MM was convinced it was a fraud, yet stood on the way anyhow. Now complaining about losses under the guise of "the small investor could have gotten more hurt". I have been in this game a long time. Since when the MM`s were really significant, and I have never seen them in a name solely for the sake of "the small guy". He is just miffed because he had it figured out but yah know the old saying... "The mkt can remain irrational longer than you can stay solvent."
Why did he lose his job and if he was a Market Maker, your suppose to take on enough stock and short modestly to balance the books. He went out on his own, he broke Risk Management's guides thinking "I am going to make my firm, Big Money!" by shorting CYNK, everything about his story and the other guy does not make sense. With Boiler Room Shops, you don't take massive positions! Firms are allowed to take on big orders, when TYCO was falling off a cliff, the NYSE Specialist took on a position over $100,000,000 but he had authorization from the Top Dogs to purchase that size. With Tyco, NYSE Specialist were great at dropping price off a cliff to attract Whales. TYCO's NYSE Specialist detailed his story how he took on a gigantic trade because there were no buyers at that point! The NYSE Specialist provided depth and shares instead of these HFTS trash! Where did the hero in this story go wrong? Did he go against the rules by battling CYNK, shorting and shorting instead of keeping a modest book? He's not telling us the real story, I think he lost his firm's ass because he made so super big shorts! What do you think?