http://www.clusterstock.com/2008/7/sec-subpoenas-50-hedge-funds-in-lehman-leh-bear-jpm-rumor-sting What is the world coming too. It just gets better day by day.
I clearly stated at the time that I believed manipulation and fraud was occurring. Many disagreed and still do. We'll see. Be afraid hedgie, be very afraid.
I can't believe they subpoenaed Goldman Sachs. Paulson must not be too happy with his fellow PPT member
sounds like typical SEC b.s. witch hunt. looking for the fall guys. do these SEC agents just paper cops. arresting with paper documents. take a hike SEC agent, this is wall street. bad busineses go chapter 11 and go under all the time. talk to my lawyer SEC man.
SEC doesn't have any evidence and they subpeoan and waste people's time... time is money. lawyers are charged $1000/hour. for these hedge funds.
Yeah, because the rumours were so wrong about BSC - the thing went bust, didn't it? If your business can go bust just because some people say it's going bust, then it's not a very strong business in the first place, is it? Ever noticed how JP Morgan and Goldman aren't getting driven down by "rumours"? Maybe that's because they actually manage their risk instead of leaving themselves open to rumour-mongering. Lehman have a very simple way to fight the rumours - buy back their own stock. Yet they don't do it. Hence, they don't believe the stock is undervalued. Note that it is perfectly legal to spread rumours if you are not short the stock. So this action won't stop rumours at all, it will just discourage shorting. And we all know that without shorting, there are far few potential buyers into a panic, so the ultimate downside in LEH will get even larger.