So Cox on CNBC today says that naked shorting is illegal. So whenever the big IBs want to destroy a company the can just spread rumors then create phantom shares and drive price into the ground. That way they can create either a self fulfilling prophecy on the fundamentals or at least destroy the technical so all the trend following and momo players jump on board. BSC would still be alive were it not for naked short selling - and yet this asshole finally wakes up to this problem 3 months after the bear raid on BSC. This administration is worse than fucking clueless. At least Paulson should know about this stuff and should've told Cox to crack down on naked shorts hard right after the BSC collapse.
Very true. A lot of incompetent "appointees" by Bush during his Administration. Cox is either the dumbest person on the Planet, or he is totally on the "take" and being paid to look the "other" way. Just the worst.
I'll pick "2". On the take. We'll see very soon. However, let' look at the stocks on his magic list. BNP Paribas Securities Corp. BNPQF or BNPQY Bank of America Corporation BAC Barclays PLC BCS Citigroup Inc. C Credit Suisse Group CS Daiwa Securities Group Inc. DSECY Deutsche Bank Group AG DB Allianz SE AZ Goldman, Sachs Group Inc GS Royal Bank ADS RBS HSBC Holdings PLC ADS HBC and HSI J. P. Morgan Chase & Co. JPM Lehman Brothers Holdings Inc. LEH Merrill Lynch & Co., Inc. MER Mizuho Financial Group, Inc. MFG Morgan Stanley MS UBS AG UBS Freddie Mac FRE Fannie Mae FNM How did they do today? No legit short with a good borrow had any reason to cover. The credit spreads at Lehman didn't narrow at all today. Why the big moves? How come no rumors today? All it took was a little shake of the tree. Where has this guy, and his predecessor, and HIS predecessor, been?
Are you freaking stupid or you just Cox posting in ET? Short sellers is NOT the reason for the collapse of these companies. They are taking way too much risk, and the stock price just reflecting it. I don't see short seller being credit when there is a big rally, after all, they did push the market higher for covering their shorts.
The number of Bush appointees who proved to be inexperienced or incompetent or maleficent or malicious or malfeasant or people who proved to be none of these but did something horrible anyway boggles the mind: Ashcroft, Rove, Rumsfeld, "Brownie", Harriet Meyers, Gonzales, Cox, and on and on and on. To think of the damage that these folks have collectively done to the country i love makes my blood boil. One wonders if any that were competent (e.g.,Gates) were appointed by accident.
http://en.wikipedia.org/wiki/Reagan_administration_scandals Bush will have a hard time beating out Reagan on that "most corrupt" administration count. Above is proof of what Republicans are in it for ...patriotism my ass.
Regulators watching IMB closely, positive net inflow of deposits.....then bam!!! This guy causes a 1930s run on IMB creating the liquidity crisis that made them collapse.... He is pointing his finger at Bush too....great strategy for taking the white house..who cares about our banking system