The Plunge Protection Team Blog

Welcome to the PPT web roundup. The web roundup will be a regular feature on this blog where we link to some of the most interesting news and analysis of the Plunge Protection Team found on the internet.

Today's roundup:

Todd Harrison, a sort of anti-Cramer who used to work for Cramer, confirms what we've been saying. The Plunge Protection team is now out in the open and very, very busy.

We used to huddle in hushed tones and talk about “the invisible hand” or the “plunge protection team.” We did so for fear of being called conspiracy theorists or, worse, unpatriotic. The thought that there was a hidden force seemed bizarre. I was taught that nobody was bigger than the market. Most certainly, if there were games being played, it would eventually come out.

Still, some of the my most trusted and widely respected sources confided in me that they saw it as well. They did so in confidence as Wall Street is a small place where credibility is the gateway of continuity. I, too, held my tongue for fear of retribution or consequence. Even still, to this day, there are folks that will view this column as financial sacrilege.

So what now gives this topic license for discussion? Treasury Secretary Hank Paulson, who recently said, matter-of-factly, that there is indeed a Working Group on Financial Markets in force and at play. Further to that, he has openly held discussions with Wall Street firms and hedge fund managers in an attempt to gain leverage in the financial equation.

Money Matters delves into just how active the PPT has been lately:

The Plunge Protection Team holds more meetings. They are desperate to find some Hail Mary play to save their financial houses from destruction as the SIVs now go off the cliff.

If you have news to add to the roundup, post it in the comments below.