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Wall Street's Naked Swindle
Rolling Stone ^ | Oct. 14, 2009 | Matt Taibbi

Posted on 10/17/2009 6:09:52 AM PDT by Wolfie

Edited on 10/17/2009 8:54:23 AM PDT by Admin Moderator. [history]

On Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst.


TOPICS: Business/Economy; Culture/Society
KEYWORDS: bailout; bearstearns; economy; federalreserve; paulson; sec; wallstreet
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1 posted on 10/17/2009 6:09:52 AM PDT by Wolfie
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To: Wolfie

Taibbi Bump


2 posted on 10/17/2009 6:12:26 AM PDT by BGHater ("real price of every thing ... is the toil and trouble of acquiring it")
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To: Wolfie; Liz

Ping!


3 posted on 10/17/2009 6:14:05 AM PDT by maggief
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To: Wolfie
Since when does this website devote band-with to the insane ranting of a Neo Marixist know nothing clown?
4 posted on 10/17/2009 6:28:12 AM PDT by MNJohnnie (Note to the GOP: Do not count your votes until they are cast.)
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To: Wolfie

ping

bump

vomit

thanks for posting

not what i really wanted

but i needed that

i knew it all....but could not write it myself

corrupt financial markets? government collusion.

ya think?

nothing to see here

go watch football


5 posted on 10/17/2009 6:28:36 AM PDT by kralcmot (my tagline died with Terri)
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To: Wolfie

ping


6 posted on 10/17/2009 6:45:18 AM PDT by JmyBryan
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To: JasonC

Since you are involved with the Street, would welcome your comments on this article.


7 posted on 10/17/2009 6:45:46 AM PDT by ikka (Brother, you asked for it!)
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To: MNJohnnie
Since when does this website devote band-with to the insane ranting of a Neo Marixist know nothing clown?

If the writer is such an idiot, then a short post showing a few of the deficiencies in the article will no doubt be sufficient to expose him.

Unfortunately, one-line rants that use ad-hominem attacks don't qualify.

8 posted on 10/17/2009 6:47:48 AM PDT by ikka (Brother, you asked for it!)
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To: Wolfie

I remember that morning very well.....BSC went south of $30 twice early, and I took some at 30 on the way up the second time....within about 30 mins I sold at a few cents shy of 37......didn’t have the cojones to then short it, but a BUNCH of folks did at that point, which added to the shorts who knew in advance that this was going to happen


9 posted on 10/17/2009 6:48:04 AM PDT by Vn_survivor_67-68 (CALL CONGRESSCRITTERS TOLL-FREE @ 1-800-965-4701)
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To: Vn_survivor_67-68
It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst.

It sounds more like buying 1.7 million lottery tickets when you know the lottery was rigged. I'm not faulting you for seeing what was going on and making some pocket change off if it, but rigged lotteries generally have the fingerprints of George Soros on them if you dig deep enough.

10 posted on 10/17/2009 6:52:11 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Wolfie

mark


11 posted on 10/17/2009 6:56:24 AM PDT by JDoutrider
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To: Wolfie
Wall Street's Naked Swindle

Since the guys and dolls who perpetrated these monstrously enormous frauds are either running the government and the SEC, or at a minimum dictating the actions of those running the government and the SEC, the likelihood of any one of them ever being charged even with jaywalking is essentially nil. The interests of justice in these cases would perhaps best be served by a bloody revolution in which these monkeys were dragged kicking and screaming out of their New York penthouses and Hamptons beachfront mansions and chopped up into little pieces on the street...perhaps.

12 posted on 10/17/2009 6:56:49 AM PDT by snarks_when_bored
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To: Vn_survivor_67-68; Toddsterpatriot

I remember that too. Thought we were going to have to put Todd on suicide watch.


13 posted on 10/17/2009 6:58:19 AM PDT by investigateworld (Abortion stops a beating heart)
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To: TopQuark
Here, you might enjoy this.

Cheers!

14 posted on 10/17/2009 7:01:52 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: MNJohnnie
Since when does this website devote band-with to the insane ranting of a Neo Marixist know nothing clown?

We cover Barack Obama all the time...

Cheers!

