anyone that hasn't figured out that the SEC is just an extension of the big banks is a Fool and is beyond help. c'mon ppl wake up. not saying there aren't some great people within the organization but a fish rots from the head down. and this fish stinks. i just hate paying them $1000's a year in fee's only to watch them grandfather these criminals.
Regardless of our other conversation I agree 100% with you on this. SEC/NASD were created to garner fees..nothing more.
I don't believe this to be true. These guys are operating with a TON of dough. Phenomenal amounts really. The also have the advantage of being able to sell any amount of shares they want. How long are buyers going to buy a stock that NEVER moves up even when the buying pressure is huge? institutions are not dumb, and they are in this game to keep their money. I think most of them would consider this FAR too risky to get involved with. Consider that the amount of naked selling Byrne is accusing people of is in the neighborhood of 6 MILLION shares. The stock has a float of 17 million (someone correct me if i'm wrong please, i'm just recalling that number off the top of my head) and this is a massive problem that the market can't correct on it's own. That's why these guys do this sort of thing, because it's possible. And to me, it's irrelevant whether the company has it's merit or not. Maybe it is a shit company but people believe it can pull through... those investors are going to get whiped out in an illegal manner, simple as that. That's not what I believe this market should be about. -The New Guy
actually he understands the dynamics quite well. if he wasn't exposing this criminal syndicate right now the stock would have plunged already. when big money has unlimited availibility of fake shares to short, they determine price. add the govt/media complicity and institutions will shy away altogether. no one is saying this company's fundamentals are stellar but to justify criminal activities in this way while raping the public does not make for healthy markets.
what scares the hell out of me is how brazen these criminals are, its almost like they know the market is goin to crash.
Eh, I think they just know that no one is in their way, and nothing is going to be done to stop them. Seriously, I know Byrne has built up a solid team to take on these guys, but think of the rap sheet behind the few that are "known". They have money, they have power, they don't need to play by the same rules.... I don't see how Byrne has a hope, personally. But I'm glad he's doing it! Taking one for us little guys! -The New Guy
Coupla' points. New SEC head was interviewed in WSJ online edition today - not a single reference to naked shorting though the entire article was focused on 'cleaning up that dad-burn market.' Second, some may not know that the Byrne family has long ties with Berkshire Hathaway, & Buffet is notorious for NOT welcoming traders to his stock. That is why he cuts the float and lets his stock price run to tens of thousands - explicitely to shriink liquidity. Bryne is coming from the same school. It is not about where he thinks the stock should be, but that he just doesn't want to have to answer to shorts and be hounded the way OSTK is ANY MORE THAN THE LAW PROVIDES. I heard the hedges make fun of his metaphors ... but have to say the hedges don't come off too well. A bit too self-interested & clever for their own good.
Is this a fact? Has it been proven there are naked sellers in this name? If so why hasn't the NASD/SEC halted trading in OSTK to investigate? I am being serious here....if not all of this is pure speculation. As I said earlier it would not surprise me one bit if the CEO was cheerleading and simply trying to maintain unwarranted levels in the common. I am just jaded I guess....going back a hundred years or so , first it was short sellers.....then program trading..then hedgies...now hedgie selling naked. What mysterious market force will control and manipulate next?