These market manipulators, he notes, have the ability to drive prices down and then drive them back up, all within a 15 minute period. "How's that for no-risk investing?" he says. "They make money through stock price volatility and market volatility. They manipulate stock prices through unrestricted short selling.""What happened on Thursday will happen again," he adds. "They are getting bolder every day. The hedge fund short sellers, who are members of Managed Funds Association, and their strategic partners at the different stock exchanges, are responsible for the scam that was perpetrated on Thursday."
"The market plunged and recovered," he says. "The carnage and destruction of investor's capital was therefore concealed."
ping
Need to see these bastards swinging from lightpoles on Wall Street.
I’ll bring the ropes.
Why can’t they track who had the most to gain and freeze those accounts?
Chris Cox paved the wave for the stock market rout(s) when, as Chairman of the SEC, he presided over the elimination of the uptick rule, which, since 1938, provided “that, subject to certain exceptions, a listed security may be sold short (A) at a price above the price at which the immediately preceding sale was effected (plus tick), or (B) at the last sale price if it is higher than the last different price (zero-plus tick).” Had this rule remained in effect—and had the SEC enforced the prohibition against naked short selling—the manipulation of the markets by unregulated hedge funds taking massive short positions would not have been possible.
No one should have confidence in the markets until the uptick rule is restored and the SEC begins to vigorously punish naked short selling.
George Soros? Russians?
The innumeracy of the media has been showing for the past 48 hrs as they try to sell the explanation of the “fat fingered” trader who allegedly hit B (signifying billions) instead of M (signifying millions). 12 seconds of research would tell you that in total there are about 2.8B shares of P&G, and that recent trading volumes would be between 11-17M shares a day. A single trade of a billion shares would be essentially impossible, no single entity or even alliance of investors has that quantity to buy or sell.
Can’t discount that the Commie Rat party was behind this, creating a crisis they could deal with by new legislation that fits their agenda nicely. I do NOT like the smell of this. . . to convenient to the financial reform debate.
This makes more sense to me than the fat finger excuse so eagerly reported by the lapdog media.
Some days I think that Wall Street reporters are the most naive of the pack.
The whole "fat finger" and "typing 'b' rather than 'm'" excuses are simply insults to our collective intelligence.
Then again, we did collectively elect Obama, so maybe I'm overestimating our collective IQ(?)
I am glad you posted this. I was doing some research on a business and came across a blog with this information. We already know George Soros purchased PetroBras stock before it was made public Obama would give them billions for offshore drilling.
During Bush’s term Halliburtion was practically destroyed by George soros and moveon.org. The stocks fell, Soros purchased. He purchased stocks from a company he continually spoke against.
Now Obama awards Halliburton a no bid contract that could be worth 2.77 billion. Now that Soros owns stock they are all of sudden trustworthy.
Soros funds any dem liberal election, Obama gives him the headsup where taxpayer money is going to buy stocks. Under this relationship, Soros gains even though he will shell out millions to Obama’s thugs and party. Anyone who will move Soros closer to controlling World Banking.
OBAMA IS MOVING AS MUCH MONEY AS HE CAN TO HIS COMMUNIST THUGS!