Document accidentally released by lawyer shows naked short-selling by investment banks

May 17, 2012 by · Leave a Comment
Filed under: Legal News 

Matt Taibbi is right that god rarely shines down on us in these matters.   I wonder how that lawyer is doing right now?   Has he resigned or is he sprucing up his resume?

I am not even going to try to give too many remarks on this.   Mr. Taibbi and the Economist has done excellent work in this regard and I will instead link to each article respectably.   If you want to read the actual release yourself, click here, pages 14-20 are what both articles are referring too.

Bottom-line is that naked-short selling is illegal, has to stop now and the people who have done this need to be put into jail, this will teach them and others a lesson about the rule of law and why we have them.   Making bets on declining stocks is fine but you need to first secure them, creating them out of thin area outside of the normal supply and demand model is plain old fraud, pure and simple.

Rolling Stone’s Article (Matt Taibbi)

Economist’s Article

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