End of Goldman era on the NYSE floor

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Adam Jeffery | CNBC
Goldman Sachs is leaving the floor of the New York Stock Exchange. The investment bank, whose history has been intertwined with that of the downtown Manhattan exchange since 1896, is in the process of selling its “designated market-maker” unit, according to people familiar with the matter.The noisy trading floors of the open outcry era fell quiet years ago, apart from small telegenic huddles of activity at the start and finish of each day, and the planned exit highlights just how much the business of stock trading has changed. Goldman paid $6.5bn in 2000 to acquire Spear, Leeds & Kellogg, which was at the time one of the most powerful trading companies on the NYSE floor. The bank is understood to have lined up a buyer for the unit, which analysts now value at about $30m or less. More from The Financial Times:
Goldman’s investment strategy
Richard Friedman, managing director, Goldman Sachs, discusses his company’s investment strategy.
Designated market-makers, once known as specialists, manage the opening and closing auctions for thousands of NYSE-listed stocks and are responsible for providing liquidity in individual stocks. Over the last decade, NYSE’s share of US stock trades has fallen from more than 70 per cent to 12 per cent, as alternative trading venues run by banks including Goldman and rival exchanges such as Nasdaq and BATS Global Markets have taken market share. Read More Why Goldman Sachs is worried about Bank of America IntercontinentalExchange acquired NYSE Euronext, the parent company of the exchange, last year in a $11bn deal out of a desire to own NYSE’s London-based interest-rate derivatives franchise known as Liffe. The NYSE and Goldman declined to comment. The unit has drawn interest from several computerised trading firms, some of which have already built a presence on the floor. Continue here…

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The Road to Sustainable Global Growth – the Policy Agenda – Christine LeGarde 4/2/2014

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Did Michigan just trigger ‘constitutional convention’? Bid gains steam

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constitution_internal.jpgWASHINGTON –  Momentum is building behind what would be an unprecedented effort to amend the U.S. Constitution, through a little-known provision that gives states rather than Congress the power to initiate changes. At issue is what’s known as a “constitutional convention,” a scenario tucked into Article V of the U.S. Constitution. At its core, Article V provides two ways for amendments to be proposed. The first – which has been used for all 27 amendment to date – requires two-thirds of both the House and Senate to approve a resolution, before sending it to the states for ratification. The Founding Fathers, though, devised an alternative way which says if two-thirds of state legislatures demand a meeting, Congress “shall call a convention for proposing amendments.” The idea has gained popularity among constitutional scholars in recent years — but got a big boost last week when Michigan lawmakers endorsed it. Michigan matters, because by some counts it was the 34th state to do so. That makes two-thirds. In the wake of the vote, California Republican Rep. Duncan Hunter pressed House Speaker John Boehner on Tuesday to determine whether the states just crossed the threshold for this kind of convention. Like Michigan lawmakers, Hunter’s interest in the matter stems from a desire to push a balanced-budget amendment — something that could potentially be done at a constitutional convention. “Based on several reports and opinions, Michigan might be the 34th state to issue such a call and therefore presents the constitutionally-required number of states to begin the process of achieving a balanced budget amendment,” Hunter wrote. “With the recent decision by Michigan lawmakers, it is important that the House – and those of us who support a balanced budget amendment — determine whether the necessary number of states have acted and the appropriate role of Congress should this be the case.” If two-thirds of the states indeed have applied, the ball is presumably in Congress’ court to call the convention. But Article V is rather vague, and it’s ultimately unclear whether 34 states have technically applied. In the past, states like Oregon, Utah and Arizona have quietly voted to approve the provision in their legislature. But some of the 34 or so have rescinded their requests. Others have rescinded, and then re-applied. Alabama rescinded its request in 1988 but in 2011, lawmakers again applied for a convention related to an amendment requiring that the federal budget be balanced. It was a similar story in Florida in 2010. Louisiana rescinded in 1990 but lawmakers have tried several times, unsuccessfully, to reinstate the application since then. It’s unclear whether the applications still count in these scenarios. Some constitutional scholars like Gregory Watson, an analyst in Texas, say once states ask, there may be no take-backs. “There is a disagreement among scholars as to whether a state that has approved an application may later rescind that application,” Watson told The Washington Times. “If it is ultimately adjudicated that a state may not rescind a prior application, then Ohio’s 2013 application for a Balanced Budget Amendment convention would be the 33rd and Michigan’s 2014 application would be the 34th on that topic.” Others say if a state changes its mind, it can no longer be part of the 34. Even if the requisite number of states have applied, questions remain about how such a convention would work — and whether, as Michigan wants, such a convention could be limited to only discussing a balanced-budget amendment. It still may be a long shot, but some analysts are warning about the unintended consequences of such a move. In Louisiana, Budget Project Policy Analyst Steve Spire argued against the state’s resolution, saying the convention could permanently damage the nation’s political system. The last time there was a successful amendment was more than four decades ago – the 26th Amendment which changed the voting age to 18. States ratified the 27th Amendment on congressional pay increases, but it took more than 200 years to do it. Source:  http://www.foxnews.com/politics/2014/04/02/rare-option-forcing-congress-to-meet-change-constitution-gains-momentum/

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Ths History of Money… this is a really good read!! Enjoy!!

