this started as Gasparino. This was on Yahoo: Re: Short Seller: MBIA, Ambac Understate Losses Ambac investors are on the war path,this from the yahoo board FILED CHARGES AGAINST CNBC AND CHARLES GASPARINO 30-Jan-08 08:42 pm I am contacting CNBC to let you know that I have had enough of Charles Gasparino "SPECULATING" about what may happen in the marketplace. I have been an institutional trader for 14 years at 2 major bulge bracket firms. If I was ever to even send an email or an instant message speaking of "rumors", "speculation", "hearing from smart sources", I would be called into an office filled with lawyers questioning my knowledge of "INSIDE INFORMATION". For Mr. Gasparino to go on the air and report that he has a "GUT FEELING" that ABK or MBI will be downgraded TODAY by either Moodys or S&P is not only irresponsible, but ILLEGAL. This "reporter" has been so negatively biased on the bond insurer industry that today his "RECKLESS SPECULATION" caused panic selling in the financial marketplace. His "reporting" of sources that are "very, very smart" caused a 23% drop in ABK within minutes. Whether Mr. Gasparino is correct on his "information" or not, is not in question, but what is in question is how he obtained that information, whether it was "non-public" information, and how he can get away with reporting it on a "reputable" news network without any facts backing these statements up. The same thing could be said if an individual in a crowded airport shouted "that guy over there has a bomb!!!" Complete panic and hysteria would be created with no facts to distinguish whether the statement is true or not. And that is exactly what Mr. Gasparino did to the financial markets today. I have formally filed a complaint against both CNBC and Charles Gasparino to the SEC at www.sec.gov. START THE INVESTIGATION!!! He'll be frustrated; reporters have some kind of implied immunity unless you can prove outright fraud.
omg, lol. suspend the first amendment because I'm down on my trading account!I bet he didnt got too mad when the entire wall street was spreading rumours on takeover of ABK.you just cant make this stuff up,we need to get long the law business, these guys will clean up
If that's the case send all these guys to the lions. The mark to market fiasco has been one lie after another. Look at MER. ABK and MBI another group of clowns still trying to paint a rosy picture so they dont lose their AAA
Yep the yahoo message board must be right, all the buy and sell side traders I know always post on yahoo!...Too funny.