalties: $40bn
GS: 66 offences, fines/penalties: $16bn
"Now if these institutions paid these penalties and fines without hesitation, imagine how much they actually made manipulating the markets. Obviously, the right move to have made in 2009 was to just put those violators out of business, but instead the government bailed them all out. The reason I say this is because if you look at the following table you will see that many of the penalties and fines at J.P. Morgan Chase happened after 2009
Parent Company Penalty Amount Penalty Year
JPMorgan Chase $305,500,000 2000
JPMorgan Chase $1,600,000 2000
JPMorgan Chase $200,000 2000
JPMorgan Chase $10,000 2001
JPMorgan Chase $10,000 2001
JPMorgan Chase $80,000,000 2002
JPMorgan Chase $80,000,000 2002
JPMorgan Chase $1,300,000 2002
JPMorgan Chase $135,000,000 2003
JPMorgan Chase $80,000,000 2003
JPMorgan Chase $80,000,000 2003
JPMorgan Chase $25,000,000 2003
JPMorgan Chase $25,000,000 2003
JPMorgan Chase $25,000,000 2003
JPMorgan Chase $25,000,000 2003
JPMorgan Chase $8,600,000 2003
JPMorgan Chase $6,000,000 2003
JPMorgan Chase $358,974 2003
JPMorgan Chase $90,000,000 2004
JPMorgan Chase $50,000,000 2004
JPMorgan Chase $4,950,000 2004
JPMorgan Chase $280,469 2004
JPMorgan Chase $250,000 2004
JPMorgan Chase $73,281 2004
JPMorgan Chase $26,980 2004
JPMorgan Chase $19,373 2004
JPMorgan Chase $18,094 2004
JPMorgan Chase $17,303 2004
JPMorgan Chase $9,748 2004
JPMorgan Chase $6,682 2004
JPMorgan Chase $5,500 2004
JPMorgan Chase $6,715,000 2005
JPMorgan Chase $2,000,000 2005
JPMorgan Chase $700,000 2005
JPMorgan Chase $404,982 2005
JPMorgan Chase $400,000 2005
JPMorgan Chase $290,262 2005
JPMorgan Chase $160,000 2005
JPMorgan Chase $150,000 2005
JPMorgan Chase $60,000 2005
JPMorgan Chase $23,264 2005
JPMorgan Chase $10,000 2005
JPMorgan Chase $6,688 2005
JPMorgan Chase $250,000,000 2006
JPMorgan Chase $50,000,000 2006
JPMorgan Chase $3,850,000 2006
JPMorgan Chase $2,200,000 2006
JPMorgan Chase $1,500,000 2006
JPMorgan Chase $1,500,000 2006
JPMorgan Chase $500,000 2006
JPMorgan Chase $60,760 2006
JPMorgan Chase $500,000 2007
JPMorgan Chase $5,008 2007
JPMorgan Chase $5,000 2007
JPMorgan Chase $3,525,000,000 2008
JPMorgan Chase $28,000,000 2008
JPMorgan Chase $25,000,000 2008
JPMorgan Chase $1,998,143 2008
JPMorgan Chase $225,000 2008
JPMorgan Chase $150,000 2008
JPMorgan Chase $9,622 2008
JPMorgan Chase $75,000,000 2009
JPMorgan Chase $38,000,000 2009
JPMorgan Chase $4,400,000 2009
JPMorgan Chase $300,000 2009
JPMorgan Chase $250,000 2009
JPMorgan Chase $32,500 2009
JPMorgan Chase $6,996 2009
JPMorgan Chase $49,000,000 2010
JPMorgan Chase $25,000,000 2010
JPMorgan Chase $20,000,000 2010
JPMorgan Chase $2,492,729 2010
JPMorgan Chase $1,950,000 2010
JPMorgan Chase $1,149,028 2010
JPMorgan Chase $675,000 2010
JPMorgan Chase $604,957 2010
JPMorgan Chase $19,125 2010
JPMorgan Chase $228,000,000 2011
JPMorgan Chase $153,600,000 2011
JPMorgan Chase $88,300,000 2011
JPMorgan Chase $75,000,000 2011
JPMorgan Chase $42,000,000 2011
JPMorgan Chase $35,000,000 2011
JPMorgan Chase $3,600,000 2011
JPMorgan Chase $2,000,000 2011
JPMorgan Chase $463,000 2011
JPMorgan Chase $6,555 2011
JPMorgan Chase $5,333,600,000 2012