15 posted on 10/17/2009 7:03:03 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: ikka
“If the writer is such an idiot, then a short post showing a few of the deficiencies in the article will no doubt be sufficient to expose him.”

I agree. The writer, while having leftist tendencies of style, did an excellent job of reporting what happened. As others have pointed out, no one seems to be willing to expose the “who”, and the reason is right in front for all to see.

Follow the money. Who benefited financially and who benefited politically?

16 posted on 10/17/2009 7:08:12 AM PDT by bitterohiogunclinger (America held hostage - day 163)
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To: TigerLikesRooster
I'd say this about sums it up:

At their most basic level, innovations like the ones that triggered the global collapse — credit-default swaps and collateralized debt obligations — were employed for the primary purpose of synthesizing out of thin air those revenue flows that our dying industrial economy was no longer pumping into the financial bloodstream.

17 posted on 10/17/2009 7:14:04 AM PDT by Wolfie
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To: snarks_when_bored

“Since the guys and dolls who perpetrated these monstrously enormous frauds are either running the government and the SEC, or at a minimum dictating the actions of those running the government and the SEC, the likelihood of any one of them ever being charged even with jaywalking is essentially nil. The interests of justice in these cases would perhaps best be served by a bloody revolution in which these monkeys were dragged kicking and screaming out of their New York penthouses and Hamptons beachfront mansions and chopped up into little pieces on the street...perhaps.”

I don’t think we can depend on the law anymore!! Lawlessness will come soon enough. Everyone of these criminals will have to be dispatched by WE The People!!


18 posted on 10/17/2009 7:16:23 AM PDT by timetostand
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To: MNJohnnie

Funny, since Wall Street triggered, and benefitted from, the biggest Marxist event I’ve seen in my lifetime. But you go ahead.


19 posted on 10/17/2009 7:16:27 AM PDT by Wolfie
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To: Wolfie

Scary, isn’t it?

Anyone interested in the daily workings of Wall Street and how not to be fleeced like a lamb by the predators based there ought to follow Bill Cara’s blog:

http://caracommunity.com/

I knew of him as a Canaccord(then Canarim) big shot when I was a Vancouver broker back in the day. He’s a straight-shooter and provides an excellent free service. His paying customers appear to be happy, and I’ve made some good money trading off his insights and work absolutely free.

Trading smarts aside, in today’s post he touched upon this fraught issue:

“First, I would set in place a Congressional impeachment process that would investigate the actions of the former Treasury Secretary Henry Paulson and the then head of the New York Fed Timothy Geithner, removing Geithner from his current position as Treasury Secretary until the investigation was complete. If there was a majority finding that Paulson and/or Geithner abused their authority, I think the permanent record would sufficiently scar their reputations that future appointees to those positions would toe the line.

Second: I would have another Senate committee investigate the trading blotters of Goldman Sachs to determine whether profits in the 3Q2009 (64 trading days) were made illegally via (i) front-running information that came to them from political sources, or (ii) by trading against order flow caused by their “research” analyst publications. I would want to know how much Goldman Sachs made trading against their own clients and whether those clients, being State pension funds, university endowments, hedge funds, and the like, were managed by “friends” of Goldman Sachs. For all those days in the past quarter where there were large gaps at the opening bell, I would want the investigators to determine whether Goldman Sachs traders caused those gaps by earlier trading in international markets and then buying or selling into the order flow after the open. In other words, were the Goldman Sachs’ trades part of a scheme. If any of the above did in fact happen, I would expect the government of the United States to indict and prosecute these people. With all the people involved, I am sure there would be many plea agreements struck that would result in such a large number of senior bank officers and directors going to prison that New York State would have to build another prison, and I’m sure the multi-billion dollar fines at Goldman Sachs would cover the cost.

The public — not just Americans, but people throughout the world who trade in US capital markets — have a need to know the answers to these questions. If there has been fraud, all the perpetrators, including the most senior people in Goldman Sachs and their former employees and associates in government ought to be put on a trial that the entire world would watch.”


