Destroying the Economy: Rigged Wall Street System of Daily Fraud

This post is a fusion of the two different media items of interest regarding the rigged Wall Street financial system with my own thoughts on the subject as former Smith Barney financial consultant.

I’ve included the new #KeiserReport on #RT with Max Keiser and Stacy Herbert, which addresses only a couple of the many rigged games Wall Street plays these days, thus sucking resources and life out of the US economy, as well as the economies of other countries. These two are: 1. “high-frequency trading” and 2. “insider trading.” While the latter is well-known, the former being a fraud may be a surprise for some. How does high-frequency trading work? Max Keiser gives us his primer. In the second half Max interviews Doug Casey about investing and its secrets. One of the interesting points is about Argentina, which again seems to be in a pre-default crisis.

I worked on Wall Street as financial consultant for Salomon Smith Barney (at the time, the investment banking arm of Citigroup), and I left because I was disgusted with its dirty innerworkings. However,  several years ago even I couldn’t imagine the degree to which the game would be rigged today… Max and Stacy like to talk about the JP Morgan CEO, Jamie Dimon, and his role in the rigging of the system, which will eventually lead to its collpse. When I worked at Smith Barney, Jamie Dimon was one of the top honchos at Citigroup, who was tipped for the next CEO’s position. However, he ubruptly left in the end of 1990s (was fired?) after a mystery row with Citi’s then CEO, Sandy Weill.