Let’s do a little thinking here. Just a little.
Premise: Short selling is not illegal.
Premise: Spreading wrong information is illegal (short or long, makes no difference).
Conclusion: Let’s freeze short selling of financial stocks and open a limitless probe into the evil practice.
This, dear friends, is the scintillating genius of Andrew Cuomo. We expect this brilliance, naturally, given his passionate dedication to prevent you from getting barely legal tail from Facebook, his blocking of the most efficient source of porn for when you can’t get barely legal tail from Facebook anymore (USENET), his abundant and financially relevant experience as Clinton’s Secretary of Housing and Urban Development, and the fact that he has dropped out of races more often than Spitzer has banged working girls.
Ok, it may seem a little illogical at first, but when John Mack talks, people listen, damnit.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
http://www.youtube.com/watch?v=_nkZ3eHeXlc
enough said
Better off dead than red.
Tell me about this USENET thing.
It’s funny how everytime someone like Cuomo sets out to stop illegal and destructive practices, you ass eaters label that person a communist.
was carney escorted out of the building by hr? (as happened to me) i thought db was not the typical soul raping corporate. and i thought he OWNED THE PLACE
alt.binaries.erotica.beastiality
us and a is even more communist than north korea now…
@6, you’ve got serious issues.
(thanks)
alt.binaries.mccain.hamster.duct.tape.tape.tape
Cuomo Arigato, Mr. Roboto.
Is this the guy who refused to disclose the financial condition of the agency when he was the secretary?
Spreading information of any kind should not be illegal. Restricting information flow to state-approved credibility standards is tantamount to state-owned media
oh excuse me “refused to disclose” is kind of strong, maybe we should go with “failed to disclose”.
You guys are boring today. I’m leaving.
TIP: I heard Dick Cheney orchestrated today’s rally to propel John McCain to the White House.
They are not boring. They lost money shorting the market, when they could have gone long as I told them last evening, and today during trading hours in real-time here at DB and on the blog below.
They could have made 6% on their money in less than 3 hours!
Links to the blog and when the call was made on DB are:
http://financialtraders.blogspot.com/
http://dealbreaker.com/2008/09/morgan-stanley-in-talks-with-c.php
what should we do tommorrow nostradamus?
^^ seeing as how far MS was down before the RTC news broke, you arent very good at “Reading” the markets.
“Spreading wrong information is illegal (short or long, makes no difference).”
False premise.
Spreading wrong information can be illegal, but need not be. Certainly if I keep saying “Ronald Reagan balanced the budget” I’mn not breaking any law, though I’m certainly speaking a falsehood.
@16 wow 6% with a long position? who cares? i made ten times that shorting MS and GS this week
Washington, D.C., Sept. 18, 2008 — Securities and Exchange Commission Chairman Christopher Cox today made the following statement:
“While I have great respect for Senator McCain, we have sometimes disagreed, and this is one such occasion. The SEC has made plain that we have zero tolerance for naked short selling. In this market crisis, the men and women of the SEC have responded valiantly as they always do—with the utmost dedication and professionalism. Addressing the extraordinary challenges facing our markets, the independent and bipartisan SEC has taken the following decisive actions:
* We adopted a package of measures to strengthen investor protections against naked short selling, including rules requiring a hard T+3 close-out, eliminating the options market maker exception of Regulation SHO and expressly targeting fraud in short selling transactions.
* We issued an emergency order to enhance protections against naked short selling in the securities of primary dealers, Fannie Mae, and Freddie Mac.
* We announced emergency plans for a rule to ensure public disclosure of short selling positions of hedge funds and other institutional money managers.
* We have undertaken sweeping enforcement measures against market manipulation.
* We provided guidance to banks about how to account for credit support of money market funds.
* We’ve written rules to strengthen the regulation of credit rating agencies, and performed examinations that have led to new rules to reduce rating agency conflicts-of-interest.
* We brought a landmark enforcement action against a trader who spread false rumors designed to drive down the price of stock.
* We have initiated exams of the effectiveness of broker-dealers’ controls to prevent the spread of false information intended to manipulate securities prices.
