The early reviews of Chris Cox's new rules are in. Of the efforts to curtail supposedly abusive shorts, Short Selling Wizard-cum-Coalition of Private Investment Companies Chair Jim Chanos said:
"It appears the Commission has put forth a tough but balanced proposal that recognizes the important role that short selling plays in capital markets. The Commission and staff appear to have adopted an approach that safeguards investors and market integrity while also recognizing short selling as a vital component in helping investors obtain fair prices when buying or selling securities.Removing the market maker exception would further reduce what is already a low percent of fails to deliver. Tightening anti-fraud statutes certainly makes sense in sending a strong signal to market participants that providing false information about stock borrowing will be dealt with harshly.
We all share the same goal: eliminating the problems that arise in stock lending and clearing. Keep in mind that so called "naked-shorting" arises only after a trade has been legitimately entered. Solving these problems will improve markets for the benefits of all investors.
We strongly support the idea that stock should be delivered within the traditional T+3 timeframe. We are concerned, however, that implementation may lead to unintended consequences and call upon the SEC to carefully monitor how this untested interim rule works.
While we are still reviewing the details, it appears that the rules will ensure short selling can thrive while also addressing abuses in the market where someone acts with no intention to borrow or arrange to borrow securities. We believe that markets are best served when there is a level playing field between buyers and sellers, which in turn produces prices that better reflect fundamental values.
These are unique and troubled times but we continue to believe that government regulation is improved when all stakeholders have an open opportunity to have their views heard before rules go into effect."
CPIC Comment On Short Rules [PDF]
Posted by guest , Sep 17, 2008 2:24PM
Mustard
Posted by guest , Sep 17, 2008 2:25PM
Ketchup
Posted by Distressed Debt , Sep 17, 2008 2:25PM
http://www.thedailyshow.com/full-episodes/index.jhtml?episodeId=185157
Posted by guest , Sep 17, 2008 2:25PM
V-neck or crew neck?
Posted by guest , Sep 17, 2008 2:32PM
The markets have been so effing crazy I completely forgot that Entourage started again.
Posted by guest , Sep 17, 2008 2:33PM
99% of the problems come out of stock loan depts not delivering shares as promised on behalf of the buyside customer. It's the PB's, not the hedge funds. wtf?
Posted by guest , Sep 17, 2008 2:45PM
Gold star for posting this.
If nothing else, to give the flaming reactionaries something to keep them occupied before they post.
Posted by guest , Sep 17, 2008 2:46PM
Bess got a good batch of meds today.
Posted by guest , Sep 17, 2008 2:46PM
Buy and hold, kids. The stock market just gave you one hell of a discount. Stocks are cheaper than eva. Invest now and you'll be balling again. Remember 2002 - Enron, Worldcom, Tyco, Adelphia, Global Crossing all had problems but good ole Dow Jonesy survived them all. Hang on to your hats, this market is ready to explode!
Posted by guest , Sep 17, 2008 2:47PM
I call the market bottom! I'm all in. What about youse guys?
Posted by guest , Sep 17, 2008 2:50PM
You know what it takes to buy stocks in this market -- brass fucking balls!
Posted by guest , Sep 17, 2008 2:52PM
E-Trade's been pulling a Marky Mark -- hanging tough. E-trade to 10 by 3Q 2009.
Posted by guest , Sep 17, 2008 2:53PM
Didn't the Fed, I mean, Bill Gross call dow at 5000?
Posted by guest , Sep 17, 2008 2:54PM
@13 Huh? Explsain yoursulf!
Posted by guest , Sep 17, 2008 2:54PM
@10
You talk to Bove this morning. Did he whisper a tip in your ear on the subway? Please do share.
Posted by guest , Sep 17, 2008 2:58PM
@10
You talk to Bove this morning. Did he whisper a tip in your ear on the subway? Please do share.
Posted by Anal_yst , Sep 17, 2008 2:58PM
Anyone see Evan Newmark's bullsh!t bleeding heart BS "letter to main street from wall street" on WSJ?
Guy might have been a good banker, but his articles are nonsense
Posted by guest , Sep 17, 2008 2:58PM
@15 Nah. I just looked at the history of the stock market and I realized that this is a great buying opportunity. My grandma worked as a telephone operator for AT&T. She always took her bonuses in stock. When Ma Bell she became a very rich woman. More millionaires have made their money in the stock market than any other market.
Posted by guest , Sep 17, 2008 2:58PM
@JimChanos...
Tell me, you fucking clown. If I owned some Goldman Sachs shares right now, WTF would I lend them to you so that you could short the damn things?
The Guy from Delaware
Posted by guest , Sep 17, 2008 3:02PM
Where is the adult supervision?
Posted by guest , Sep 17, 2008 3:12PM
#19 knows more than Jim Chanos
riiiiiight
Posted by guest , Sep 17, 2008 3:17PM
#19
You arent smart are you? You don't decide, you sign an agreement when you open a brokerage account. Your b/d or PB or brokerage decides for you.
But then again, you are smarter than Jim Chanos, right?
Posted by guest , Sep 17, 2008 3:18PM
@20 This is a man's game. If you can't play in a man's game, you are shit.
Posted by guest , Sep 17, 2008 3:18PM
19 your pn already lent them to him because you didn't check that little box on your acct opening forms forniding them from lending our your holdings.
Posted by Anal_yst , Sep 17, 2008 3:19PM
@ TGFD
Please don't get involved in things which you don't understand, I ask that as a friend, seriously, just resist the urge, please, for all our sakes
Posted by guest , Sep 17, 2008 3:26PM
Anal_yst@#25...
Thank you for your advice. Sometimes I do get carried away.
The Guy from Delaware
Posted by guest , Sep 17, 2008 3:28PM
@26
carried away? did you think einhorn picks up the phone and makes 3,000 phone calls to small investors who bought 20 shares of LEH on eTrade?
Posted by guest , Sep 17, 2008 3:30PM
Anal_yst How was Avon on Friday?
Posted by guest , Sep 17, 2008 3:31PM
@#27...
No. What I mean is that sometimes 'crazy' takes over and carries me away.
The Guy from Delaware
Posted by guest , Sep 17, 2008 3:58PM
@23 A mans game - hey teeny weeny - this is fucking hilarious.
Posted by Anal_yst , Sep 17, 2008 4:33PM
@ TGFD
It happens man, seriously so many of the comments on here are, and will continue to be retarded you sometimes just have to ignore them and move on
Posted by KevinB , Sep 17, 2008 4:56PM
@18 - Bzzzt! Wrong! More people have made their millions in real estate than in the stock market.
Not recently, though.
Posted by guest , Sep 17, 2008 6:57PM
@ 9
GO back to Yahoo or Investopedia you schlup. Nice Kenneth Cole reaction shoes btw, bitch.
Posted by guest , Sep 17, 2008 7:54PM
@33 Try two-tone Rockport with the dynaminc suspension system. Very baller. Youse wish youse was as cool.