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Part 1 = http://www.xat.org/xat/moneyhistory.html Part 2 = http://www.xat.org/xat/usury.html Part 3 = http://www.xat.org/xat/worldbank.html

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12 Largest Banks Sued By Public Retirement Funds For “Conspiring To Rig Global FX Markets”

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Ambassador Lee Emil Wanta Date: 1 April 2014 22:49 Subject: ISA_12 Largest Banks Sued By Public Retirement Funds For “Conspiring To Rig Global FX Markets”_circa2014 To: “POTUS_U.S. President Barack H. Obama” <[email protected]>, “U.S. President Barack H. Obama” <[email protected]itehouse.gov>, POTUS_Office of the President <[email protected]>, OMB_President Barack Obama <[email protected]> Cc: Chief Justice_John G Roberts <[email protected]>, US Supreme Court_Chief Justice John G Roberts <[email protected]>, United States of America <[email protected]> Yesterday, we read with some amusement that Goldman has moved Guy Saidenberg, reportedly one of the greater profit centers at the firm – and how could he not be when he always traded against Tom Stolper’s recommendations which led to tens of thousands of pips in losses to those who listened to him over the past five years – from head of global foreign-exchange trading to a new role, as co-head of commodities.  Why did Goldman decide to scrap its once uber-profitable FX vertical and redo it from scratch? Simple – the ability to rig and manipulate FX markets, which are now under every global regulator’s microscope after the “Cartel” members so foolishly let themselves be exposed to the entire world, is no longer there, as confirmed last night by news that a dozen large investors have filed a joint lawsuit against 12 banks for “allegedly conspiring to rig global foreign-exchange prices.” Allegedly? Hasn’t everyone read the Cartel chatroom transcripts yet? WSJ reports:
The class-action lawsuit, filed in U.S. District Court in the Southern District of New York late Monday, was from a group of investors across the U.S. and Caribbean, including city and state pension plans. They accused the banks of communicating “with one another, including in chat rooms, via instant messages, and by emails, to carry out their conspiracy,” and for rigging foreign-exchange rates as far back as January 2003, the lawsuit said.
The bank sued are BofA, Barclays, BNP, Citi, Credit Suisse, Deutsche, Goldman, HSBC, JPM, Morgan Stanley, RBS and UBS, or, in other words, everyone. And certainly all the Too Big To Prosecute banks. So best of luck there, even though the plaintiffs include some very recognizable public investment funds:
The investors behind the consolidated lawsuit are: Aureus Currency Fund LP, a Santa Rosa, Calif., investment fund; the City of Philadelphia and its board of pensions and retirement; the Employees’ Retirement System for the Government of the Virgin Islands; the Employees’ Retirement System of Puerto Rico Electric Power Authority; Fresno County Employees’ Retirement Association; Haverhill Retirement System for the city of Haverhill, Mass.; Oklahoma Firefighters Pension and Retirement System; State-Boston Retirement System; Tiberius OC Fund, a Cayman Islands fund; Value Recovery Fund LLC, a Delaware fund with offices in Connecticut; Syena Global Emerging Markets Fund LP, a hedge fund in Connecticut; and the United Food and Commercial Workers Union. In the complaint, the investors accused the banks of controlling foreign-exchange rates via a “small and close-knit group of traders.” They alleged it became possible for banks to rig the market because the traders “have strong ties formed by working with one another in prior trading positions” and by in many cases living “in the same neighborhoods in the Essex countryside just northeast of London’s financial district.” “They belong to the same social clubs, golf together, dine together and sit on many of the same charity boards,” the complaint adds.
Of course, the rigging of FX markets, disclosed hot on the heels that Libor too was massively manipulated (to the delight of “conspiracy theorists” everywhere) is by now well known. But the punchline is not that FX is rigged, and as a result virtually all carbon-based traders are now gone, leaving the FX market at the mercy of Virtu and GETCO algos (those USD/JPY momentum ignitions at specific, recurring times of the day are just that), but that as Goldman has shown by relocating Saidenberg, the commodity market is the only one where manipulation, rigging and fraud are not only possible but smiled upon by regulators. Because one of the key commodities in said market is gold. And as everyone knows, alongside getting the Russell 200,000 to all time highs, the other core mandate of central bankers everywhere is to push gold to 0. The worst news: we are rapidly running out of “conspiracy theories” that haven’t become conspiracy facts yet. Source:  http://www.oneworldofnations.com/2014/04/12-largest-banks-sued-by-public.html

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White Hat Auxiliaries – FACT CHECK #114

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Greetings! From OWoN we have the following update – from the top. Please read it carefully and rest assured that we are doing our very best to make sure you are kept updated on all relevant matters. We have a request. Please try not to submit questions to us via e-mail. It would be easier to address all questions via the blog. If you need to e-mail us, then you may certainly do so. Also, we do not maintain email update lists, so if you write to us requesting to be added to such, we cannot do so. Thank you all for your tremendous support. The White Hats and their associates and staff do read your comments and are very appreciative of your recognition of their work. Please await further updates as they are available. WHA ================================================= To All, As of yet, there have been NO Settlements done and these Guru Broker sites winding up the public to peddle their 300% marked up notes are disgusting. Poor and Needy people are being scammed and conned. It’s disgusting conduct praying on their needs. Wrong, wrong, wrong! How can we help change lives when a needy soul with their last $500 Bucks is only getting true value of $150 of Notes back and ruthlessly skimmed by these racketeers? The loss to them is enormous when converting now. Check the Real Rates when buying. Many of these sites are Scammers. These parties will not be given any access to the process or news early. ONLY the PPs will be done first so you have time. We will probably only come out at c10 EST so as to cover Mid States and then 07-00 is not too bad to West Coasters. OMG we hear. No we won’t delay it more or the Europeans will take the lot. West Coasters you move it or lose it. But we will pre advise when. This week will only be at best the majors being pre advised or later. That will not be for Public trades. Ignore the Guru garbage. The US Patriots and ourselves are trying to help all of you in safe steps. You have time! When the time is right you WILL be helped. Trust the integrity of the back up you are getting. It ALL flows via this main group. Source:  http://whitehatauxiliaries.wordpress.com/2014/04/01/fact-check-114/

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