Naked Short Selling « Vie de Malchance

Germany Bans Naked Short-Selling

From James Bianco at The Big Picture, citing The Telegraph:

What’s Germany going to ban next? Rainy days, harsh words, the Macarena?

From Barry Ritholtz at The Big Picture, citing a Dow theorist:

Do your friends a favor. Tell them to “batten down the hatches” because there’s a HARD RAIN coming. Tell them to get out of debt [...]

Wall Street’s Naked Swindle

Here are the goods from Matt Taibbi at Rolling Stone. Read it, you cowardly motherfuckers, and tell me he’s wrong.

Previously. But be careful, lest your delicate hands touch conspiracy theory.

It appears a few congress critters need to be strung up on the national mall to put an end to this shit.

And the next [...]

In this passage, Roddy tells the story of certain communications he had with Tom Marano, Bear Stearns’s top mortgage trader, on March 6, 2008 – a few days before false rumors began swirling about Bear Stearns’s access to credit. The following week, the false rumors were rampant, and those rumors, [...]

Crazy Eddie

From Aaron Elstein at Crain’s:

In August, Mr. Antar posted on his blog a detailed report explaining how Overstock.com is, he claims, creating a “cookie jar”of reserves that it can use to sweeten future results.

He forwarded his analysis to the Securities and Exchange Commission, which had investigated Overstock’s accounting practices from 2006 through last year without [...]

Penson Financial

To swallow this post, you need to believe:

(1) Matt Taibbi has not been duped.

(2) Patrick Byrne is not a crackpot.

From Deep Capture:

Deep Capture has reviewed evidence showing that little Penson Financial and one other relatively unknown firm were by far the biggest traders in financial stocks in the first nine months of last year, handling [...]

Our Burglar Class

Matt Taibbi has another damning article in the current issue of Rolling Stone detailing the criminal exploits of the “300 white guys in Manhattan.” He begins by relating the story of a $1.7M put on Bear Stearns a few days before it went Tango Uniform, resulting in a $270M profit. Eighteen months later, [...]