JPMorgan Chase $1,121,188,661 2012
JPMorgan Chase $296,900,000 2012
JPMorgan Chase $275,000,000 2012
JPMorgan Chase $275,000,000 2012
JPMorgan Chase $150,000,000 2012
JPMorgan Chase $20,000,000 2012
JPMorgan Chase $10,000,000 2012
JPMorgan Chase $9,000,000 2012
JPMorgan Chase $1,195,000 2012
JPMorgan Chase $623,376 2012
JPMorgan Chase $600,000 2012
JPMorgan Chase $140,000 2012
JPMorgan Chase $13,000,000,000 2013
JPMorgan Chase $1,958,450,341 2013
JPMorgan Chase $1,066,000,000 2013
JPMorgan Chase $410,000,000 2013
JPMorgan Chase $329,000,000 2013
JPMorgan Chase $300,000,000 2013
JPMorgan Chase $298,973,000 2013
JPMorgan Chase $200,000,000 2013
JPMorgan Chase $200,000,000 2013
JPMorgan Chase $100,000,000 2013
JPMorgan Chase $60,000,000 2013
JPMorgan Chase $1,950,000 2013
JPMorgan Chase $770,000 2013
JPMorgan Chase $1,700,000,000 2014
JPMorgan Chase $614,000,000 2014
JPMorgan Chase $461,000,000 2014
JPMorgan Chase $350,000,000 2014
JPMorgan Chase $350,000,000 2014
JPMorgan Chase $310,000,000 2014
JPMorgan Chase $16,000,000 2014
JPMorgan Chase $5,000,000 2014
JPMorgan Chase $2,825,000 2014
JPMorgan Chase $2,800,000 2014
JPMorgan Chase $1,450,000 2014
JPMorgan Chase $650,000 2014
JPMorgan Chase $400,000 2014
JPMorgan Chase $54,000 2014
JPMorgan Chase $53,800 2014
JPMorgan Chase $51,400 2014
JPMorgan Chase $51,120 2014
JPMorgan Chase $50,460 2014
JPMorgan Chase $550,000,000 2015
JPMorgan Chase $342,000,000 2015
JPMorgan Chase $267,000,000 2015
JPMorgan Chase $186,000,000 2015
JPMorgan Chase $150,000,000 2015
JPMorgan Chase $106,000,000 2015
JPMorgan Chase $100,000,000 2015
JPMorgan Chase $50,000,000 2015
JPMorgan Chase $50,000,000 2015
JPMorgan Chase $30,000,000 2015
JPMorgan Chase $12,000,000 2015
JPMorgan Chase $2,400,000 2015
JPMorgan Chase $1,084,210 2015
JPMorgan Chase $900,000 2015
JPMorgan Chase $675,000 2015
JPMorgan Chase $500,000 2015
JPMorgan Chase $400,000 2015
JPMorgan Chase $130,000,000 2016
JPMorgan Chase $72,000,000 2016
JPMorgan Chase $61,900,000 2016
JPMorgan Chase $48,000,000 2016
JPMorgan Chase $4,000,000 2016
JPMorgan Chase $950,000 2016
JPMorgan Chase $950,000 2016
JPMorgan Chase $905,000 2016
JPMorgan Chase $225,000 2016
JPMorgan Chase $203,323 2016
JPMorgan Chase $53,000,000 2017
JPMorgan Chase $16,666,667 2017
JPMorgan Chase $5,707,279 2017
JPMorgan Chase $4,600,000 2017
JPMorgan Chase $2,800,000 2017
JPMorgan Chase $1,250,000 2017
JPMorgan Chase $900,000 2017
JPMorgan Chase $800,000 2017
JPMorgan Chase $230,392 2017
JPMorgan Chase $100,000 2017
JPMorgan Chase $135,100,000 2018
JPMorgan Chase $65,000,000 2018
JPMorgan Chase $24,000,000 2018
JPMorgan Chase $8,333,333 2018
JPMorgan Chase $5,263,171 2018
JPMorgan Chase $3,000,000 2018
JPMorgan Chase $11,750 2018
JPMorgan Chase $5,000 2018
JPMorgan Chase $75,000,000 2019
JPMorgan Chase $5,000,000 2019
JPMorgan Chase $1,850,000 2019
JPMorgan Chase $1,100,000 2019
JPMorgan Chase $280,000 2019
JPMorgan Chase $60,000 2019
JPMorgan Chase $38,336 2019
JPMorgan Chase $920,200,000 2020
JPMorgan Chase $920,000,000 2020
JPMorgan Chase $250,000,000 2020
JPMorgan Chase $35,000,000 2020
JPMorgan Chase $9,000,000 2020
JPMorgan Chase $3,750,000 2020
JPMorgan Chase $1,822,438 2020
JPMorgan Chase $325,000 2020
