Taibbi: New Secrecy Rule Lets Goldman Sachs Control Stock Prices Unmolested by Public Scrutiny
July 6, 2009 9:50 pm

....The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading -- a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.

The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, says Matt Taibbi, the journalist whose Rolling Stone article on Goldman Sachs' role in asset bubbles over the past century has rocked the financial world.......

Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies' stock market manipulations. Goldman Sachs is singled out because the investment bank's share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months.

Blogs such as Zero Hedge have been using NYSE data to argue that Goldman Sachs now has an almost unfettered ability to control stock prices......

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Department of Law? In the White House?

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