Only liberal elites such as Goldman Sachs are allowed to do that!
http://money.cnn.com/2014/11/20/investing/goldman-commodity-manipulation-wall-street/
Posted on 04/21/2015 1:12:24 PM PDT by Citizen Zed
The Justice Department on Tuesday unsealed charges, and sought extradition, of a Brit who did day-trading in futures contracts from his London home. The Commodity Futures Trading Commission also filed civil charges against Navinder Singh Sarao and his company.
Sarao was arrested in the U.K. over the charges relating to manipulation. While the government has alleged manipulation on at least ten different occasions, it is the activity on May 6, 2010, that will draw the most attention.
The U.S. government says Sarao was engaged in what’s called layering, which involves making multiple, bogus orders that are quickly cancelled to trick other market participants. Sarao used the E-mini S&P 500 contract to conduct spoofing, the court document says.
On the day of the flash crash, Sarao modified more than 20 million lots — compared to the fewer than 19 million lots the rest of the market modified, the U.S. alleges.
Sarao allegedly used “dynamic layering” between 11:17 a.m. until 1:40 p.m. Central Time, and created persistent downward pressure on the price of the E-Minis. His offers comprised 20% to 29% of the CME’s entire E-Mini sell-side order book, the U.S. alleges. Sarao made $879,018 in profits that day, and nearly $9 million on the trading days where the U.S. alleged illegal activity, and around $40 million over four years.
On social media, he was mocked both for soliciting outside help to create software, and for the relatively small size of his profits relative to the disturbance he allegedly caused.
His colorful language also was noted — according to an email, he told the Chicago Mercantile Exchange “to kiss my ass” after being questioned by the exchange over his entering and then cancelling orders.
(Excerpt) Read more at marketwatch.com ...
A very old, historically British name, to be sure...
Many an English lad was named Navinder Singh back in the day,...
After FIVE YEARS. FIVE YEARS? FIVE YEARS! FIVE YEARS.
What is wrong with this picture?
Well, considering that India was part of the British empire since the 1700s, it is a pretty historically British name.
So, that makes the SEC’s original explanation that it was Wadddell and Reed a complete joke?
This single dude crashed the market. That inspires confidence!
Look, squirrel!
Yeah, one guy in his slippers in his living room caused all the problems.
Some people can cover their tracks very well. There are lots of criminals out there who have been on the lam for years.
Yet the 2008 withdrawal of 500 billion from the money markets within the space of two hours, sparking the crash of ‘08 is not mentioned, nor the culprit revealed.
I’d rather know who caused the 2008 crash just before the 2008 election.
I remember a staff meeting where we discussed the destruction of AIG.
The safest investment in Intel’s 401k plan
I’m surprised the crash didn’t happen sooner. Hedge funds had been using credit default swaps to bet against the very mortgages they had funded. They were gaming the system and their payoff came when the market crashed.
Yup. That was Economic Terrorism - and designed to place Obama in charge.
Only liberal elites such as Goldman Sachs are allowed to do that!
http://money.cnn.com/2014/11/20/investing/goldman-commodity-manipulation-wall-street/
C’mon. 2008 and 2010 were engineered by extremely powerful monied men. Someone wrote on this board about how 2008 started in Chicago.
This guy may be guilty, but he had to have worked in concert.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.