By bobo on
8/23/2007 3:37 AM
If you want to do something about the SEC's delay in eliminating the MM exception, which allows the options MM to naked short to their heart's content, legally, here's the template of a simple comment letter you can send. UPDATE: SIGNS THAT THE MELTDOWN COMMETH
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By bobo on
8/14/2007 3:41 PM
As the financial markets melt down and liquidity evaporates from the system, a lone voice of reason (actually several, if you count Patrick and I) discusses why human nature ensures another meltdown commeth...
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By bobo on
8/7/2007 11:03 AM
Pardon my cynicism, but if the SEC had simply tried to appear to do something meaningful, while actually doing the least humanly possible, how would that have looked any different than this latest farce?
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By bobo on
8/5/2007 7:29 PM
If the American experiment is based upon a foundation of the triumph of capitalism, the next week could well signal the end of the experiment.
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By bobo on
8/4/2007 9:01 AM
I've been saying for some time that the prime brokers and hedge funds are creating systemic risk that the taxpayer will ultimately be forced to pay for, and that the SEC is a sham entity that does nothing but run interference for Wall Street and the financial elite, at the direct expense of investors. Whadda ya know, now, years after taking this position and backing my mouth with hundreds of blogs, the NY choagie crowd starts to "discover" this....
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By bobo on
7/28/2007 5:45 PM
Kind of like someone admitting that gravity exists, Jimbo tickles us all, and the bunny asks, why this, why now?
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By bobo on
7/22/2007 5:40 AM
For the, "There is no naked short selling problem" crowd, here's a speech Senator Bennett made on the floor calling for a hearing on NSS.
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By bobo on
7/18/2007 3:46 AM
Apparently the CA court wasn't swayed by the sham arguments mounted by Wall Street to conceal their dirty deeds...
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By bobo on
7/2/2007 2:19 PM
It's summer, and time for a little traveling and whatnot.
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By bobo on
6/14/2007 4:20 AM
A Tale Of Two Systems Of Justice.
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By bobo on
6/2/2007 2:31 AM
Max Keiser has created a definitive special that clearly explains what is going on in the US capital markets.
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By bobo on
5/30/2007 10:40 AM
Predictably, stock manipulation and colluding to defame a company aren't free speech, they are conduct. Maybe now Rocker and Gradient can get the discovery train rolling?
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By bobo on
5/18/2007 2:56 PM
Hard to imagine Wall Street creating a minor tempest to conceal the larger storm...
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By bobo on
5/12/2007 5:22 AM
Formerly serious NY Times flack Joe Nocera launches a triumph of absurdity without cracking a smile...
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By bobo on
5/11/2007 5:35 AM
Great video of Patrick in a forum with a pro-short Yale professor (what else?), and the media makes much hay out of Patrick's subpoena from last year (which he actually discussed openly at the time) while conveniently forgetting it was also the target of the same subpoenas...
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By bobo on
5/5/2007 6:51 AM
I really don't need to write much this time around.
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By bobo on
5/4/2007 1:19 PM
Most of the pieces have fallen into place, and the overall picture is beyond ugly and bleak.
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By bobo on
4/30/2007 5:10 PM
Sure it's uncomfortable. Even after you blow it, the pain lingers on. Maybe I should sue Rocker, or McDonald's, whose coffee it was that caused me such pain, and so badly traumatized my mucous membranes....?
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By bobo on
4/26/2007 6:04 AM
The good folks of Oklahoma have gotten a landmark anti-NSS bill passed. Read all about it.
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By bobo on
4/23/2007 2:57 AM
When you have to pretend that everyone reading is addled, does that make you a dimwit, or your readers....?
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By bobo on
4/20/2007 8:25 AM
Amusing in the way that being wryly amused by the human condition can be amusing, sad in the same way.
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By bobo on
4/17/2007 8:09 AM
Rarely do I see a summary that is both comprehensive, as well as beautifully structured. This is one of the times.
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By bobo on
4/13/2007 7:58 PM
Everyone who claims that those concerned over a systemic collapse due to Wall Street larceny, personified by a corrupt SEC and all-powerful hedge funds, are a bunch of loons, have a tough job now after the Bloomberg, and now the PBS special...
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By bobo on
4/2/2007 3:09 PM
$82 billion of failure to deliver and receive shares per the SIA's own website in Q4, 2006, and yet we are still being told this isn't a big deal...
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By bobo on
3/27/2007 7:12 PM
It seemed like a good idea to summarize my thinking as to how badly screwed up the SEC's handling of our markets has become, and why....
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By bobo on
3/26/2007 1:30 PM
Well, just when you thought it couldn't get any weirder or more obvious, more stalling from those who watch, wait, and do nothing as the barbarians run through the streets raping and pillaging...
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By bobo on
3/20/2007 4:34 PM
You heard it here first, folks.... UPDATE - Read the Whistler Amicus from NASAA, in which it cores the DTCC's position that it is too important to be accountable for fraud...
