Saturday, April 17, 2010

Cheerleading Wall Street :: Goldman, Fraud, Power, & Information Asymmetries

Update:: 3:17PM EDT Here are some editorial pieces from the NYTimes on what Goldman Sach's conduct reveals.

Last year, Jon Stewart made mincemeat out of CNBC's Jim Cramer, who freely admitted in the past to legally manipulating the market. 

Cramer was recently on CNBC as a guest of his buddy, Erin Burnett. Here's a 2009 deep link to a Young Turks video of the CNBC twins on The Today Show. this time, Burnett has a panel talking about Goldman Sachs. Sylvian Raynes took some potshots at her for having only PR officers for Goldman on her show and dissing Cramer with, "I want to remain shallow in deference to Mr. Cramer"::

I applaud Raines for not being an apologist for Goldman like Cramer, painting the Goldman debacle in the most benign light possible. Cramer talks about there not being any guarantees, but Raynes makes the point that Goldman rigged the system AND that they knew it. Burnett, Cramer, and CNBC insult our intelligence to act as if Goldman didn't know what they were doing, selling instruments that they were betting against. If these asymmetries in information and power aren't fraudulent, in that they undermine the market, I'm not sure what is.

Twitterversion:: Blog:: Cheerleading Wall Street :: Goldman Sachs, Fraud, Power, & Information Asymmetries @Prof_K

Song:: Iggy Pop-'Corruption'

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