That is how the big Wall Street proprietary trading houses are houses of frauds. When you create a product to "sell" to customers and then sell the same or similar products short for their own account, it is simply a fraud and the lowest form of bunco. Yet the GS bigshot says it's risk management. No way, IF GS ended up net short, which they did. That's a play on the failure of their own product.
I was happy to see the former CA treasurer make that point bluntly to the big boss of GS.
This is one way that Wall Street proprietary trading is really a parasitical business to feed off their own customers. Every single proprietary trade with a "customer" is a play to make money off them. That whole business model is pure bunco. IF GA wants to be a hedge fund, let them be a hedge fund and drop the gloss of being a broker or an investment or commercial bank.
The same goes for every Wall Street firm and major banks. It's time for clarity and simplicity to be mandated on the public markets.
Markets
The grind up continues. I await S&P 1200 to appear on the horizon, or March, whichever is sooner, to re-buy a put ladder.
Word of the Day
"Bodeful" - adjective [$10]; and "Bode" - verb, transitive [$10]
Bode means 1. portend, foreshow; 2. foresee, foretell (evil).
Bodeful means ominous.
Sentence: The new tax on large financial firms bodes much more to come. As long as Wall Street does not change its business practices, more and more taxes & regulatory shackles will be imposed over time.
About Me
- Bunkerman
- I have a pioneer mentality. My wife & I live in the woods - neighbors aren't visible except slightly in winter. Our "bunker" - hehe, really a fine home & barn - has plenty of security. We have four dogs: Krypto (age 9, Kelpie), Ava (age 13, Rat Terrier), Sky (Kelpie, age 5) and Lucky Star (age 1, kelpie). I don't take crap from anyone anymore, having enough resources & gear stocked up to survive in any circumstance. I have three degrees from Harvard including a Ph. D. in a physical science, and an MS in Management from MIT. I worked as an investment banker for about 25 years, mainly in secured finance, at three major Wall Street firms and for the last 17 years with my partners at our own firm. I'm semi-retired now, managing some private corporations and business interests and doing my own trading & investing. This is not to boast, but to give you an idea I know a little about some subjects from experience. The photo is my 1943 M16 half-track which I am restoring. These armored vehicles were ubiquitous in the US Army in World War II and Korea. It's driveable.
26 comments:
Bunk...where are the jobs...the jobs...good thing you heros have saved or created 2million...mission accomplished.
Jobs went to vapor with that crappy ObamaPelosi stimulus bill.
Now are not coming due to ObamaCare, prospect of much higer taxs on small business sole proprietors.
Gonna be a weak job year.
Bman....do you have a preference in type of shotguns?..pump or semi auto?
it depends on the use.
For trap, I use a semi-auto.
For the house defense, I use a semi-auto with pistol grip so I can get cover from corners beter from either hand.
For traveling defense, I either use a short pump or a short double barrel.
Pumps are fine, but you do need to practice some to not do short strokes that can jam.
Some semi-autos require a sufficient load to cycle.
Guess I like both.
a pump can be good for home defense as the rack of the slide will send fear into the intruder, might save shooting him.
have you found a semi auto shotgun that will take most loads?
no.
The self defense ones take the heavy loads;
The trap/skeet ones take the light loads.
I haven't looked; maybe the Remington semi that can do both trap & hunting are OK. You have to check the specs.
The Benelli will take all except the light trap/skeet loads.
for trap, it doesn't matter as one loads & shoot one at a time.
Not true for skeet or sporting clays.
The self defense guns usually don't have changeable chokes, so not good for trap/skeet.
my Remington semi was specifically designed for sporting clays.
One for both hunting & sporting clays would probably work.
Bunk..thinkin about buying a spear...what spear would you go with...are u a spear chucker Bunk...any of your pals spear chuckers.
sheesh, frosty - I have spears.
Nice replicas of the Roman pilum and the verutum.
And Zulu short spear, etc.
Sal, do you people support the fin tax to recover tarp sir.
Spinny SHOP OPEN standing on table with sign....
----------U*N*I*O*N-------------
Bunk...if you were brave enough to play the move to 1200, where would you look to get the most bang for the buck.
Sal...when wearing your running shorts, how do you hide that disgusting camel toe.
let me rephrase Bunk...if you weren't so distracted...which water hole you stomp in.
well, going long lots of eminis would do it.
Just buying calls might not work so well as the premiums look fat.
1200 is 60 pts away, which is 5% - a pretty big move.
On SPY, thats a run from 115 to 120.
This might do it if you don't do futures: Buy calls on the 117 strike, write puts on the 112 strike.: a split strike synthetics short.
Or do same on the leaders.
distractions true; one of my "clubs" is giving me trouble. Gotta focus on it lately.
paul cicero would have those distractions resolved in a ny minute...just sayin.
Paul Cicero is ?
[ I can guess, but ... ]
capo goodfellas.
Sal might be able to suckerpunch someone for you...he's working out u know and think he is packing...he's a bad bad man....mean nasty mf.
listen you f'ng douchebag ................i'm f'ng busy !!!!!............. i told u i bought 281k contracts yday...............i'll get to you motherf'ker
PS...........still wanna be friends ????
good afternoon Bman !!!!!!!!!!!!!
awful post today......awful.....absolutely ridiculous and nonsense.........you just don't understand the concept of marketmaking and efiicint market theory
PS........excellent comments on guns though............keep them comin
ahh ... Pauli ..
true, if he works out and learns how to use a roscoe, I might be able to give his a second career at noe of my "clubs" ...
Or other capacity.
btw, in Italian, that's
"Paolo"
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