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Debate on the Existence of Plunge Protection Team
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Debate on the Existence of Plunge Protection Team

By Barry Ritholtz - November 19th, 2008

From an anonymous investor:

CNBC Video Clip Denying Existence of Plunge Protection Team (aka President’s Working Group on Financial Markets) -

The link below contains the CNBC video clip and GATA discussion wherein the CNBC crew are AMAZED to learn about market intervention by the PPT of the S&P futures or that such a group and its activities even exists. MSM at its best in trying to suppress the truth.

CNBC VIDEO Plunge Protection Team

Well, well, well … it’s early morning and a guest on CNBC’s Squawk Box blurted out in vociferous fashion about how The Working Group on Financial Markets, or the Plunge Protection Team, has been active in the S&P futures markets … most notably on October 10 and 24. He mentioned that late market action in which the S&P rose 100 points from low to high for no apparent reason, and that the US Government was in no mood to let the markets close for the weekend(s) in a near state of panic.

Well, you can imagine the horror on the faces of The Muppets, especially as this guest, Scott Nations, President of Fortress Trading, refused to back down and kept right on despite protests from the Planet Wall Street apologist hosts. Some reactions and observations…

*Economist Steve Leisman said he had heard from others about the PPT, but that this was the FIRST time it had been mentioned on the show, perhaps even on CNBC. Leisman wanted more specifics, proof. Scott Nations mentioned the George Stephanopoulos ABC public comment regarding the activities of the PPT during the Clinton Administration.

*Becky Bimbo, the one who goes around the world sucking up to Warren Buffet, almost went apoplectic, saying this PPT comment in no way represented the views of CNBC in any way. She was taken aback and acted like this guy had no right to an opinion such as that in America.

*Bank of America economist, Mickey Levy, was immediately praised, especially after he said the PPT notion was silly, while he frowned disdainfully.

*Scott Nations came back with the government is in the bond market, why not the stock market?

*To his credit host Joe Kernan mentioned that with all the money thrown around by Washington these days, that a billion here and a billion there could really move the S&P around in a short period of time.

For some reason Kernan would not let up, questioning floor trader Art Cashin next, who got his Irish dander up …. decrying it was Black Helicopter stuff and “conspiracy crap.”

Kernan pressed him further about others saying the same thing regarding a PP and Cashin began to stutter, becoming madder and madder. Cashin came across as an ole goat of a man, whose 40 year commentary from the floor and dealings in the market had been threatened.

*The net, net from The Muppets was the talk of a PPT was just internet conspiracy talk. Yet, Kernan and Leisman obviously have been bombarded with such talk, and NOT from the internet.

*Most of the Muppets/Planet Wall Street, like Becky the “B” and Cashin can’t handle the truth.

*And finally, and I can say this from personal experience, “Scott” has made his last appearance on CNBC.

This is almost too much to handle in one day. CP sent out an email in which GATA was mentioned in the NY Post. I forwarded the same email this morning, but here it is in case you who missed it…


CNBC Video Plunge Protection Debate
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