Let's Revisit "The Miscreant's Ball"

F

flytiger

http://www.deepcapture.com/someday-...icit-but-the-sith-and-and-i-like-it-this-way/

I think on the eve, metaphorically speaking (who knows if it's tomorrow or Monday a week from now) of the roundup of the biggest nest of Wall st. thugs in the history of capitalism, it's important to look at how it started, and that in reality it was one fellow, whose warnings were unheeded until we became a third world nation, that is responsible for most of the gains made.

Here are some more threads you may wish to peruse. You are living history. Might's well man up and face it. When billion dollar hedgefunds unwind, there will be a aftershock:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=141102&highlight=OSTK+Ceo

http://www.elitetrader.com/vb/showthread.php?s=&threadid=53995&highlight=OSTK+Ceo

http://www.elitetrader.com/vb/showthread.php?s=&threadid=124861&highlight=OSTK+Ceo

http://www.elitetrader.com/vb/showthread.php?s=&threadid=129868&highlight=OSTK+Ceo

No crime in not wanting to face this. Many of the guys still in the business don't want to hear it. It's painful. But it's upon us now. Just like a stew-bum drunk, ya gotta hit bottom to get better. And if we don't do it, Van Jones does.
 
Quote from maxpi:

I'd love to at least see Cramer do the perp walk...
More...

It is alleged that Crames was a special member of the Elgindy network. That is the one where Elgindy posted that the next day, the SEC would initiate an investigation in a particular security, so he was calling a short.

What's wrong w/ that picture?

Note, in the chart Dr. Byrne created in August 2005, Milberg Weiss, Elliot Spitzer, etc. Several have already fallen. Much has already come true. Is Stevie the Sith? I think there are those above even him. Soros? Rich? Batliner?

We'll know soon.
 
What is really interesting is that as far as I can tell, some sort of naked short selling has been happening on Wall Street for 90 years.

This is from a 1929 Time Magizine Article.
The story of Clarence Saunders' disconnection with Piggly Wiggly is the story of how Piggly Wiggly went to the Stock Market and wound up in the stock yard. In November, 1922, when Mr. Saunders was Piggly Wiggly's successful president, Wall Street operators started a bear movement in Piggly Wiggly stock. Angry, Mr. Saunders hastened from his native Memphis to Manhattan. They would sell Piggly short, would they? Well, he'd show them, and he did. He ran Piggly Wiggly stock up from 40 past 120, realized some millions of paper profits. Then, unfortunately, the Stock Exchange Governors decided that a corner had been established in Piggly Wiggly and took the stock off the board. With trading suspended, there was no market, no quotation on Mr. Saunders' stock. Mr. Saunders discovered that Wall Street has a cemetery at one end and a river at the other. After an unsuccessful attempt to unload his Piggly Wiggly stock, an attempt featured by a full page newspaper advertisement entitled "Fighting for My Life," Mr. Saunders turned over a fortune estimated at nine million dollars to the bankers who had financed his disastrous corner, and got out of Piggly Wiggly.

Read more: http://www.time.com/time/magazine/article/0,9171,880518,00.html#ixzz0WJB7m2TG
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Saunders bought back more stock than the company had issued.

Note that it was the BOARD OF GOVERNERS of the NYSE that made an example of Saunders and stopped trading in the stock, and that the WS firms that had sold the stock without owning it, never had to return the money that they had made.

Just how they managed naked shorts when actual certificates were traded is not clear, but somehow they managed to fail to deliver even then.
 
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