The Phaserl


The Odds Are Never In Our Favor

by Michael Snyder, Economic Collapse:

How would you feel if you went to the store to buy something, and someone rushed ahead of you and purchased it first and then sold it to you at a higher price? Well, in the financial world this happens millions upon millions of times. In fact, this practice has become so popular that it has spawned an entire industry known as “high frequency trading”. At this point, high frequency trading makes up about half of all trading volume on Wall Street, and it is costing the rest of us billions of dollars a year. And the funny thing is that this is all perfectly legal. High frequency trading firms are exploiting a glitch in the system, and by allowing this to go on, the authorities have essentially given them a license to steal from the rest of us. Sadly, this is just another example that shows that the odds are never in our favor. The “little guy” never seems to be able to win, and those at the top of the food chain like it that way.

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1 comment to The Odds Are Never In Our Favor

  • rich

    Reuters Reports that CalPERS “Lawyered Up” in Response to Our Public Records Suit
    Posted on April 1, 2014 by Yves Smith

    Reuters is keeping tabs on some of the developments in our ongoing dispute with the nation’s largest public pension fund, CalPERS.

    By way of background, we have asked CalPERS to give us data about their private equity fund performance that they provided to two scholars at Oxford University. Their article stated repeatedly that substantial portions of their data has never been made public. Under California law, once a public record has been given to a member of the public, the agency can not refuse other requests for the same records.

    Even though CalPERS keeps claiming in its dealings with my attorney that it is cooperating with us, its actions scream otherwise. CalPERS has repeatedly bait and switched us, the latest instance being sending us records that fell well short of what they had supplied to the Oxford researchers.

    The latest move is to send the matter over to outside counsel two weeks ago, with the net result that everything has come to a screeching halt. People who have contacts within CalPERS tell us that the party line is that the law firm, Steptoe & Johnson, is trying to work something out with us. Let us just say that that is inconsistent with the conduct of the Steptoe partner towards my attorney.

    So this perverse battle continues, wasting the funds of California retirees. And CalPERS is making it clear that the promises it made during its pay to play scandal about more transparency and greater responsiveness to Public Records Act requests were just a Big Lie. But just like h Los Angeles public pension fund LACERA, CalPERS seems to see indulging the PE industry’s mania for secrecy as more important than meeting its obligations under the law and doing what is in the best interest of its beneficiaries.

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