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| Goldman Sachs and Wiseguys Tickets – What’s the Difference? Not Much. |
 by Richard KasteleinOP/ED - One company – Goldman Sachs – uses High Frequency Trading (HFT) or “black box trading,” an automated trading program that uses high-speed computers governed by complex algorithms (instructions to the computer) to analyze data and transact orders in massive quantities at very high speeds. They made billions of dollars.“Like the poker player peeking in a mirror to see his opponent’s cards, HFT allows the program trader to peek at major incoming orders and jump in front of them to skim profits off the top. And these large institutional orders are our money -- our pension funds, mutual funds, and 401Ks.” writes Ellen Hodgson Brown, an attorney in Los Angeles and the author of 11 books. The other, Wiseguys Tickets, a secondary ticketing broker, used proprietary software and built bots that cleverly imitated human buyers and quickly scooped up thousands of tickets at regular primary market pricing over the Internet to make available to other brokers in the secondary market to resell at true market value. “Who”, Stephen Happel, a free-market economist at Arizona State University asks, "was hurt in this? The public? No. The public got seats, but it happens to be the part of the public who was willing to pay more to get in. “ They made millions of dollars. Perhaps Happel's ASU colleague Marianne Jennings says what really should be said in both cases. "….just because you can do something in business, doesn't mean you should." The 80’s slogan “Greed is Good” is ringing in my head... it was made famous by actor Michael Douglas playing Gordon Gekko in the movie Wall Street, ended up being the rallying cry of the real NYC financial community, where people were encouraged to pursue their manifest destiny of getting filthy rich and screwing everybody else. So who is cheating and who is being clever? Who is winning and who is losing? Who will go to jail over it and who won’t? The cynic in me says Wiseguys will do jail time and Goldman Sachs will get off with a slap on the wrist. According to Fox News today, Goldman Sachs is getting a ‘Potty-Mouth Grilling’ from Congress. And go figure. Goldman Sachs stocks are still on the up. {jomcomment lock} Related Articles: Eventim Tickets are now also on MySpace! A deal between CTS Eventim AG, Europe's market leader in the
primary ticketing market and MySpace, the world's largest music platform will
now have MySpace's users able to buy tickets directly from the primary ticketing
company under http://www.myspace.com/ticketshop.
French Football Federation to Try and Block Tickets To avoid a flood of Irish fans at the Stade de France, November 18, in the second leg of World Cup 2010 countdown, the French Football Federation (FFF) is banning the sale of tickets on the Internet. A measure that is easier said than done.
Mojo Concerts and 'Black Market' Secondary Tickets - Hypocrisy Rules the Day
by Richard Kastelein
OP/ED - "The seller defines the price at Ticket Trade, not Mojo Concerts," states the site. I guess that's why two tickets to Rammstein cost over €600 euro on Mojo Concerts aka Live Nation's 'Black Market', secondary ticketing site at Tickettrade. The hypocrisy of a... One Million World Cup Soccer Tickets Go on Sale Another one million 2010 World Cup tickets are available and Africans are encouraged to buy. This was the message at the launch of the third ticketing phase in Johannesburg yesterday.
UK-Based Secondary Ticket Marketplaces Fight to Sell World Cup Tickets According to a recent report in the Guardian, current legislation will not allow South African World Cup Tickets to be sold to British Fans from U.K. based websites. And the law has Secondary Ticket Marketplace leaders fighting to get the law dumped.
"Supporters of England are going to miss out... Most Australian Theatre-goers buy tickets online More Australian theatre-goers use the internet to purchase theatre tickets than any other service - according to an AussieTheatre.com poll. 64
per cent of theatre-goers use the usual online ticketing outlets such
as Ticketek or Ticketmaster to purchase tickets to shows.
Eleven per cent still...
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