* Our Enforcement Division announced what will be the largest settlements in the history of the SEC for investors in auction rate securities who bought auction rate securities from Merrill Lynch, Wachovia, UBS and Citigroup.
* We entered into a Memorandum of Understanding with the Federal Reserve, to make sure key federal financial regulators share information and coordinate regulatory activities in important areas of common interest.
“There is much more work to be done, and the current crisis is presenting new challenges on an hourly basis. What America and the world needs now is steadiness and reduction of uncertainty. History will judge the quality of our response to this economic crisis, but now is not the time for those of us in the trenches to be distracted by the ebb and flow of the current election campaign. And it is precisely the wrong moment for a change in leadership that inevitably would disrupt the work of the SEC at just the wrong time. I have long made clear my intention to leave the SEC after the end of this Administration. The next President will have an opportunity to look at the major structural questions so important to the regulation and oversight of our financial markets.
“I very much appreciate the strong and immediate support of the President. As someone who has been in public life for over 20 years, I know as well as anyone that occasionally this sort of thing can come with the territory. The best response to political jabs like this is simply to put your head down and not lose a step doing the best job you can possibly do on behalf of those you serve. For my part, I plan to do just that. I leave the political campaigns to pursue their own course.”
***NEWS FLASH***
All of the contributors who are new to DB, please return to Yahoo Finance. They want you and your uneducated commentary back.
Thank you.
Cox is indicative of his name. He, like Cuomo, are “politicing” all over the place. As someone coming from a California based Fund who has built positions against many of broker dealers, we have had a great few days.
For the Fed/Congress/Administration to artificially change the paradigm of the market — by not allowing legal covered shorting of companies that are clearly failing is an abuse of power.
Can someone please tell me where is that timid little punk-ass bitch Fuld?? I want to dig out his heart and shit on it in front of his wife. Mr Badass until things go apeshit, then turns into a chipmunk. At least Jeff Skilling had the balls to drink a gallon of Franzia and show his face.
@22: Shouldn’t you be getting ready for your shift at the Shake Shack? You don’t want to make a poor impression by being late for your first day at the new firm. You get in good with the boss and the sky’s the limit – hell, you might even put that MBA to use and come up with a clever new way to dispense straws so that losses are minimized.
My prediction is that you’ll go far – In fact, if you play your cards right, I smell a .25 raise in your future!
@25
I smell a big day in your 3K “trading” account. Knock’m dead baller.
yahoo.com please
Obviously Cuomo is working for Mack and Blankfein. What’s wrong with that? Is not in NY’s interest to keep losing jobs in finance. That’s a pretty dismal situation.
Cox, on the other hand, has been setup as a punching bag for McCain, who all his life never said a bad word about the ideology that puts people like Cox in their powerful positions. McCain is desperate to appear as a “reformer” though he was never serious enough to reform his own party. He’s too much inside that power structure to have any moral standing to criticize his pal Cox. Cox is looking for a new gig right now, but I doubt Cheney is going to let him go with so many things totally fucked up.
And now this:
SEC to temporarily ban short-selling: report
By Robert Schroeder
Last update: 7:53 p.m. EDT Sept. 18, 2008
WASHINGTON (MarketWatch) — The U.S. Securities and Exchange Commission intends to temporarily ban short-selling, The Wall Street Journal reported Thursday night. It’s unclear if the commission has approved the move, the Journal reported. SEC Chairman Christopher Cox, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson were briefing congressional leaders Thursday night. The U.S. move would follow a similar action by U.K. regulators on Thursday. End of Story
@Diablo
I can’t wait for all the insightful posts we will see from our new hilly billy guests from Yahoo finance.
Speak up stupid fucks tells us how angry you are that you can’t short a bank stock or any stock.
We don’t care what the fuck you’re doing in the market. Seriously we don’t give a fuck.
finance.yahoo.com please
#6: FarmSex.com is better
No 27 I think you are being very unfair to McCain. It is kind of obvious that the SEC was so understaffed that they could only enforce the most heinous stuff.
I think this is no longer a political issue, rather it is an american issue, its “works well with others” time on both sides. Those who don’t will be considered, by regular americans, unpatriotic.