20 posted on 10/17/2009 7:17:29 AM PDT by headsonpikes (Genocide is the highest sacrament of socialism - "Who-whom?")
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To: Wolfie
Just wow...
Somebody finally unraveled the national screwing of the middle class.
I'm going to have to re-read this a few times to absorb all of the ways somebody managed to run off with trillions$.

The next move, one would hope, is to follow the thread and deal with the culprits, however many they are, wherever they are.
I never really believed that it was possible to make a trillion$ disappear without leaving a trace.

Can we keep this thread going for a while? Remarkably, to this day there are many delusionary self-styled experts here on FR willing to dazzle us with the explanation that the means of perpetrating this monumental scam were simple tools of the trade that we mere mortals are just too dumb to grasp.

The necessary arrogance of the scam artist is still in play. But the victims are slowly awakening from their unconscious role as financial sheep.

21 posted on 10/17/2009 7:21:51 AM PDT by Publius6961 (…he's not America, he's an employee who hasn't risen to minimal expectations.)
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To: Wolfie

The big conservatives have a blind eye to these crooks, so boxed in by ideology that law breaking being so obvious is ignored. That gives the Dems leeway to play both sides, populist rants about wealth, millions in contributions from shady people such as Jim Cramer and other GS alum.


22 posted on 10/17/2009 7:22:41 AM PDT by junta (S.C.U.M. = State Controlled Unreliable Media)
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To: MNJohnnie
Man, it only took four posts?

Even the insane are occasionaly right. I, for one, am grateful for the wasted bandwidth.

Your attack on the messenger suggests you are one of the perpetrators.

23 posted on 10/17/2009 7:24:07 AM PDT by Publius6961 (…he's not America, he's an employee who hasn't risen to minimal expectations.)
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To: Publius6961; Wolfie; snarks_when_bored
I think what we are seeing is the Auric Goldfinger principle:

"Once is happenstance. Twice is coincidence. Three times is enemy ... Three times is enemy action."

Cheers!

24 posted on 10/17/2009 7:26:43 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: Vn_survivor_67-68; All
Asking for some help understanding the whole concept of short selling. I believe I understand it from the article and I guess fundamentally, if I conceptualize it as a scam, it makes more sense.

Is there a website or book for dummies like me to read to break it down into more examples and layman's language that you would recommend?

Thanks.

25 posted on 10/17/2009 7:28:10 AM PDT by b359 (The goat is old and gnarly....)
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To: Wolfie

ping


26 posted on 10/17/2009 7:29:02 AM PDT by Cvengr (Adversity in life and death is inevitable. Thru faith in Christ, stress is optional.)
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To: Wolfie
Not surprisingly, pieces of the puzzle are everywhere.
Ignore the voices reminding us that nothing happened, there is nothing to see here, so stop looking, dammit.

The financial types, from top to bottom, are paragons of virtue.

Tiny Piece of the Puzzle

27 posted on 10/17/2009 7:39:25 AM PDT by Publius6961 (…he's not America, he's an employee who hasn't risen to minimal expectations.)
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To: Vigilanteman; Vn_survivor_67-68; maggief; Wolfie; stephenjohnbanker; Landru; Grampa Dave; ...
This financial lottery was rigged........and rigged lotteries generally have the fingerprints of George Soros on them if you dig deep enough............

We know that Soros' organization is global....is this the paper trail? No question Obama, Rahm, Soros, and FDIC's Sheila Bair, among others, are colluding in a naked grab to gain complete control of our financial system.

NEED TO KNOW When he became WH COS, hid investment banker Rahm reveal to Ohaha all his ties to financial institutions involved in Obama's trillion-dollar federal bailout?

NEED TO KNOW Did Rahm outline to Ohaha all of his activities on the Freddie Mac Board as Clinton's appointee (involving trillions in mortgages that investment bankers repackaged and sold as securities)?

=============================================

CIRCA Sept 15, 2009 A SHOCKING DISPLAY OF OBAMA'S THIRST FOR POWER---IT MUST BE BE RESISTED AT ALL COSTS.

FOX News' Judge Napolitano notes: if implemented, the unconstitutional proposals Obama urged in his speech to Wall Street will amount to a final coup d’état by banksters, their technocrats and enforcers, at the Federal Reserve (*the privately-held bankster cartel that masquerades as a government agency).

