Apple’s $40 rise and fall: Was Goldman Sachs behind it?

“‘Goldman Sachs has engineered every major market manipulation since the Great Depression.’ So wrote Rolling Stone’s Matt Taibbi in his 2010 takedown of Goldman Sachs — the article that famously described the 143-year-old banking house as ‘a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,’” Philip Elmer-DeWitt reports for Fortune.
“Without ever actually accusing Goldman Sachs of manipulating Apple shares, Paulo Santos, a independent analyst and trader from Portugal, makes a plausible case that the bizzarre action in Apple last week — rocketing to a record $526.29 on Wednesday morning only to plummet to as low $486.63 — can be traced to insider knowledge that Tim Cook was going to speak at a Goldman Sachs conference on Tuesday, which is when Wednesday’s run-up began,” P.E.D. reports.


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