You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
"Wall St's Naked Swindle"
- Thread starter flytiger
- Start date
Funny you should say that.Quote from jjj1000:
Thanks for the new link. i will certainly study that. I am shocked that we haven't seen that on a major news program on tv or a famous newspaper. The market is probably flooded with fake stock. This makes Madaoff look like a child play
I was just speaking of the delay the SEC is causing, re: naked shorting, and the reasons why they would do such a thing. They are a tool of the brokers, and obviously this is a telephone number in cleanup, and they just don't have it.
Quote from flytiger:
Funny you should say that.
I was just speaking of the delay the SEC is causing, re: naked shorting, and the reasons why they would do such a thing. They are a tool of the brokers, and obviously this is a telephone number in cleanup, and they just don't have it.
The most important question now IMHO is: How many of the stocks in the market are "fakes" (or non-existent, a fraud)? 10%? 40%? How much of it in the hands of the public is fake?
Quote from jjj1000:
The most important question now IMHO is: How many of the stocks in the market are "fakes" (or non-existent, a fraud)? 10%? 40%? How much of it in the hands of the public is fake?
Enough to make them do anything but solve it. Numbers? Hundreds of billions.
Remeber. If you're naked short a multiple of the float, the offer price is meaningless.
Can you imagine a market without naked short selling? One where you could not sell unless you bought? It would completely change the game.
Which means that what we refer to as a market is not a market at all, but some sort of hybrid casino where one can bet for or against the prospects of a company but the limitations of a fixed number of shares do not apply.
I think the number of investors that actually participate in corporate elections is something like 10% if you poll them.
That there are more votes cast than shares outstanding in every election looked at in the article seems to suggest that the number of counterfeit shares outnumber the real ones by multiples.
And this is no recent development.
Google what happened to Piggly Wiggly after they went public.
I don't remember exactly what happened but it went something like this.
The company went public but was not happy with the share price dropping when the company fundementals had not changed. So they bought back all of their shares. Then some real funny business went on with by the Stock Exchange, they halted trading in Piggly Wiggly then listed the share price of the still outstanding shares as zero.
Which means that what we refer to as a market is not a market at all, but some sort of hybrid casino where one can bet for or against the prospects of a company but the limitations of a fixed number of shares do not apply.
I think the number of investors that actually participate in corporate elections is something like 10% if you poll them.
That there are more votes cast than shares outstanding in every election looked at in the article seems to suggest that the number of counterfeit shares outnumber the real ones by multiples.
And this is no recent development.
Google what happened to Piggly Wiggly after they went public.
I don't remember exactly what happened but it went something like this.
The company went public but was not happy with the share price dropping when the company fundementals had not changed. So they bought back all of their shares. Then some real funny business went on with by the Stock Exchange, they halted trading in Piggly Wiggly then listed the share price of the still outstanding shares as zero.
The craziest thing is that one of those "banks" or "hedge funds" could just gone crazy and keep naked short selling what they don't have just as a sort of "ponzi scheme". Do you need some money? Easy!! Go to the market and sell, say apple; nevermind we don't have the stock (or haven't borrowed it), just go ahead and sell it. "Phanton stock"
One thing I can't understand is why isn't all media all over this story. I cannot comprehend that.
One thing I can't understand is why isn't all media all over this story. I cannot comprehend that.
Quote from sprstpd:
I'm pretty sure truehawk is on your side but if you want to be a jackass to all comers, then go ahead.
I don't need people "on my side". I need people to understand right from wrong. Your folks needed to do that for you.
To understand what's at stake, and to understand that there is an alternative to naked short selling, it's call "short selling", and I do it.
Guys like you - incorrigible. Somewhere along the line, you missed the "integrity train. " That's fine. I've fought you guys longer than most of you punks have been adults, and I use the term "adults" loosely. I suggest you go look at the PBS thead, where the lady was ignored. Look at the downside that ensued. Somewhere in your life, you might do what's right for the sake of what's right. I just dont' expect it to be today.
The stakes are very very high. Naked short selling creates huge leverage, and threatens the very existence of the system. I expect you to stick up for your employer. Just like my Doctor. His kid worked for a hedgefund. We talked about it. I was crazy, but his kid was honest. Guess who's unemployed?
You cant be an honest man in a whorehouse. I wouldn't expect you to understand, Hedgie.
It's up to us to make something happen here. Call your senators and US house representative (I called/emailed mine). Call/email media places (like cnn 360, msnbc, New York Times, washington post, etc) and request that they investigate this story (I did that too). Send the rolling stone link to everyone you know (I did that too) http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle
Let's find out who is that nostradamus trader that knew Bear Sterns would go down. Let's find out how much of phatom stock and phanton bonds tehre are in our markets
It is up to us to raise and not accept this absurdity. I am tired of corruption, aren't you? If so, please do something like I did. Let's get this investigated properly, even if we have to march on the streets for it
Let's find out who is that nostradamus trader that knew Bear Sterns would go down. Let's find out how much of phatom stock and phanton bonds tehre are in our markets
It is up to us to raise and not accept this absurdity. I am tired of corruption, aren't you? If so, please do something like I did. Let's get this investigated properly, even if we have to march on the streets for it