So if only ONE guy can manipulate a stock, imagine what a big pool can do... These pools have existed officially before 1929, in fact read the newspaper from that time, the term manipulation from a pool was currently employed because at that time everybody knows that market was manipulated, whereas after 1929 they have supposed to have disappeared. Now tell me do you really think that such a big tradition would be abandonned when it is so easy to circumvent the law especially when those who make the law and garantee it are the same who can make the fraud without risking to be accused of such ?
It's well known that this sheet continues to happen on a daily basis. Indeed, many of the incomprehensible upgrades/downgrades are also part of this sheet. But whoever throws himself into a stock just because he sees it moving MUST be ready to lose is ass there, and shouldn't be given any relief just because someone was painting the tape for him to fall into it. The true fraud is where accounting is involved, and where upgrades/downgrades are used to manipulate stocks. For instance, just a few weeks ago UBS upgraded WYNN. WYNN is the "no casino" casino stock. They haven't got any casinos yet (they are building one, and will build two), but cause the owner is a well known Casino Guy (Steve Wynn), the thing trades like it's one of the largest casino operators in the world already. What sense does it make to upgrade something whose status hasn't changed for months, and that already trades at an incredible valuation, and that has already gone up 2-3X while nothing new happened there? Of course, that upgrade marked the VERY TOP of that stock. Same with CORV a few years ago. It was only Buys and Strong Buys. What sense did it make to have Buys and Strong Buys on a company that didn't have ANY REVENUES at the time, and yet was already worth as much as GM? Even if CORV had somehow grown into the valuation, those buys and strong buys were unwarranted, it was like having those recommendations on a Lotto ticket with a 1/100th the likelihood of a payout of a regular Lotto ticket. That's where the fraud is.
Hell "they" go. Hell, the only place, "they" go. God forgive me, but may "they's" souls roast in hell for eternity.
But this guy went beyone what specs do, and also keep in mind that he was defrauding other daytraders (meaning, as you put it, others of US, not specs).
I think we all know the difference between what this clown did and what the specs and mm's do. HE GOT CAUGHT !!!!!!!!!!!!!!!!!
Hehe basically. That was a great read, by the way. I agree with harry and I have the Ney book also. Wall Street does this and has been doing this since its inception. They are a lot more elaborate though, this guy straight out jacked everyone for their money since he was the order flow.
what a joke! they go after and arrest a 2bit trader and let all the houses on the Street get away with murder. Same old same old...
I'm old enough to remember Richard Ney on the old Financial News Network . He was very interesting to listen to. How many know he was a respected actor before getting into the stock game?
It's unhappy his book which I posted a link on Amazon some times ago doesn't exist any more: everybody did buy the rest or what