Obama's "reforms" would install a dictatorial regulatory power controlled by international bankers over the entire US economy — down to the local grocer and hot dog vendor on the corner. It will control our lives down to the smallest detail. It will require us to ask permission for the most mundane and routine of financial transactions.

VIDEO LINK AVAILABLE Judge Andrew Napolitano On Obama/Bankster Takeover

===============================================

* EXCERPT http://mises.org/story/1353

The establishment of the Federal Reserve followed lengthy debates and disputes. Central banking was a topic the Congress of 1913 approached gingerly. America had its experiments with early forms of central banks and had repelled them. Interesting to note, too, that the initial charter of the Federal Reserve was good for only twenty years. Permanence was not established until the McFadden Act in 1927. The mistrust of government power still lingered in the air, though its scent was not as strong as it had been in prior generations, it was certainly much thicker than in the climate of warmed over socialism that permeates today's governmental chambers.

Despite this, the Act itself was vague in its purpose as most creations of political compromise tend to be. The essential feature of the Federal Reserve System, though, was its ability to pool the gold reserves of many banks and thereby make it easier for national member banks to issue notes. In simple terms, the Fed would allow banks greater freedom to inflate by giving them greater flexibility in skirting the restraints of the older gold standard.

By Christopher Mayer, commercial lender for Provident Bank in the suburbs of Washington, D.C.

===================================

NOTE The Reserve Primary Fund's failure several weeks ago was "a tragedy," said financial analyst Crane Data. A very strange charge.........without details. Could be a con---a diversion---scapegoating in a dedicated scam by the govt.

28 posted on 10/17/2009 7:43:38 AM PDT by Liz
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To: ikka
Unfortunately, one-line rants that use ad-hominem attacks don't qualify.

You might note that this poster has consistently pooh poohed the notion that massive fraud beyond imagination has occured, and nobody is rooting out the rats.

Make you want to say "hmmmmmmmmm."

I agree with you; ignore the facts and attack the messenger. Where have we seen this criminal technique before? And almost daily, as if to rub it in.

29 posted on 10/17/2009 7:46:06 AM PDT by Publius6961 (…he's not America, he's an employee who hasn't risen to minimal expectations.)
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To: Wolfie

BTTT


30 posted on 10/17/2009 7:47:01 AM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spirito Sancto.)
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To: BGHater

It appears Taibbi, a charlatan without brains and an honest bone in his body, has acquired quite a following on FR. It’s nice to see the unity of the leftist scum and the supposedly conservative forum...


31 posted on 10/17/2009 7:49:14 AM PDT by TopQuark
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To: ikka; Wolfie; MNJohnnie

It appears Taibbi, a charlatan without brains and an honest bone in his body, has acquired quite a following on FR. It’s nice to see the unity of the leftist scum and the supposedly conservative forum... MNJohnnie, thank you for your voice of sanity. Beware, however, you’ll be attacked...


32 posted on 10/17/2009 7:51:52 AM PDT by TopQuark
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To: Publius6961
The next move, one would hope, is to follow the thread and deal with the culprits, however many they are, wherever they are.

The culprits are our ruling class. They are not going to accept being "dealt with".

33 posted on 10/17/2009 7:52:24 AM PDT by Mr. Jeeves ("If you cannot pick it up and run with it, you don't really own it." -- Robert Heinlein)
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To: Wolfie

http://www.nytimes.com/2009/10/17/business/17insider.html

Hedge Fund Chief Is Charged With Fraud
By all appearances, Raj Rajaratnam was a self-made billionaire, having built Galleon Group into a giant hedge fund with a specialty in technology companies.

But prosecutors said on Friday that he had profited not from his trading genius but from his Rolodex, and they arrested him on charges of conspiracy and securities fraud in what they called the biggest insider trading scheme ever involving a hedge fund.


34 posted on 10/17/2009 7:54:47 AM PDT by HangnJudge
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To: Wolfie
Since when has anything printed in the leftist Rolling Stone been proven to be great and truthful revelation?

But - this long article is perhaps the best expose of how the lawless political left has moved to dominate private markets.

