Traders who staged a walkout at the Chicago Mercantile Exchange got little support from the market’s top officials during a meeting Monday, said an organizer of the protest.According to Barhardt, this is suspicious...
Why do I call this money laundering? Well, the BUYER in the block trade now has this instrument at a price of 97, and the rest of the market is trading at 100 (99bid at 101ask). He can start selling his "block traded" 97 position immediately. [ emphasis added ]
Well, these block trades are said to be private, but are reported afterward as public, which affects the price. Crooked practice, it would seem.
This is the same CME that wouldn't make good on Corzine's thievery recently. Corzine stole funds directly from accounts that were supposed to be insured. It's like stealing money from your bank account and being told tough luck, the bank stole it and the FDIC won't insure against the loss.
Not only that, the embezzler gets off scot free.
Something's rotten in Denmark.
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