Now that we all know the real problems facing financial firms was rumor-mongering, short-selling and irrational pessimism rather than balance sheet bilge and mismanagement, we might want to start looking at how some of our trading partners are handling their own stock market declines. Over in Pakistan, as Felix Salmon points out, they've taken an even more direct approach than our own Securities and Exchange Commission.
In Karachi investors today broke windows, threw plant holders in the parking lot of the building, burned shareholder statements and at least one protester was injured, prompting intervention by police and the paramilitary.
"We demand that all stock prices be frozen at current levels," said a fellow called Kauser Javed, who heads the Small Investors Association.
We're surprised Hank, Ben and Chris didn't think of this first.
Pakistani Investors Stone Karachi Exchange as Stocks Plunge [Bloomberg]
Posted by guest , Jul 17, 2008 11:08AM
Can we get an update on the wonderful July the quants are having?
Posted by Anal_yst , Jul 17, 2008 11:29AM
Perhaps it would behoove those in Washington to pay close attention to this situation...
Posted by WillieBanks , Jul 17, 2008 11:35AM
Hilarious, I actually built this into my quant models.
Posted by guest , Jul 17, 2008 11:40AM
Can we just nuke Pakistan? Or get the Indians to do that for us?
Posted by guest , Jul 17, 2008 12:00PM
@11:40
Why waste our nukes on them. Those Pakis are going to kill themselves up. Damm those Pakis.
The Indian Guy
Posted by guest , Jul 17, 2008 12:03PM
Agreed. Screw them Pakis.
Posted by guest , Jul 17, 2008 12:06PM
Pakis, Bangladeshis -- all the same, all stink all are Muslim.
Posted by guest , Jul 17, 2008 12:08PM
Isn't Bin Laden in Pakistan. Maybe these protestors should go and smash up his house instead.
Posted by guest , Jul 17, 2008 12:13PM
Muslims are an aggressive bunch. They're just looking to go and create havoc. Mischievous people. It's in them.
- Bernard Lewis.
Posted by guest , Jul 17, 2008 12:15PM
I'm shocked to discover that Pakistan even has a stock market. What companies are listed there? Bin Laden opium trading Ltd.? Taleban ammunition co.? Terrorists Inc.?
Posted by Ben_H , Jul 17, 2008 12:17PM
The Nigerian Stock Exchange beat the Pakistanis to it. A few weeks back they instituted (temporarily -- turned out to be for about 10 days) a rule that no stock could trade below its closing price on the prior day.
Posted by guest , Jul 17, 2008 12:33PM
Speaking of the Nigerian Stock Exchange, I have gotten word that a person with the same last name as me has died without a will and the stocks are going to be turned over to my account.
Any opinions on the value of Niegerian Stocks?
Posted by guest , Jul 17, 2008 12:54PM
@12:33 you lucky bastard...those stocks can only go up
Posted by guest , Jul 17, 2008 1:11PM
Felix Salmon is mentioned almost daily on DB.
Posted by guest , Jul 17, 2008 2:36PM
hahaha
Love the post