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HomeUncle Sam’s Protecting Economic Data: A Fallacy
Posted by Larry Doyle on August 6th, 2013 9:34 AM |
Hardly a day goes by without another piece of mind numbing news regarding the assault on the integrity of our markets.
With the folks in Washington and their friends in the media having jumped in bed with those who truly run our financial markets, news that may have shocked the public prior to our economic crisis now comes and goes with barely a ripple.
Make no mistake, though, the corrosive waves of corruption that emanate from the incestuous relationship between the financial industry and those charged with protecting the public interest comes with a very heavy cost. (more…)
More Market Manipulation: Wall Street Out of Control
Posted by Larry Doyle on August 2nd, 2013 5:17 AM |
First it was Libor, then currencies, then commodities. Now the market manipulation game extends to a vehicle known as ISDA fix that is used as a benchmark for pricing only trillions of dollars of worth of transactions.
Dodd-Frank reformed Wall Street, right?
Bloomberg reports, Swaps Probe Finds Banks Manipulated Rate at Expense of Retirees,
U.S. investigators have uncovered evidence that banks reaped millions of dollars in trading profits at the expense of companies and pension funds by manipulating a benchmark for interest-rate derivatives.
Recorded telephone calls and e-mails reviewed by the Commodity Futures Trading Commission show that traders at Wall Street banks instructed ICAP Plc brokers in Jersey City, New Jersey, to buy or sell as many interest-rate swaps as necessary to move the benchmark rate, known as ISDAfix, to a predetermined level, according to a person with knowledge of the matter. (more…)
Citizens United: Corruption Disguised as Capitalism
Posted by Larry Doyle on August 1st, 2013 10:04 AM |
Follow the money.
The Citizens United decision allowing for corporate and union funding for the public support or denouncement of political candidates evokes strong reaction from those on both sides of the debate like few other topics.
Are we to believe, though, that the right of corporations and/or unions to speak out does not also come with a payoff tied along with it? Come on, really?
Is this what our founding fathers intended in promoting freedom of speech? I think not. Why is it that some individual entities’ freedom of speech carries more weight and substance than others? Simply because they can provide payoffs to our pols and demand the same in return?
No doubt. Money talks…
(more…)
