People keep sending me articles about some Goldman Sachs proprietary trading conspiracy that is responsible for recent market advances. (Most notably, Zero Hedge.com and the seriously angry goldmansach666.com. Specifically, they blame program trading and quantitative trading. I was the head of program trading at Morgan Stanley from 1996 to 2002 (both Global and U.S.), which, at the time, was the NYSE volume leader. And while I always enjoy a good conspiracy, in this case I find little evidence of one. As the managing director in charge of a trading desk and an ex-rival of Goldman Sachs I'd love to trash them, but I cannot. I find myself defending them.

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