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By bobo on
3/12/2007 10:31 PM
I just got finished watching the Bloomberg TV special on NSS. I was ready to hate it, and instead, I walked away thinking, "Wow. They get it. And now so should the rest of the planet." Watch it, and then disseminate it on every message board and blog, and send it to every publication and radio/TV outlet you can think of. This is a massive effort, and the beginning of the end.
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By bobo on
3/10/2007 12:11 PM
NY Times funnyman Joe Nocera does a ribald satire of the typical attack on Overstock's Patrick Byrne, with hysterical results...
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By bobo on
3/8/2007 12:57 PM
Pulitzer prize finalist Joe Nocera, one of the biggest of the big names in NY financial journalism (noteworthy for among other things being involved with Bethany McClean of Fortune's book on Enron), wants to chitty chat about a fly-speck MREIT, and the Easter Bunny's thoughts on Wall Street corruption, lawsuits, shorts, etc. UPDATE$: BLOOMBERG TV TO AIR NSS SPECIAL!
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By bobo on
3/1/2007 8:04 AM
The Utah battle was won yesterday by Wall Street. Investors lose, as the state effectively gives the green light to racketeering, counterfeiting and fraud, Wall Street style.
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By bobo on
2/25/2007 5:57 PM
Is that odd, where a sunshine bill passes by an overwhelming majority, and then the bill's sponsor is all over the news today backpedaling? UPDATE: MORE UNFOLDING UGLINESS IN THIS BREAKING STORY.
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By bobo on
2/21/2007 8:24 PM
Is that bad, when the largest group of its kind in the world is demanding the Senate to hold hearings into naked short selling? And we are treated to the obligatory "Byrne's a loon" piece from a hack with a hatchet whose idea of investigative journalism is to parrot 'lilGW's whining. And the NY Times continues to misstate fact, misattributing quotes like Enron invented financials...
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By bobo on
2/15/2007 9:36 PM
So, the SEC can't say enough or move quickly enough when a private research firm and a private hedge fund are sued by a bunch of companies for allegedly criminal behavior. If you are a public company in the bad guys' sights, you can spend years with a cloud over your head, but apparently if you have juice, you get treated like the head of Microsoft...
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By bobo on
2/14/2007 8:30 AM
The same reporters issued subpoenas by the SEC were the first out of the gate to herald a not-so-remarkable development in the SEC's "investigation" of Gradient...
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By bobo on
2/13/2007 11:02 AM
Patrick Byrne has issued forth an absolutely must read response to the latest in a string of journalists who are confused over his positions....
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By bobo on
2/7/2007 7:46 PM
A class action suit on behalf of FFH shareholders against the same group of hedge funds long believed to be responsible for the wholesale abuse of NFI and OSTK is launched, and the DTCC stonewalls basic requests for clarity on whether they are paying a hack shill to spew venom at its critics...
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By bobo on
2/2/2007 1:48 PM
Same suit as the NFI shareholders' suit, but the numbers are way bigger...
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By bobo on
1/31/2007 9:47 PM
Is that bad, when two guys on the Senate Judiciary Committee come out and say that if the choice of who is more corrupt is between a Bolivian customs office, and the SEC, they would be singing, "I'll choose Bolivia?"
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By bobo on
1/25/2007 9:22 PM
What's the destruction of thousands of American companies if a few thousand guys in NY can make serious jing jang?
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By bobo on
1/24/2007 1:23 PM
Arizona has a new bill that apparently has the industry and the SEC howling with rage; The US Chamber of Commerce has submitted another great letter to the SEC; and Wall Street lavishes us with new ways to trivialize fraud and stock manipulation...
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By bobo on
1/17/2007 12:20 PM
So this is the 3rd state that has introduced a bill to rein in Wall Street's crookery.
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By bobo on
1/15/2007 9:43 PM
Every year, it seems like Wall Street sounds the alarm that all hell will break loose if any rules are changed, or enforced, that would require Wall Street to behave itself...
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By bobo on
1/12/2007 8:48 PM
It seems that the Utah bill that required brokers to report their naked short positions has gained momentum, with AZ entering the mix with a bill of its own.
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By bobo on
1/6/2007 3:11 PM
The Op-Ed in the WSJ by Donaldson and Pitt sounds neat, if you know exactly nothing of the market's history...
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By bobo on
1/5/2007 1:18 PM
The prime brokers' high priced white shoe lawfirms tried to stall discovery and get this remanded to Federal court. That didn't work. Bad day for Wall Street.
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By bobo on
1/4/2007 7:58 AM
I'll be back in the saddle next week, but in the meanwhile I couldn't help but note that the lie is being repeated vigorously by those whose motive is to steal anything left that isn't bolted down...
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By bobo on
12/28/2006 12:26 PM
Sometimes, even though we have been through a lot, it's time to make tough decisions, a la "Dear John"...
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By bobo on
12/26/2006 6:44 AM
I'm out and about and away from things computer and market oriented, but wanted to share some holiday cheer with the folks playing along at home...
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By bobo on
12/20/2006 8:40 AM
And in other news, the SEC moves against those dangerous, scheming Estonians, or Latvians, or whatnot...
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