The stock market was rigged

pmbug

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Under former Treasury Secretary Hank Paulson, confidential government information was regularly leaked to select people on Wall Street.

As I’ve explained many times before, The Post got hold of Paulson’s telephone records back in 2009. And the phone logs show that Paulson, the former head of Goldman Sachs, regularly spoke with influential people on Wall Street with whom he shouldn’t have been communicating. These phone calls could have been — let’s use the word “enriching” — for the recipients.

Among his regular phone buds was Lloyd Blankfein, who, for example, spoke six times with Paulson on Sept. 18, 2008. That was a day of great market turmoil and — while there is no way of knowing what the two men spoke about — the calls did coincide with a major turnaround in stock prices.

That was just one example.

There were many recipients of Paulson’s calls. And the conversations went on for years and were especially frequent when Washington needed a friend on Wall Street.

All an investigator — not to mention a prosecutor — would have to do is check the trading records of the firms on the receiving end of Paulson’s chats to determine if there was any suspicious activity.

And, guaranteed, they’d find it.

That’s what I’ve been writing for the past two years. And it is the biggest story that’ll ever be broken in the history of American financial journalism — the US markets are rigged, with the elite and connected getting a distinct unfair advantage over the rest of us schlumps.

Enter Bloomberg Markets magazine last week with a story headlined, “How Paulson Gave Hedge Funds Advance Word.”
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More: http://www.nypost.com/p/news/business/fix_was_in_bloomberg_mag_seconds_t0MKHkjTB8AMZGGj8tAbtJ

This whole thing reminds me of a puppet show. Joe Q. Public is the audience. Wall Street and FedGov take turns being the puppet and the puppet master.
 

ancona

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So, they're having this revelation now? Are you kidding me? The rest of the planet has known for years. Anyone with eyes and the capacity to read has known for years. These stupid jackasses never cease to amaze me.

Oh........My bad. I just now saw the NY Post tag. Sorry. I should have known.
 

pmbug

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It's not that they just had the revelation (ie. thought or speculation)... They are now reporting specific evidence.
 
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