35 posted on 10/17/2009 7:56:55 AM PDT by Ron C.
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To: Liz
What will it take to keep this thread alive?
Reading it at 6 in the morning was an accident for me. A few hours later and the thread would sink out of sight forever.

The nit-pickers (minor perpetrators in the scam) will undoubtedly choose a few inaccuracies in the article to attempt to prevent us ignorant rubes from actually reading the substance of the long article, the facts contained, and the total absence of rational point by point rebuttal.

36 posted on 10/17/2009 7:59:00 AM PDT by Publius6961 (…he's not America, he's an employee who hasn't risen to minimal expectations.)
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To: Wolfie

I’m sure the Obama administration will act fast to correct the problems and prosecute those who committed fraud. /sarc

Folks, this is how Barak Obama got elected. The 2008 financial crisis was orchestrated to get him in office and turn what would have been a moderate recession into a full scale economic collapse.

One thing everyone should realize right now. There is not one share of publicly traded stock that is worth the paper on which it is written. It is all one giant scam. And if you are in the stock market, you are the sucker.


37 posted on 10/17/2009 7:59:08 AM PDT by advance_copy (Stand for life or nothing at all)
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To: grey_whiskers; MNJohnnie

Another article by the same author was referenced on this thread:
http://www.freerepublic.com/focus/news/2301629/posts?page=49#49
My analysis of it may be found here:

http://www.freerepublic.com/focus/news/2301629/replies?c=49

The presently posrted article is much of the same: a rant by a person who does not even understand the words he is using and manipulates both fact and fiction to prove his Marxist views. The man himself has done nothing in his life for more than a year or so. He is much like our current president: moves from place to place without accomplishing nothing but finding enough of an enchanted audience (even here on FR).


38 posted on 10/17/2009 8:02:11 AM PDT by TopQuark
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To: bitterohiogunclinger; Army Air Corps; Attention Surplus Disorder; Toddsterpatriot; Southack
This 'article' conflates a large, suspicious-looking put purchase with the odious practice of naked short selling, virtually as if the author believes (can't say 'thinks', because he clearly doesn't) the two actions are part of the same coin. Worse, that's just one of the flaws in the 'article'.

The number of factual errors contained in this 'article' is laughably high. The point the author attempts to make, which is certainly valid, is obscured beyond recognition by his shoddy research and ad hominem arguments.

39 posted on 10/17/2009 8:02:45 AM PDT by SAJ
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To: TopQuark
I'll try reading your analysis before further comments on the topic posted.

He is much like our current president: moves from place to place without accomplishing nothing but finding enough of an enchanted audience (even here on FR).

Obama has an enchanted audience on FR??

I hope I'm misreading that!

40 posted on 10/17/2009 8:04:27 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: TopQuark

Fine analogy, WTG!


41 posted on 10/17/2009 8:06:33 AM PDT by SAJ
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To: headsonpikes

I’m just a dumb country boy who dutifully puts his retirement into a 401(k), but something dawned on me reading this article.

Americans have invested tens, if not hundreds, of Trillions of dollars into the stock market in the past 25 years.

After reading this article, it occurs to me that the big Wall Street companies are simply lying, cheating and stealing that money from each other. In the process, our retirement is not growing and many millions are simply having their money stolen from them.


42 posted on 10/17/2009 8:07:11 AM PDT by Bryan24 (When in doubt, move to the right..........)
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To: grey_whiskers
"I hope I'm misreading that!"

Yes. Taibbi has such audience.

43 posted on 10/17/2009 8:07:24 AM PDT by TopQuark
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To: b359

Short selling is when you sell stock you don’t own, because you think it is going to go down (and/or you are trying to push it down).

I borrow some stock from Alice and sell it to Bob, then I go out and buy on the open market to return what I borrowed from Alice. In practice it’s more complex than that (you may be asking what’s in it for Alice, in reality she probably never knows I “borrowed” her stock).

What’s described in the beginning of the article are options, in this case put options. When you buy a put option, you get the ability to sell a certain number of shares for a certain amount of money at a certain time. When that time comes, if the value of the shares have fallen below the agreed price, you can buy them at market price and sell them for the agreed on price, pocketing the difference (minus the cost you paid for the option, but you’ve already lost that money whether you exercise the option or not).

