By John Vibes
Richard Grasso acted as the chairman and chief executive of the New York Stock Exchange from 1995 to 2003, and he has come out in a recent interview saying that the stock market is rigged. Considering that he spent nearly a decade at the head of the institution, he would obviously have legitimate experience to speak on.
The interview was reported by the Wall Street Journal this week and is set to appear on the television show “Wall Street Week” this Sunday.
During the interview Grasso said, “A fast market is not necessarily a fair market, as evidenced by that Monday open. Frankly, some of the things that went on that day need very close scrutiny.”
Speaking of the erratic stock activity that occurred in late August, he said that “A day like that, where Facebook’s shares go from $86 to $72 to $84 in a matter of minutes will cause the public to lose confidence in the markets.”
Grasso also spoke of how the game was rigged to create an advantage for certain players.
“Creating an advantage to an institutional user or a particular type of trader that disadvantages the retail investor is bad for the country, bad for the markets and bad for your business,” he said.
Grasso has not been absent of controversy himself, he was actually forced to step down from the NYSE back in 2003 after he was accused of embezzling millions in retirement pay from the organization.
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John Vibes writes for True Activist and is an author, researcher and investigative journalist who takes a special interest in the counter culture and the drug war.
This article ( Former New York Stock Exchange Head Says That The Stock Market Is Rigged ) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to the author and TrueActivist.com.
North Korean hackers have compromised the US financial system?
Wall Street is almost as corrupt as the US Congress. Boy, we’ll all be in trouble if it ever buys Congress outright.
The Dow Jones is literally just some random number. It’s like playing the lottery. It’s all the Jewish mafia but they blame it on Italians. Some Jews are Italian but not all Italians are Jews. People don’t understand the difference between nationality (where you were born), ethnicity (true race) and race (social construct based on skin color and facial features).
Or political affiliation like Zionists. They have very disproportionately infiltrated the US government.
This is very true.
Oh gee what a surprise Obama and the NWO have been very busy these days.
I have felt that way since 09. I think they are going to clean everyone out again and this time there will be no rebound.
yes i do
Then he was a part of the rigging. IS his conscience getting to him or the law.
Jews and their BS
The only way to get free is to secede and create a new union.
The scums on Wall Street make the big money. It has to come from someplace,,, someone has to lose. Along with rigging markets they have a tidy collusive relationship with the media too which is perfect for organizing rug pulls.