Skip to main content

Absolutely Shocking

  • Author:
  • Updated:

That John Tobacco, business partner of former SEC chairman Harvey Pitt in newly formed,* would go on CNBC just now and defend the extended ban, trotting out words like 'evil short sellers' 'collusion' 'put Bear Stearns out of business' and 'protecting mom and pop.'
*RS is a web-based real-time electronic stock lending and location service that matches traders with available stocks that can be borrowed for short sales and offers immediate data on the short-sell market. Obviously the biz would be made exponentially more profitable if the SEC expands and extends the rule, practically forcing Pitt and Co to charge customers for both locating and pre-borrowing.


Phil Falcone Maintains 'Absolute Lawfulness' Of Lending Himself A Hundred Mill From Investor Fund

Remember, back in 2009, when Phil Falcone realized he'd forgotten to set aside enough cash to cover his taxes and came up with the idea to loan himself the money from a gated investor fund? And investors got all bent out of shape about it and the SEC did too? If the former was looking for some sort of an apology and the latter was looking for some show of groveling (in an attempt to avoid paying a fine/have a judge rule he can't come within 200 feet of a public company sorry), sorry, 'cause Phil's not sorry.