Analysis How markets are rigged against you

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Analysis How markets are rigged against you
Topic Started: Dec 10 2013, 01:41 PM (200 Views)
Darcie	Dec 10 2013, 01:41 PM Post #1
Skeptic Posts: 31,154 Group: Member Member #714 Joined: March 30, 2010	Quote: But it’s getting harder and harder to ignore the stories of powerful people cheating the system for their own gain. As the bad apples add up, it gets harder and harder to ignore a troubling realization — “everything is rigged.” That’s what financial journalist Matt Taibbi says in an interview with Amanda Lang airing on Monday night's The National. After years of reporting on some of the best examples of Wall Street stacking the deck in its favour, Taibbi has concluded that the entire system underpinning the global economy is rigged in some form or another. And it’s not just financial markets that are at stake. The real economy, with factories, services, goods and jobs for real people, is under threat. http://www.cbc.ca/news/business/how-markets-are-rigged-against-you-1.2456677?cmp=rss And some people still believe in the honesty of the capitalist system? Oh my!!!! If some of your retirement funds are trading, read this.



Daniel	Dec 10 2013, 04:36 PM Post #2
Small Star Member Posts: 902 Group: Member Member #759 Joined: May 9, 2010	The regulator that was interviewed says they don't have to resources to fight all the insider trading and market manipulation. So the next time the Right says they want small government, think why. They have the resources to spy on you but not the on the top 1%.



Deleted User	Dec 10 2013, 05:01 PM Post #3
Deleted User	I was a securities regulator for 7 years and you are both correct.
Deleted User


Delphi51	Dec 10 2013, 05:14 PM Post #4
Member title Posts: 13,967 Group: Administration Member #441 Joined: October 10, 2006	I understand that cheating skims off some of the profits. Nevertheless the record shows that investing in most large Canadian companies over the last decade, including the big drop in 2008, provided excellent returns. I think the Canadian market system works quite well compared to others in the world. At least we tax our big money collectors sufficiently so they have to move out of the country to avoid it. There is a lot of good news out there.



reactivate	Dec 10 2013, 06:00 PM Post #5
Gold Star Member Posts: 3,897 Group: Member Member #769 Joined: May 18, 2010	Darcie Dec 10 2013, 01:41 PM Quote: But it’s getting harder and harder to ignore the stories of powerful people cheating the system for their own gain. As the bad apples add up, it gets harder and harder to ignore a troubling realization — “everything is rigged.” That’s what financial journalist Matt Taibbi says in an interview with Amanda Lang airing on Monday night's The National. After years of reporting on some of the best examples of Wall Street stacking the deck in its favour, Taibbi has concluded that the entire system underpinning the global economy is rigged in some form or another. And it’s not just financial markets that are at stake. The real economy, with factories, services, goods and jobs for real people, is under threat. http://www.cbc.ca/news/business/how-markets-are-rigged-against-you-1.2456677?cmp=rss And some people still believe in the honesty of the capitalist system? Oh my!!!! If some of your retirement funds are trading, read this. Where on earth did you get the idea anybody believes in the honesty of the capitalist system? Nobody believes in this imaginary honesty. The entire system is based on greed and the desire to acquire resources. The system is actually quite honest but the same cannot be said for many of the denizens of the industry. That said, the article is mostly BS. It is intrinsic in the market system as we see it that it must be relatively honest and transparent. Its successful operation demands the ongoing trust in the system. Anyone cheating is doing so at the immediate expense of other people engaged in the same business and they will turn in a competitor in a flash. They are greedy bastards and see any advantage another has as a disadvantage for themselves. Insider trading, for example is both relatively rare and relatively common. Senior officers in s company are generally the only people privy to real insider information and they must report ans significant trades. Such reporting is both public and easy to check so senior officers know better than to use inside info to make big trades. They also commonly make small enough trades to stay under the radar of the authorities. Certainly there are abuses and we know this because the big abusers don't get away with it. But nothing like "everything" is rigged. BTW, if you have a retirement fund, it is definitely traded on the market and not just some of it. If it were anything like as bad or common as the article makes out, there would be widespread wealth among people in the financial business and at all levels of the business. In addition, your pension fund would be circling the drain. Obviously the article is a huge exaggeration.



Delphi51	Dec 10 2013, 06:55 PM Post #6
Member title Posts: 13,967 Group: Administration Member #441 Joined: October 10, 2006	I recall when I held stock in ATI, a Canadian graphics card maker, the founder gave some of his stock to a charity and claimed it as a charitable donation on his income tax return. There was a big controversy over it because the price of the stock declined sharply shortly after that and he was charged with using inside knowledge to time his gift. I can't remember just how it ended but it seems to be an example of Reactivate's comments. Found it - look here to see a legal summary of the case and how accurate my memory is. http://www.osc.gov.on.ca/en/10684.htm Edited by Delphi51, Dec 10 2013, 07:06 PM.



Bitsy	Dec 11 2013, 12:13 AM Post #7
Veteran Member Posts: 31,383 Group: Member Member #267 Joined: March 11, 2006	LIBOR has the longest reach and the most tentacles that affect us us all, rich and poor, and that is no exaggeration.



Deleted User	Dec 11 2013, 05:13 AM Post #8
Deleted User	Bitsy Dec 11 2013, 12:13 AM LIBOR has the longest reach and the most tentacles that affect us us all, rich and poor, and that is no exaggeration. Absolutely. Virtually all derivitives are based on LIBOR numbers.
Deleted User


Trotsky	Dec 11 2013, 07:51 AM Post #9
Big City Boy Posts: 38,319 Group: Member Member #79 Joined: September 8, 2005	I walked away because I knew it was rigged against me. Alas, there is no way to avoid the rig unless you are penniless. Edited by Trotsky, Dec 11 2013, 07:51 AM.



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