JPMorgan Chase $125,000,000 2021
JPMorgan Chase $75,000,000 2021
JPMorgan Chase $4,642,857 2021
JPMorgan Chase $4,642,857 2021
JPMorgan Chase $50,000 2021
197 Penalties $39,932,907,794
Here's the other article re: GS
"We’ve been reading SEC filings for more than 35 years. We have to sadly say that the 10-Q that Goldman Sachs filed with the SEC on May 2, for the quarter ending March 31, 2022, shocks even our well-documented assessment of Wall Street as a crime syndicate. Goldman Sachs has listed pretty much everything the firm does as a target of an ongoing investigation, notwithstanding that the company and a subsidiary were criminally charged by the U.S. Department of Justice in the looting and bribery scandal known as 1MDB in October 2020, admitted to the charges, and had to pay over $2.9 billion. The good news is that Goldman Sachs’ Dark Pools are one of the areas it lists as being under a probe.
Dark Pools (also benignly called Alternative Trading Systems or ATS) are effectively unregulated stock exchanges being run by the same megabanks on Wall Street that blew up the U.S. financial system in 2008 and received the largest taxpayer bailout in U.S. history. The radical right in the U.S. Congress apparently believes that unbridled greed and outrageously reckless conduct that craters America’s economy deserves to be rewarded with less regulatory oversight, thus Dark Pools have not been shut down.
Not only are Goldman Sachs, JPMorgan, UBS, Morgan Stanley, Merrill Lynch, and numerous others, allowed to trade hundreds of New York Stock Exchange and Nasdaq listed stocks in their own Dark Pools, but they are also allowed to trade their own bank’s stock in their own Dark Pools. We have asked the SEC for years now how it is legal for a bank to trade its own stock – possibly making a two-sided market in that stock because some of these firms own more than one Dark Pool. We’ve yet to receive an answer. (Dare we hope that this is finally being seriously investigated by Gary Gensler’s SEC?)
The name of Goldman Sachs’ Dark Pool that trades in the U.S. is called Sigma X2. It used to be called simply Sigma X. According to a publicly-available document, Sigma X is now used by Goldman Sachs to designate the Dark Pools it operates in foreign jurisdictions, which include Europe, Japan, Hong Kong and Australia.
According to a “Frequently Asked Questions” document from Goldman Sachs, under the question “Is SIGMA X a dark pool that only matches trades anonymously, without information leakage? Or will information regarding my orders be conveyed to potential liquidity providers,” Goldman says this: “The matching process for SIGMA X is completely internal, and SIGMA X will not disseminate any pre-trade information to internal trading desks or external counterparties. Executed trades are publicly reported where required by applicable rules.”
In other words, this is an unlit market where pre-trade prices are not available to the public and trades are only reported after they have occurred in darkness, if they are reported at all."
https://wallstreetonparade.com/2022/05/ ... firm-does/
..whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government..