I know we work up a lot of righteous indignation on behalf of the short selling community over the ass backwardness that is the ban. All of it it warranted-- especially that which is thrown at people like the proprietors of GLG and Man Group-- but this might actually be the last time we act as a proxy for the particular injustice that is the Long Only Suction. Because it will probably be difficult if not impossible to top the richness of this latest episode. AMB Property (an Industrial REIT) was not one of the original Lucky 799. Since the barrier to entry was non-existent, the company requested it be added to the list last Monday. Then on Wednesday, it oh so coincidentally decided to slash earnings guidance for the remainder of the year (which, we're told, they did on a property tour in Europe that unless you were on or listening in on the internet probably didn't notice). And on Friday night, AMB proclaimed with flourish that they wanted off the list because, they told The REIT Newshound,* "It didn't feel right. We believe we're a good company and if someone wants to short us that's okay."
*Which is apparently "The Page Six of the REIT world."
Posted by guest , Sep 30, 2008 6:26PM
Neither a borrower nor a lender be. The muslim world thrives despite a ban on interest. I think we should adopt some elements of sharia law.
Posted by guest , Sep 30, 2008 6:33PM
1, I think you should stop smoking PCP.
Posted by guest , Sep 30, 2008 6:33PM
They thrive because they sit on top of all those fossil fuels.
Posted by guest , Sep 30, 2008 6:34PM
don't underestimate the hound - vinocur had every angle on the EOP craziness last year, he was 2 hours ahead of the tape with every bid. and he was the only man doing proper reporting on the Maguire Properties mess this year too.
Posted by guest , Sep 30, 2008 6:36PM
@1: The Muslim world thrives? More like a few plutocrats live in obscene opulence because of what's under the sand they happen to control while everyone else struggles to get by.
Posted by guest , Sep 30, 2008 6:40PM
@6 Look if we nationalized Chevron and Exxon, I'm we could increase our wealth and our per capita income. Why are we nationalizing failed banks and insurance companies?
I have to disagree with you about people struggling to get by. Saudia Arabia, Kuwait, Dubai, Qatar -- there is very little poverty in these countries.
Posted by guest , Sep 30, 2008 6:40PM
dirka dirka la la la la la dirka dirka allah akbar
Posted by guest , Sep 30, 2008 7:05PM
There is very little poverty in Saudi Arabia? Are you on crack?
Posted by guest , Sep 30, 2008 7:10PM
They do something we don't do. They don't allow foreigners to come in and buy their buildings and businesses. Wasn't there some guy who got permission to put up a building there and then suddenly one day they said "oops our bad, it's our land and our building, bye" and now he is suing in a court in London hoping for the best?
Posted by guest , Sep 30, 2008 7:14PM
Anybody know what the DTCC is? It says they own 99% of securities in actuality, for convenience of trade:
http://yourmortgageoryourlife.wordpress.com/2008/09/30/who-really-owns-your-money-part-one-the-depository-trust-clearing-corporation/
I have never heard of them before. Scary shit.
Posted by guest , Sep 30, 2008 7:17PM
Anybody know what the DTCC is? It says they own 99% of securities in actuality, for convenience of trade:
http://yourmortgageoryourlife.wordpress.com/2008/09/30/who-really-owns-your-money-part-one-the-depository-trust-clearing-corporation/
I have never heard of them before. Scary shit.
Posted by guest , Sep 30, 2008 7:25PM
@10 & 11, i hope you're being facetious, but i can't tell.
Posted by AJ , Sep 30, 2008 7:28PM
@10,11 Would you rather mail paper certificates back and forth every time you sold shares? Someone has to be the central depository...
Posted by guest , Sep 30, 2008 7:36PM
Time to call in the Plunge Protection Team!
http://www.nypost.com/seven/10262006/business/treasurys_paulson_plays_with_the_plunge_protectors_business_john_crudele.htm
Posted by guest , Sep 30, 2008 7:39PM
Have you ever been to the Muslim world? Stuff thrives there alright, but it's mostly dictators and tropical disease.
Posted by guest , Sep 30, 2008 7:40PM
Ban interest? Clearly you own nothing of value.
Oh and @7 excellent.
Posted by guest , Sep 30, 2008 7:45PM
Watching Kudlow. According to Senator Sherman and what he is saying, if I'm understanding him then this is all just subterfuge to bail out foreign governments?
Posted by guest , Sep 30, 2008 8:01PM
This is not market manipulation. The SEC has clearly defined market manipulation as anything that makes stocks go down or anything that was said or done, no matter how random, around the time the stocks went down. Correlation is the clearest proof of causation.
We are in a race with Zimbabwe for the dumbest banana republic on the planet. Sadly, we're winning.
Posted by guest , Sep 30, 2008 8:14PM
some of those Persian chicks are hot, but I can't see the housekeeping being too stellar...
Posted by onetwo , Sep 30, 2008 9:39PM
They should be prosecuted for fraud...plain and simple.
Posted by guest , Sep 30, 2008 9:55PM
fascinating post that would be funny if it weren't so true:
"The American people might as well face it they do not have enough political leaders with genuine testicular courage to block a tear duct."
http://tinyurl.com/43y7zo
Posted by guest , Sep 30, 2008 11:11PM
Bess great job this week and weekend. I still come here first before clusterfuck... --,--'--(@
Posted by guest , Oct 01, 2008 12:13AM
This is clearly the era of "who gives a fuck?" in corporate America. So a company goes on the short list, cuts earnings than says "we don't want to be on the short list". Who cares?
As Bess points out the whole idea of not allowing short selling invalidates the notion of a free market. It's like Malaysia stopping the outward conversion of their currency. Thie is America: buyers only please.
Posted by arthurcutten , Oct 01, 2008 12:17AM
KILL the BILL v. 2
http://tinyurl.com/4uccq5
Posted by guest , Oct 01, 2008 12:42AM
No. 23, by instituting the no short selling rule did they effectively prevent the market from deciding who goes and who lives to fight another day?
Posted by guest , Oct 01, 2008 12:55AM
i agree with @ 22!! Bess you are kicking ass
Posted by guest , Oct 01, 2008 1:09AM
Definitely, amazing job Bess. But, do you ever sleep?
Posted by guest , Oct 01, 2008 1:21AM
The coming collapse of European banks (due to AIG, and prevented momentarily only by the fed bailout of AIG).
Also pay attention to how to profit from this and from the collapse of EUR.
http://financialtraders.blogspot.com/2008/10/aig-european-banks-crisis-us-government.html