I love these guys that were in positions that could have made a difference, did nothing, and then expouse. Levitt sits on boards now and drains companies while again, doing nothing. Now Pitt is partners with John Tabacco. I"m betting locates from them and paying good sized fees, while Harvey gets rich. Where was he when he was Chairman? At least have some dignity and shut up. You enriched yourselves; no be quiet. Now, we all pay. But I think I've said that before.
Flytiger wrote... I love these guys that were in positions that could have made a difference, did nothing, and then expouse. Levitt sits on boards now and drains companies while again, doing nothing. Now Pitt is partners with John Tabacco. I"m betting locates from them and paying good sized fees, while Harvey gets rich. Where was he when he was Chairman? At least have some dignity and shut up. You enriched yourselves; no be quiet. Now, we all pay. But I think I've said that before. .......................................................................... Excellent Commentary, Flytiger It is all about the ongoing incestual SEC Corp US police policing the police system..... This will not change until there are regulations about once a decision to be a policeman, one cannot crossover with implied wink wink corporate pay prospects to the other side....one is either a public servant, or is not. It's called the fox guarding the henhouse.....similar to the Bush Oil Administration....... This is just another reason why the two party system has passed its day.
"Similarly, a regulator cannot predict a crisis. Instead, a regulator can and should make sure that investors, the public, the press and government have clear, comprehensive and timely disclosure to allow markets to better correct or respond through investor action." --------------------------- "a regulator cannot predict a crisis". WTF? They could have read a Yahoo message board. I'd bet if we took a poll on ET you'd probably find semi informed posters opine that this would not turn out well, long before "the year" the media has been reporting on fraud, profiteering, etc.
It's called the fox guarding the henhouse ================================= I beg to differ. This would qualify the "fox" as the SEC. More like a bunch of hens trying to catch a fox. We currently have more noticeable, noisy, group of hens.
With all due respect, flytiger, you may want to start training your guns on stuff like this ... http://news.yahoo.com/s/nm/20080805/us_nm/freddiemac_dc If this is true, then this guy is being paid either side of $5 mln/ year in total compensation to execute that type of "leadership." In my mind, the naked short sellers were like birds that took pieces from a big pile of trash and went on to spread it all over the front yard. Clearly a nuisance if you are long. But I see guys like this CEO (again, assuming this story is true) as the guy that put the big pile of trash in my front yard in the first place. Dovetailing with Levitt's "animal spirit" analogy, birds are supposed to go nuts when they see "free food"or at least "low hanging fruit" - but human beings who are supposedly sophisticated enough to be CEO of one of the most important corporations/GSEs in the US are not supposed to throw big piles of trash into the yards of the shareholders. I guess I am looking for a little more "proportion" in your outrage. Anyone that reads ET already knows how you feel about the short selling stuff. What about the idiot CEOs that got the whole thing started in the first place? Just a thought ...
Some outsiders are surprised to learn that among the candidates the company is considering is Alan Schwartz, who headed Bear Stearns as it collapsed.
What don't you understand about 'illegal" So they're assholes, and we can circumvent the law because of it? What if the naked shorters make a mistake, which they do all the time. Then, you've wrecked a perfectly good company. Many went down, could't come back. And btw, who was supposed to monitor this (these) guys? the same guys who were supposed to monitor naked shorting. And what do they do? Go investigate Bryne because a hedge fund told them to. Lots of sins. Handle it correctly, please. BTW, AMSC. Lousy report. But you can't short it. REported interest 43% of the float, and it's on SHO. So probably the float is short. How does that help you?
1. To the surprise of many (including myself) Mr. Christopher Cox of the SEC said that naked shorting wasn't (until recently) illegal. So, that's what I don't understand about "illegal." 2. Naked shorters make more mistakes than the one you've pointed out. They also make the mistake of being short when they should be long. Something else that they do "all the time." Then they've wrecked a perfectly good trading account or fund. Many don't come back. 3. This AMSC has a float of 70 mln shares. I mean, really ... Point out to me companies that had a float of over 250 mln shares that were "perfectly good companies" that were "killed" by short selling. I am not "pro-naked short selling" ... but I again find the "outrage" to the FRE story ("so he is an asshole") disproportionate to the "on and on" about short selling.
First, Cox lied. The 34 act called for prompt settlement. Some of these naked shorting positions are opened for years, and we don't even know about grandfathering. Second. Point out to me the aborted fetuses that would have been Doctors, World leaders. etc. Some would have been druggies,or killers, but who gets to choose? The punks from Westport?