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Wall Streets naked swindle

Discussion in 'Economics and Financials' started by padre31, Oct 20, 2009.

  1. padre31

    padre31 Premium Member Luxury Box

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    http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/1


    Of course...it is being looked at..<snicker>
     
  2. jdang307

    jdang307 Season Ticket Holder Club Member

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    May be insider trading. But, before the collapse, a local hedge fund manager here was talking with my firms head portfolio manager/cfo, and said, and I swear, that talk around the industry was that bear or lehman were not going to make it. This wasn't a week before the collapse, but a few weeks. But my manager repeated it so incredulously because it was unthinkable. And sure enough ...

    That was not solid enough info to bet on, esp. not $1.7M. But it seemed everyone but the regulators knew a crapstorm was coming. Guess who was manning the NY Fed ... :P (I had to get a dig in come on now)
     
  3. padre31

    padre31 Premium Member Luxury Box

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    Well, that was just a small part of the article, the writer goes on to list other shenanigans, such as PIL "dividend" checks, basically you buy a stock, but it is not really "bought", whomever owns it via proxy is writing the dividend check and controlling the shares.

    Naked shorting is also covered.

    Wall Street sounds very much like a rigged game Jd and that will not change anytime soon.
     
  4. texasPHINSfan

    texasPHINSfan New Member

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    if you like reading about conspiracy theories as to why companies go down, do some research on credit default swaps (CDS's) and their role in everything. They almost took down AIG.....

    regarding the article you posted. anytime a single entity does that much options business in a single day, you'd have to look closer at it. option trading isn't for the weak, and anyone that is trading that volume knows what they are doing.
     
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