Drudge Retort: The Other Side of the News
Friday, June 20, 2014

It appears that Wall Street is so rigged that Las Vegas looks honest and fair in comparison. Consider the latest study.

A quarter of all public company deals may involve some kind of insider trading, according to the study by two professors at the Stern School of Business at New York University and one professor from McGill University. The study, perhaps the most detailed and exhaustive of its kind, examined hundreds of transactions from 1996 through the end of 2012.
The professors are so confident in their findings of pervasive insider trading that they determined statistically that the odds of the trading "arising out of chance" were "about three in a trillion." (It's easier, in other words, to hit the lottery.)
It's becoming more and more obvious that what is being sold to us as "capitalism" is nothing more than an insider scam.

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When you start off an investigation with the assumption that something doesn't exist, and you don't find it, then the investigation is a success. Of course the Wall Street mouthpiece, CNBC, has jumped at the chance to defend their masters. But I'm betting that you haven't guessed what sort of "logic" they are using to defend insider trading.

As insider trading is clearly already pervasive, and a significant use of time and resources, I think it's time to finally legalize insider trading. Wow! They don't even deny the rigging. Since everyone breaks the law and rips off the little guy, we may as well make it legal. You know, I kinda agree with him. If they put up a big sign and say "this game is rigged" then you won't feel very sorry for people who complain they were robbed. This defense of blatant illegalities is slightly different from their defense of high-frequency trading, when they said "No one has been a bigger beneficiary of high-frequency trading than the so-called little guy."

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It's not rigged. Nobody controls nor dictates how prices move. That being said, it's clear that those inside corporate headquarters have an advantage over the general public as they are the first ones getting the data on internal reports before flowing it out through the channels. If you don't know this, don't play the game.

#1 | Posted by CrisisStills at 2014-06-20 10:17 AM | Reply | Flag:

A quarter? What a lie. It has always been a confidence scam. At it's core the whole thing is a mathematical manipulation in which money is transferred across stock prices of which the value is nebulous. i.e. the whole thing is insider trading. All of it.

#2 | Posted by Shawn at 2014-06-20 01:50 PM | Reply | Flag:

The members of the American economics profession, as [Thurman] Arnold contended, performed a vital practical role in maintaining this unique system of corporate socialism American style. It was their role to prevent the American public from achieving a correct understanding of the actual workings of the American economic system. Economists instead were assigned the task to dispense priestly blessings that would allow business to operate independent of damaging political manipulation. They accomplished this task by means of their message of "laissez faire religion, based on a conception of a society composed of competing individuals." However false as a description of the actual U.S. economy, this vision in the mind of the American public was in practice "transferred automatically to industrial organizations with nation-wide power and dictatorial forms of government." Even though the arguments of economists were misleading and largely fictional, the practical -- and beneficial -- result of their deception was to throw a "mantle of protection … over corporate government" from various forms of outside interference. Admittedly, as the economic "symbolism got farther and farther from reality, it required more and more ceremony to keep it up." But as long as this arrangement worked and there could be maintained "the little pictures in the back of the head of the ordinary man," the effect was salutary -- "the great [corporate] organization was secure in its freedom and independence." It was this very freedom and independence of business professionals to pursue the correct scientific answer -- the efficient answer -- on which the economic progress of the United States depended.
-- Robert H. Nelson, REACHING FOR HEAVEN ON EARTH

#3 | Posted by Shawn at 2014-06-20 01:59 PM | Reply | Flag: | Newsworthy 1

The stock markets one of the greatest scam ever

#4 | Posted by PunchyPossum at 2014-06-22 02:49 AM | Reply | Flag:

"Certainly the game is rigged. Don't let that stop you; if you don't bet, you can't win."

Lazarus Long quote {aka RAH}

#5 | Posted by MSgt at 2014-06-22 03:38 AM | Reply | Flag:

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