Danny Schechter - ColdType

“The bank has raised the possibility that there is a danger
that somebody who knew how to use this program could use
it to manipulate markets in unfair ways,” Facciponti said.
163
The New York Times said the so-called proprietary “black
box” software programs were of “incalculable” value because
of their use in “making lucrative rapid-fire trades in the financial
markets.” It was part of “multi-million dollar technology
that is increasingly employed by the world’s biggest banks to
gain an edge in financial markets.” (One would have to assume
that governments with massive intelligence capacities employ,
or should we say, “deploy” similar technologies.)
J.S. Kim who runs an independent investment research and
wealth consultancy firm commented on this development on
the financial site, Seeking Alpha:
It’s curious to note that Goldman Sachs has admitted that it
has developed trading software that could be used to, in their
own words, “manipulate markets in unfair ways,” yet nobody
in the mainstream media has questioned whether Goldman
Sachs was, and is, using its proprietary trading platform to
manipulate markets in unfair ways. Only extremely naive
investors with zero understanding of how global stock markets
operate would deny that there has been continual and
excessive intervention into US stock markets to prop them
up over the past several months.
Curious to note? Oh really? This seems another open secret
in financial circles where trading is a form of warfare with more
than a hint of criminality. Two weeks after this story appeared,
a front page report in the New York Times reported how stock
traders were using “high frequency” trading computers that
are suddenly “the most talked about and mysterious forces in
the markets.”
Critics quoted in the article suggested these computers are
being used to “manipulate prices.” William H. Donaldson, a
former New York Stock Exchange chairman and CEO said,