See also call options and naked shorting.

http://www.investopedia.com/terms/s/shortselling.asp


44 posted on 10/17/2009 8:13:07 AM PDT by Darth Reardon (https://www.doughoffmanforcongress.com/donate3.html)
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To: b359

for an ordinary retail trader like me, we can “sell” shares which we don’t own.....hoping the price will soon go down, at which time we buy to “cover” at the lower price. (if it goes up enough to reach max pain, we cover at a higher price).

What I THINK you want to know about is organized manipulation that is beyond the reach of we retail traders....this will explain in detail in lay terms....well worth watching, as it is the object of all that you’ve heard about “naked” short sales that has taken down the market cap of many companies:
http://www.deepcapturethemovie.com/


45 posted on 10/17/2009 8:14:08 AM PDT by Vn_survivor_67-68 (CALL CONGRESSCRITTERS TOLL-FREE @ 1-800-965-4701)
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To: TopQuark
It appears Taibbi, a charlatan without brains and an honest bone in his body, has acquired quite a following on FR. It’s nice to see the unity of the leftist scum and the supposedly conservative forum...

Another know-nothing post ... seeing as you are so wise, why not favor us with actual discussion instead of personal attacks not backed up with facts.

46 posted on 10/17/2009 8:17:00 AM PDT by ikka (Brother, you asked for it!)
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To: b359

PS.....here is the current RegSHO list....the page is also full of hotlinks for you to learn more about it. I suggest watching deepcapture before more than a quick look here:
http://www.nasdaqtrader.com/Trader.aspx?id=RegSHOThreshold


47 posted on 10/17/2009 8:20:06 AM PDT by Vn_survivor_67-68 (CALL CONGRESSCRITTERS TOLL-FREE @ 1-800-965-4701)
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To: TopQuark
‘leftist scum and the supposedly conservative forum..’

Fascism is to be fought[Bailouts, TARP].

I have little regard if the guy is ‘left’, it matters not, and even less respect for supporters of Gov’t bailouts and socialism.

48 posted on 10/17/2009 8:28:04 AM PDT by BGHater ("real price of every thing ... is the toil and trouble of acquiring it")
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To: Wolfie

Well, a very long article. There were crooked shennanigans but who was responsible? The headline and the lead suggest that it was wicked capitalists. “Wall Street.”

So, yes, most of what he says is true, but he seems to leave some stuff out. Like it was Chris Dodd, Barney Frank, Bill Clinton, the Congressional Black Caucus, and others whoo were most responsible for this lack of regulation. In other words, it was Big Government that made it possible, and that put CRA on steroids.

Paulson seems to have been at the center of the storm, and it turned out that Paulson was working for Obama, which became entirely evident when Paulson sprung the October Surprise on the hapless Bush and McCain, which put Obama over the top on election day.

Who got the largest contributions from Goldman Sachs, the firm that made the biggest bucks on those bank and investment firm crashes? Chris Dodd and a junior Senator from Chicago, Barack Obama.

Who got the money that Obama and Dodd demonized AIG for? Why, none other than Goldman Sachs, where Paulson was the former CEO.

Naked shorts? The government did absolutely nothing about that, although there were many protests from, well, Wall Street. Jim Sinclair among others was yelling abouot it for years, to no avail.

Who removed the uptick requirement for shorts, at the height of the financial crisis? None other than the corrupt fed regulators. That rule was installed in 1987, and removed just in time for the 2008 market crash.

Yes, there were corrupt folks on “Wall Street.” But they were working hand in hand with Big Government. And they still are. And Obama was far more involved in it than Bush, who simply didn’t understand what was going on during his watch.


49 posted on 10/17/2009 8:48:39 AM PDT by Cicero (Marcus Tullius)
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To: MNJohnnie

” the insane ranting of a Neo Marixist know nothing clown? “

One of the distinguishing features of FreeRepublic is that the audience demands facts...and ad hominem rants are a manifestation of intellectual weakness and ineffectiveness(liberals). If you have some proof of your accusations...i’m sure we all would be happy to see it.


50 posted on 10/17/2009 8:52:45 AM PDT by mo
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