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View Diary: Open thread for night owls: The .03% solution—a financial transaction tax (105 comments)

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  •  Worse than that (7+ / 0-)

    It's what's called market manipulation, by the likes of Goldman Sachs et al. The fee ought to be .1%. Never mind the money raised, the fee has to stop technology-driven network-latency enabled high speed trades that distort the market.

    It's like buying something without pennies, and the merchant ALWAYS rounds up to the next nickle, and pretends that "It's simpler that way...." and it's only a few pennies (per share)....

    Actually, it is worse than that, that's not a good analogy.
    it's like buying a 6 pack of beer marked at $6.99 and right before you take it out of the cooler the Store sells out of that six-pack and the price is now $7.15. So you pay the $7.15. Then you find out that the store bought it's own remaining stock, driving up the price, then sells it back to itself and the listed prices goes back to $6.99 as you go out the door.

    Clever, Huh?

    Without geometry, life is pointless. And blues harmonica players suck.

    by blindcynic on Wed Feb 06, 2013 at 10:55:02 PM PST

    [ Parent ]

    •  And they sold you a beer they didn't own. (3+ / 0-)
      Recommended by:
      JeffW, bartcopfan, Eric Nelson

      So they could think about it after the sale and either make the 3-day delivery limit or tell you to fuck off.

      Yeah, that's what NYSE "rules" allow for the insider banksters.

      That's NY State fraud, explicitly. Felony.

      NYSE says that Federal law overrides NY State fraud laws.

      (Have we told you the tale of George Anderson and Florence Cioffi in the winter of 2008 ???)

      "Have you left no sense of decency, sir, at long last?" Army Attorney to Sen. McCarthy, 1954. "We have done nothing to be ashamed of. We have nothing to apologize for." NRA 12/14/2012.

      by bontemps2012 on Thu Feb 07, 2013 at 05:44:04 AM PST

      [ Parent ]

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