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Market-rigging mechanisms are longstanding. On March 18, 1989, Ronald Reagan's Executive Order 12631 created the Working Group on Financial Markets (WGFM). It's called the Plunge Protection Team (PPT).
Its officials or designees include:
- the President;
- the Treasury Secretary as chairman;
- the Fed chairman;
- the SEC chairman; and
- the Commodity Futures Trading Commission chairman.
Its "Purposes and Functions".Recognize the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets"."They focus on "maintaining investor confidence"."
"(T)he Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events (pertaining to the) October 19, 1987 (market crash and consider) recommendations that have the potential to achieve the goals noted above; and
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