Obama: Feds looking into stock market plunge

[sabra]

Source: MSNBC

And Reuters says that the SEC has launched an investigation

WASHINGTON - President Barack Obama said Friday that regulatory authorities were probing one of the wildest trading days in Wall Street history that left investors, government officials and traders scratching around for a cause.

"The regulatory authorities are evaluating this closely with a concern for protecting investors and preventing this from happening again and they will make findings of their review public along with recommendations for appropriate action," Obama said in remarks from the White House Rose Garden on the nation's employment situation.

A computerized sell-off sent the Dow Jones industrial average plummeting by a near-record 1,000 points within about a half-hour Thursday afternoon. Fear that the European debt crisis could spread was a factor. The market regained two-thirds of that loss before the end of trading.

Reuters said Friday the Securities and Exchange Commission has launched an investigation into Thursday's stock market plunge. It attributed a source familiar with the matter.

Read more: http://www.msnbc.msn.com/id/37017845/ns/business-stocks_and_economy/

[DJ13]

1. I suggest they start here-

Goldman Sachs market manipulation program

http://bankingwhistleblower.wordpress.com/2009/07/08/goldman-sachs-market-manipulation-program/

[TheWatcher]

2. Oooooooooooo They are "Looking Into It." With an "Invesitgation" even.

And they are looking "closely" with (GASP!) "concern."

I'm sure they'll make their findings and publicize them quietly in the farthest reaches of The Newspaper or bury it in the depths of all the Major Web Sites where no one will see it.

Then it will be back to Business (Fraud) As Usual.

Yes, they're going to Get To the Bottom Of It for SURE!

And Goldman Sachs will be held accountable for their crimes, too.

:eyes:

[earth mom]

6. + BILLIONS!

When are people gonna understand once and for all that the bankster gangsters are scamming the hell out of everything and the government doesn't give a damn what they do?!

[florida08]

3. NYT

One official said they identified “a huge, anomalous, unexplained surge in selling, it looks like in Chicago,” about 2:45 p.m. The source remained unknown, but that jolt apparently set off trading based on computer algorithms, which in turn rippled across indexes and spiraled out of control.

[On the Road]

7. Despite the Rumors about a Typo in an S&P Order

a poster on Clearstation pointed out that the high-yield bond market cratered a half hour BEFORE the selloff in stocks. Almost certainly it was related to Greece.

http://j.mp/aGiio6

The two scenarios are not, of course, incompatible. The Greek crisis porbably put a lot of traders and financial companies on hair-trigger, and any action of this magniture (selling billions of S&P shares) would execute stop-loss orders all over the place.

What surprises me is that trading was not halted during the plunge. Measures were put in after the 1987 crash that seemingly should have suspended trading before the Dow reached anywhere near a 1,000-point loss. It's been invoked a number of times in the last 23 years, and this was a much bigger even than some of them.

[No Elephants]

4. ZZZZZzzzzzzzz

[NBachers]

5. I know what caused it

You know what caused it

We know what caused it

Terminator bots reaching critical mass and setting off a meltdown

But the people at the top of our nation's government are scratching their pointy little heads and promising to figure it out at some point in the nebulous future

Do That To Me One More Time while civilization dies and we all plummet into the slaughterhouse of corporate slavery and extinction- livestock for the predator class