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(CNBC)   As expected, the Tax Cuts and Jobs Act of 2017 is trickling down to the small folks. In fact the trickle has now become a shower. Of course we all know what type of shower water can be found inside of a Goldman's Sachs   (cnbc.com) divider line
    More: Fail, Stock market, Finance, bank cut compensation, Goldman Sachs trader, Goldman Sachs, Commodity market, Bank, analysts' expectations  
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927 clicks; posted to Business » on 16 Apr 2019 at 1:22 AM (4 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



12 Comments     (+0 »)
 
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4 days ago  
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4 days ago  
TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.
 
4 days ago  

Northern: TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.


Unless you have GS as your 401k provider or funds provided by them, I don't think they can scalp you easily.
 
4 days ago  

Northern: TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.


I remember reading a story about the computer systems of large investment firms. Don't they even take into account (and try to minimize) the latency of overly long network cables?
 
4 days ago  
Fer sher  Paid an extra $2300 this year.
 
4 days ago  

Nexzus: Northern: TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.

I remember reading a story about the computer systems of large investment firms. Don't they even take into account (and try to minimize) the latency of overly long network cables?


They do. I saw it on 60 Minutes a while back. Pretty interesting.
 
4 days ago  

machoprogrammer: Northern: TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.

Unless you have GS as your 401k provider or funds provided by them, I don't think they can scalp you easily.


GS and others step in front of your 401k provider whenever it trades. They buy the stock that your 401k wants microseconds before it does, and then resell it to your 401k provider at a slightly higher price. This happens constantly on every trade. GS can do it because their server is closer to the stock exchange server, so it can do price discovery faster than your 401k provider can.

https://en.wikipedia.org/wiki/Flash_B​o​ys

Flash Boys: A Wall Street Revolt is a book by the American writer Michael Lewis,[1] published by W. W. Norton & Company on March 31, 2014. The book is a non-fiction investigation into the phenomenon of high-frequency trading (HFT) in the US equity market, with the author interviewing and collecting the experiences of several individuals working on Wall Street."[2] Lewis concludes that HFT is used as a method to front run orders placed by investors. He goes further to suggest that broad technological changes and unethical trading practices have transformed the U.S. stock market from "the world's most public, most democratic, financial market" into a "rigged" market.[3]
 
4 days ago  

dsmith42: machoprogrammer: Northern: TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.

Unless you have GS as your 401k provider or funds provided by them, I don't think they can scalp you easily.

GS and others step in front of your 401k provider whenever it trades. They buy the stock that your 401k wants microseconds before it does, and then resell it to your 401k provider at a slightly higher price. This happens constantly on every trade. GS can do it because their server is closer to the stock exchange server, so it can do price discovery faster than your 401k provider can.

https://en.wikipedia.org/wiki/Flash_Bo​ys

Flash Boys: A Wall Street Revolt is a book by the American writer Michael Lewis,[1] published by W. W. Norton & Company on March 31, 2014. The book is a non-fiction investigation into the phenomenon of high-frequency trading (HFT) in the US equity market, with the author interviewing and collecting the experiences of several individuals working on Wall Street."[2] Lewis concludes that HFT is used as a method to front run orders placed by investors. He goes further to suggest that broad technological changes and unethical trading practices have transformed the U.S. stock market from "the world's most public, most democratic, financial market" into a "rigged" market.[3]


I totally forgot about the fact that they are closer to the server
 
4 days ago  

Northern: Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.


Make taxes inversely proportional to the amount of time the asset was held. Start at 100% for anything held less than a day. No more day trading. You're welcome.

dsmith42: GS and others step in front of your 401k provider whenever it trades. They buy the stock that your 401k wants microseconds before it does, and then resell it to your 401k provider at a slightly higher price. This happens constantly on every trade. GS can do it because their server is closer to the stock exchange server, so it can do price discovery faster than your 401k provider can.


This is what real entitlement looks like. GS thinks they're entitled to money just because. They provide no actual service, just grab money because they can. Fark 'em.
 
3 days ago  

Prank Call of Cthulhu: Northern: Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.

Make taxes inversely proportional to the amount of time the asset was held. Start at 100% for anything held less than a day. No more day trading. You're welcome.

dsmith42: GS and others step in front of your 401k provider whenever it trades. They buy the stock that your 401k wants microseconds before it does, and then resell it to your 401k provider at a slightly higher price. This happens constantly on every trade. GS can do it because their server is closer to the stock exchange server, so it can do price discovery faster than your 401k provider can.

This is what real entitlement looks like. GS thinks they're entitled to money just because. They provide no actual service, just grab money because they can. Fark 'em.


I can live with a timed tax on trades, except that the resulting capital gains on a long held asset (free of short term timed tax), should be taxed as ordinary income the same as wage workers.
 
3 days ago  

Nexzus: Northern: TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.

I remember reading a story about the computer systems of large investment firms. Don't they even take into account (and try to minimize) the latency of overly long network cables?


I don't know about that.  The NYSE does allow private corporations to maintain computers directly connected to the exchange computers to minimize the times required for analysis and trading.  The GS computer for example, can analyze big orders in less than 1/1000th of a second, purchase the same stock before the competing order can be completed, then sell as the big order is actively buying making a healthy profit on the arbitrage.  It's legal insider information.  At my last company, executives went to the SEC for a tour and the agents proudly showed off their new supercomputer.  It flags any trade by known employees and their families of public companies that equals or exceeds $10,000 for insider trading. It's nice to know the government gives away our retirement money to big firms, and then threatens those same workers with hefty fines and prison if they attempt to do the same.
 
3 days ago  

machoprogrammer: Northern: TFA thinks Goldman still has traders?  They got rid of the Ivy League liberal arts coke sniffing crowd years ago.  The trading office at Goldman and other big investment houses is composed of computer scientists specializing in financial applications.  Just the one computer attached to the NASDAQ server makes Goldman $8 billion+ a year in micro-trading our retirement accounts (reducing our yield by 2-3% a year in no risk trades for Goldman).
Want to make things better?  Put a $0.05 tax on each stock or security traded.  Break up the big banks and other monopoly businesses.

Unless you have GS as your 401k provider or funds provided by them, I don't think they can scalp you easily.


Their computer is told about big fund purchases ahead of the actual execution of the order.  The computer then buys up shares in that stock or whatever, and sells as the large order is processed that drives up the price.  GS then sells as the price increases with the large order, earning profits at the expense of the retirement accounts.
A $0.05 tax on each stock traded would wipe out the gains from this scheme, returning that money to the workers who earned it.
 
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