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Happened to catch this last night. Thought it was very well done compared to some of PBS's recent endeavors. As always, Frontline comes with an "edge" (not unlike 60 Minutes) so there's not a lot of balance. Not expert enough to say much about the issues. However, from my perspective I was left with a few thoughts and questions. ... / Intrigued by the "peep hole" into big trading operations the numerous wire-taps reveal / Wondering how on earth the "little guy" playing the markets hopes to win against these sophisticated, well connected and highly informed sharpies? / Hoping I have strong fund managers who can somehow overcome the headwinds presented by these big and sometimes unscrupulous operations / Wondering - Where do you draw the line when it comes to insider trading? For example, according to the show, someone working at Company X who gives out information on the number of trucks departing the loading dock may be guilty of supplying insider information. Yet, I suspect that if someone stood in the window of a home across the street and recorded these same comings and goings for the benefit of a trader, than that would be legal. Right? Now - how about somebody putting up a $99 camera-equipped drone to so monitor? Is that legal? And, suppose the person operating the drone is married to an employee of Company X - so knows exactly where to point the camera and what to observe? ... Insider information?
Reply to @hank: Thanks Hank for transcript, glad you liked it. I must plead guilty to insider information. I was alerted to the fact a private bank was going public a year a head of time. Opened an account that allowed me to buy shares a $10 a share when it went public. Sold 13 days later a $14. regards, Ted
'Course, I/we do not have the inside info about this investigation; but I agree with a notation in the write that there must have been some damning information; or JP Morgan would have taken this through the whole legal process to regain some "lost face", of which they have little remaining, by my standards.
Lastly, as has been noted in various articles over the past several years; how is it that only the "institution" is ever quilty (but no wrongdoing), and seldom real human beings? And yes, hank; we trade among thieves, eh?.
Reply to @Ted: But I wish you hadn't fessed up. Likely everything said on this board forever and forever will now be monitored by the SEC.
Apologies Ted for getting Mr. Cashin's age wrong. Thought he said he graduated from HS in 1955. Junkster has corrected that to 1959. (Cashin does sometimes seem to slur his words:-)
Reply to @catch22: I think it's been widely accepted for generations that as Gertrude Stein is reported to have observed: "The rich aren't like you and me." What's different now is the scope and sophistication of government surveillance, including the revealing taps. Regards
Reply to @Ted: Way to go. When I did the exact same thing, something happened, I forget exactly what, maybe there was a delay, or maybe the news was greeted with hohum ... but I wound up selling at $8.
Comments
Anyway .... Fascinating stuff.
Here's the full transcript http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/to-catch-a-trader/transcript-54/
regards,
Ted
'Course, I/we do not have the inside info about this investigation; but I agree with a notation in the write that there must have been some damning information; or JP Morgan would have taken this through the whole legal process to regain some "lost face", of which they have little remaining, by my standards.
Lastly, as has been noted in various articles over the past several years; how is it that only the "institution" is ever quilty (but no wrongdoing), and seldom real human beings?
And yes, hank; we trade among thieves, eh?.
Apologies Ted for getting Mr. Cashin's age wrong. Thought he said he graduated from HS in 1955. Junkster has corrected that to 1959. (Cashin does sometimes seem to slur his words:-)