After receiving over 10 billion in taxpayer bailout money, it has recently been disclosed that Goldman Sachs developed a program that in it’s own words can “manipulate markets” (see story below). When will the bailout of criminal enterprises that use our tax money to defraud us end? To add insult to injury, Goldman wants to prosecute its former employee for allegedly stealing a computer program that Goldman engineered for the purpose of allegedly manipulating markets and stealing from small investors. It’s time to issue the indictments and arrest warrants for these too big to fail criminals.
GOLD ANTI-TRUST ACTION COMMITTEE INC.
7 Villa Louisa Road, Manchester, Connecticut 06043-7541
July 7, 2009
Gary Gensler, Chairman
U.S. Commodity Futures Trading Commission
3 Lafayette Centre
1155 21st St., N.W.
Washington, D.C. 20581
Mary L. Schapiro, Chairman
U.S. Securities and Exchange Commission
100 F St. N.E.
Washington, D.C. 20549
Dear Chairman Gensler / Dear Chairman Schapiro:
I’m enclosing a copy of a report distributed July 6 by Bloomberg News Service about the U.S. government’s prosecution of a former employee of Goldman Sachs Group Inc. involving the purported theft of a Goldman Sachs computer trading program. The report quotes Assistant U.S. Attorney Joseph Faccipointi as saying in U.S. District Court in New York City: “The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways.”
If the report quotes the assistant U.S. attorney correctly, and if he was characterizing Goldman Sachs’ position correctly, then Goldman Sachs claims to have possession of a computer trading program that can manipulate markets. The assistant U.S. attorney’s comment can be construed to suggest Goldman Sachs considers its own manipulation of markets to be fair, while such manipulation by others would be unfair.
The court proceeding described in the Bloomberg News story would seem to impugn all markets in which Goldman Sachs trades. On behalf of the Gold Anti-Trust Action Committee Inc., I ask your commission to investigate Goldman Sachs’ trading program urgently and report its findings publicly.
Thanks for your consideration.
With good wishes.
CHRIS POWELL
Secretary/Treasurer
Filed under: Uncategorized | Tagged: bank, lobbyists, Favoritism, Government, credit, bias, Incompetence, Manipulation, deception, banking, whistleblower, fraud, regulation, corruption, wall street, collapse, crisis, steal, cheat, goldman sachs, commodity, trading, quantitative, investment bank
See the movie: Stock Shock: The Short Selling of the American Dream to get the whole story on market manipulation. Entertaining and educational. Two thumbs up. Amazon has it.