Some Games Never Get Old
The stock market shenanigans from May 6, 2010 have reemerged. If the 24-hour news cycle has overwhelmed you, this was the escapade where Procter & Gamble, 3M, Accenture and others lost large chunks of their stock value, to quickly rebound. Some bluster was made about the robots of trading with their sinister stop-loss orders and other jingoistic Wall Street slang. And while Mr. Felix makes vague allusion to it, the real nut of this story was never covered. Not even touched upon.
Who bought all that valuable stock on the cheap? Accenture is the most crass example. Falling from $40.13 all the way to One Red Cent, before rebounding nicely to $39.57. Well, this tale of absolute graft and market gaming is back in the news. Seems we’ve got a button man, Waddell & Reed Financial Inc. A single trade from this shop sent the market tumbling. Big whoop. Cui bono? I can pull out the cryptojournalist ouija board, which has a few extra emoticons and some vague mannerisms on the board, to really trip out the uninitiated and tell you exactly how this will play out.
Some mild critique of how business is transacted. A few weak shit suggestions. The 24-hour news cycle rumbles on, up next with footage of the Brown family from TLC’s new hit series, Sister Wives.
TOTALLY missing the point of what took place. Sure, there’s a hole to plug in electronic trading. Get cracking. More importantly, an enormous transfer of wealth took place under stealth. This story has been floating in time for almost two centuries. Yeah, that’s right. I’m taking it there. All the way back to Waterloo.
If the New York Times is reporting on it 98 years ago, this ain’t new news. It IS most pertinent, because it’s essentially the same tale. Exploiting communication flaws in the system to personal gain. When Nathan Rothschild gamed the London Stock Exchange, burning share holders by selling stocks, prompting a panic, then buying low, he wrote the script for countless Hollywood movies. It was the blueprint for graft. Inside information is worth its weight in gold. REAL gold, not that gold plated tungsten garbage floating around the globe.
THIS is exactly why more and more people tune out of the news in general. This is a real story, big time shenanigans. Not cheeky and fun shenanigans. No, we’re talking about evil shenanigans.
Reporting on an enormous stock heist while tiptoeing around the nut of the matter is silly. While it’s fun to joke and jest, reminisce about how funny Super Troopers is, the same game is being played. Moments like this make me wish it really were a conspiracy, rather than a large mass of people to blind to see whats going on right in front of them. It would be like reporting on a solar eclipse without making mention of the sun. The transaction itself is the story. Who got in on the cheap? That’s always been the question, now I’d like to see some answers. Till then, keep your eyes on the ball, with your hands to the sky. Now bend over to the front, touch your toes!