Once again God is being kind to me. Another subject off my needs attention list has been addressed quite capably by Pam Martens.
There were some gaping holes in the 60 Minutes expose about the stock market being rigged. The story was spun in such a way to make one think that uncontrolled innovation had created some unfortunate technical arbitrage opportunities in exchange centers outside of Manhattan, but a clever insider, funded in part by ultimate insider Einhorn, had come up with a clever technical fix. Free market triumphs, mission accomplished.
What was this, a limited hangout expose?
Never mind the front running, how about the steady nibble at the bid and ask on virtually every order placed, which NY AG Eric Schneiderman praised as ‘providing liquidity.’ I think that canard has been capably debunked in many places. It is like sex in college. The kind of liquidity you get you don’t want, and when you need that liquidity, its not there. Why not just praise portfolio insurance to abolish risk, and party like its 1987?
And what about the bombing of quiet markets with an avalanche of orders to brazenly manipulate the price? We have indictments of American companies doing that from Europe to Japan, with the sexy title ‘Dr. Evil strategy.’  And it is happening like clockwork, almost every day.
And as the king of Samoan metals traders, Salelologa Dave said, ‘I’ll know that real change is coming to our system when the Government allows Sixty Minutes to discuss the manipulation of the gold market.”Â
And brother, that is the truth. We can’t even get the CFTC to disclose its five year study of manipulation in the silver market.
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