@31
You know that the predecessor to Cox, Donaldson, was forced to resign in 2005 because he was too “heavy handed” in enforcement. Cox is very much aware of that.
The problem is simple: the SEC is a political position.
http://www.globalpolitician.com/2810-sec-economics-business-stocks
@26: You’re just bitter because you didn’t get any severance. Nyah, Nyah.
What’s interesting is that none of the talking heads thus far — regarding the RTC, ban on shorties, further bailouts (mind you the FED has burned through 300bln of reserves in 5 days) — have mentioned the sources and mechanisms that will dispose, and value, the 45trillion in CDS’ that have caused this mess.
LEH,BSC,Freddie/Fannie,AIG, were some of the largest players in the CDS department. However, GS currently has the same exact rating on their CDS pools that BSC did a year ago. GS’, current corporate debt rating is however still Aa3 — which leads to a question. How many firms have that wide of a gap between debt on their books and firmwide debt?
An excellent question is, what will happen when the FED/Treasury cannot provide liquidity to the market? It’s analagous to the trader who frontloads his portfolio in a bear market, only to realize, “oh shit I bought too early.”
@33
No severance needed.
finance.yahoo.com.fuckyou
Thank you.
there’s nothing right in everything this psychopath and egomaniac Jim Cramer says.I pity those inexperience 20 something following his advice. he always says “this is the bottom now. I’m starting to feel bullish”. He said that 10 times while the stocks keeps on sinking .
CRAMER WAS A CHEATER WHILE WORKING AS TRADER. HE ADMITTED TO MANIPULATE STOCK MARKET.
Check this out.
http://tradermike.net/2007/03/jim_cramer_market_manipulator/
CRAMER WAS A CHEATER WHILE WORKING AS TRADER. HE ADMITTED TO MANIPULATE STOCK MARKET.
Check this out.
http://tradermike.net/2007/03/jim_cramer_market_manipulator/
CRAMER WAS A CHEATER WHILE WORKING AS TRADER. HE ADMITTED TO MANIPULATE STOCK MARKET.
Check this out.
http://tradermike.net/2007/03/jim_cramer_market_manipulator/
NEW YORK (Reuters) – The cost of protecting the debt of Morgan Stanley and Goldman Sachs with credit default swaps rose on Wednesday as shares of the two investment banks fell.
Five-year credit default swaps on Morgan Stanley rose by 40 basis points to 796 basis points, or $796,000 a year to protect $10 million of debt, while Goldman’s swaps rose by 16 basis points to 462 basis points, according to data from CMA DataVision.
As of late Tuesday, Morgan Stanley’s credit default swaps were trading as though it were rated deep into junk territory at “B2,” according to data from Moody’s Investors Service’s credit strategy group. That is 10 steps below its actual rating of “A1.”
Goldman’s swaps were rating as though it were rated “Ba3,” a junk level that is nine steps below its actual rating of “Aa3,” Moody’s added.
Can you imagine the devastion on Wall Street if there was no short selling and stocks were allowed to rise with no checks in place. Just double the devastation you saw when the INTERNET bubble burst.
If you must place the blame…See Alan Greenspan… lowering the interest rates to 1.5% and keeping them there too long in order to keep his job and legacy intact.That coupled with Grahams deregulation of the stock market created the perfect storm for GREED AND HUBRIS on the street.
Think about this. Nobody understood what Greenspan was talking about back then. I said..If was selling me a used car and i couldn’t understand his innuendo and double talk….RUN OFF THAT DEALERS LOT.
Jack Kennedy
Can you imagine the devastion on Wall Street if there was no short selling and stocks were allowed to rise with no checks in place. Just double the devastation you saw when the INTERNET bubble burst.
If you must place the blame…See Alan Greenspan… lowering the interest rates to 1.5% and keeping them there too long in order to keep his job and legacy intact.That coupled with Grahams deregulation of the stock market created the perfect storm for GREED AND HUBRIS on the street.
Think about this. Nobody understood what Greenspan was talking about back then. I said..If was selling me a used car and i couldn’t understand his innuendo and double talk….RUN OFF THAT DEALERS LOT.
Jack Kennedy
I heard Dick Cheney orchestrated the big selloff to propel John Mc Cain to the White House.