Vanity Fair on BSC Collapse........

Discussion in 'Wall St. News' started by flytiger, Jun 30, 2008.

  1. If naked shorting was completely prohibited, perhaps BSC would have survived.

    Perhaps, it's also the karmic price they pay for being one of the firms that reportedly enabled the naked shorters.
  2. I'm very interested in the CNBC angle. Patrick says he's got the fax the reporters used to pitch the HF book. Then, we've know for a while he was given 8000 emails. In a podcast, he revealed he was given a computer with the emails, and it was used to get reporters to pitch a particular hedgefund's book.

    Of course,Cramer has revealed this in his books and podcasts; I don't think he realized somebody archived everything.

    I am now looking for the money. We need the money trail, and it's game, set match.

    29,000 ,000 and 14,000 jobs so somebody could score. LOL. And they say Bryne is crazy.
  3. Flytiger, thanks for sharing but the above comment is hard to follow. Why are you so cryptic/unclear? Who's Patrick...OK Patrick Byrne of OSTK, who's "he", what reporter, who has the 8000 emails, emails from whom, etc.

    Please be more descriptive so we can all follow along and have a meaningful dialogue.

    Can you post the "fax" you refer to??

    What hedgefund are you referring to?
  4. You still crying? LOL.

    It's all big bad CNBC's fault, they singlehandedly brougth down BSC. Cause Bear Stearns did not have liabilities out the ass, likes billions of repos and two overleveraged hedge funds under water.

    The real problem is that you can't face reality. Or really, can't understand it.
  5. Check the "End of the SEC " thread. There's plenty of information on ET. However, it is all breaking rather quickly. Ask specific questions in byte (sic) sized pieces. There is so much on each topic.

    You might go to and look at the Elgindy transcripts. A lot will lead back to that. It is quite remarkable, and they lead you to the fact he had paid off the FBI, and basically could call SEC investigations seemingly at will, as he tells the network to short a particular security because and investigation is coming.
  6. Now, let me spend six seconds w/you, which is four more than you're worth.

    I've looked at your posts, and all you do, is put down the previous poster w/o any facts, pertinent discussions, or really anything remotely interesting to say.

    Go to Yahoo. You'll fit right in.
  7. Actually, it's from the article you posted. But I could have guessed you have a selective reading problem. The irony.

    Keep on crying, looks like you're getting somewhere. LOL!
  8. My point exactly. Again, no substance, no facts, just ridicule. Nice.
  9. I reposted this. They are the fails with a little instuction on how they work, and it is SEC data. Put the fails with the events in the article, and you get quite a picture. NSS was only the beginning. You need the reporters in your pocket, then, you can bash and feed, bash and feed. By using naked shorting, you can get some real leverage.

    Taking into consideration the reporting structure of the CNS Fails data, fails are reported on Trade + 3 days as a fail if such trade does not close out on time. Thus, for a trade executed on Wednesday March 12, 2008 a fail would be reported on Monday March 17, 2008. Similarly a trade executed into a failure on Monday March 17, 2008 would show up as a failure on Friday March 20, 2008.

    Date CNS Reported Fails Closing Price
    Bear Stearns BSC 3/10/2008 36,297 $62.30
    Bear Stearns BSC 3/11/2008 149,700 $62.97
    Bear Stearns BSC 3/12/2008 135,647 $61.58 Trade Executed
    Bear Stearns BSC 3/13/2008 19,424 $57.00 T+1
    Bear Stearns BSC 3/14/2008 201,768 $30.00 T+2
    Bear Stearns BSC 3/17/2008 1,247,876 $4.81 T+3 (CNS Fail) Trade Executed
    Bear Stearns BSC 3/18/2008 749,837 $5.91 T+1
    Bear Stearns BSC 3/19/2008 2,120,638 $5.33 T+2
    Bear Stearns BSC 3/20/2008 13,789,126 $5.96 T+3 (CNS Fail)
    Bear Stearns BSC 3/24/2008 12,588,395 $11.25
    Bear Stearns BSC 3/25/2008 11,736,910 $10.94
    Bear Stearns BSC 3/26/2008 7,673,413 $11.21
    Bear Stearns BSC 3/27/2008 9,340,963 $11.23
    Bear Stearns BSC 3/28/2008 12,396,655 $10.78
    Bear Stearns BSC 3/31/2008 4,677,810 $10.49

    Clearly, evidence reveals a significant premonition that Bear Stearns was about to take a nose dive as more than $64 Million worth of Bear Stearns shares were sold into net settlement failure on March 12, 2008 as the failures increased 6-fold from 200K to 1.2 Million. The pattern continues during the markets decline leading into Monday March 17, 2008 where the fails again accumulated 7-fold from 2 Million to near 14 Million while the market collapsed from $30.00 to a closing price of $4.81.
    #10     Jun 30, 2008