Market Shorter Headlines

Submitted by Tyler Durden on 12/13/2010 18:58 -0500  ZEROHEDGE.COM

In the latest example that virtually every conspiracy theory is almost always inevitably proven to be fact, the Financial Times reports that JP Morgan, the firm targeted by thousands of "tin foil hat" wearing, conspiratorially-oriented "gold bugs", has cut back on its US silver futures. "JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal." And in what can only be considered an unprecedented victory for all those who have over the past year agitated to putting JP Morgan out of business, most recently spearheded by the likes of Mike Krieger and Max Keiser, by forcing a massive short squeeze on its commodities trading desk...

Briton’s anger continues spilling into the streets as a result of government austerity measures to raise student fees.  Violence coming from both riot police and protesters does show the severity of the situation. The massive protest does clearly show the people’s will against bearing the burden of the economic collapse of the financial sector. Although the violent turns have been unfortunate, the protests throughout the EU do indicate a heightened level of political awareness and duty on behalf its citizenry.

--Back in April senator Carl Levin confronted Goldman Sachs executives over internal Emails that revealed evidence of predatory behavior by the investment firm on its own clients. Last week, senator Levin revealed more internal Emails  leading to possible market manipulation on credit default swaps.

Goldman Sachs Accused Of Trading Abuses Over CDS Deals

The Huffington Post   |  William Alden

An email in which a Goldman trader encouraged a colleague to "kill" other pessimistic bets -- as he tried to strengthen the bank's own short position -- prompted Carl Levin, chairman of the Senate permanent subcommittee on investigations, to say Goldman perpetrated "trading abuse" and used a "short squeeze strategy" the Financial Times reports. Levin has accused Goldman, essentially, of attempting to artificially drive down the price of bets it wanted to make.

...When the housing market tanked, Wall Street investors who had placed bets against it profited handsomely. Investors who kept piles of these mortgage-backed securities on their books, however, lost billions. Few understood just how explosive these securities were.


1 GLD 122.49
+0.62 (0.51%)    
2 INX CA$0.47
0.000 (0.00%)    

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