tyb
great job!
read the stuff on Naked shorting and failures to deliver
Overstock.com got that done to it's stock from the start.
Excerpt from enclosed PDF
The crimes are the work of Wall Street hedge fund managers and brokers who engage in a common trading strategy known as short-selling. A short sale is a way of making money when the price of a stock goes down. You borrow shares from someone else and immediately sell them off. If the price drops, you buy the shares back and return them to the original owner, pocketing the difference. If a company goes out of business, short-sellers hit the jackpot. This is perfectly legal and unobjectionable. But some short-sellers do not play by the rules. A small group of powerful hedge fund managers stop at nothing to annihilate the companies they sell short. Their tactics include: blackmail, smear campaigns, espionage, fraud, harassment, extortion, bribery, rumor-mongering, sabotage, off-shore money laundering, political cronyism, frivolous lawsuits, witness tampering, biased financial research, false identities, bogus credit ratings, bribery, libelous blogs, bad science, forgery, wiretapping, counterfeiting, collusion, lying, cheating, threats and theft. Their most egregious trick is to sell “phantom stock.” By exploiting a glitch in Wall Street’s computerized trading system, and a loophole in federal regulations, some hedge funds sell virtually unlimited amounts of stock that they have not yet borrowed or purchased. This is often referred to as “naked short selling.” Hedge funds use this tactic to flood the market with supply and drive down prices - which is blatantly illegal. Patrick has written a blog explaining how this works in laymen’s terms. An economist has written a detailed history of “failures to deliver” (i.e. stock sold and not delivered, because it is phantom stock) for Regulation magazine, published by the Cato Institute. A former SEC Chairman has spoken extensively against the problem. Many other researchers, several professors, a former SEC economist, and a former deputy secretary of commerce have also written papers on the subject.
But it is enough to know that by the time Patrick gives his “Miscreants’ Ball” presentation, the Securities and Exchange Commission has published a list of more than 300 companies whose stock has been sold but never delivered in excessive quantities. In other words, a significant fraction of the stock sold in more than 300 companies is phantom stock. If you think you own shares in one of these companies, the chances are that a broker has sold you air to satisfy a crooked hedge fund client. The computer might say that you own stock, but in reality, you do not. In addition to the 300-plus companies on the SEC’s list, as many as 1,000 companies have already been wiped off the map by illegal short-selling, according to some experts.
Short-sellers’ collusive behavior and dubious tactics might have contributed to the demise in March, 2008, of Bear Stearns, America’s fifth-largest investment bank. The Chairman of the SEC recently told the U.S. Senate that the SEC is investigating precisely this possibility. The consensus among economists is that if the Federal Reserve had not intervened, the fall of Bear Stearns would have triggered the collapse of the American financial system. Similarly collusive “bear raids” contributed to the great crash of 1929.
moar at PDF
Black Weds. with that
and then he did it again to the Thai bhat.
The later wrapped up in a neat little fake story with long-term capital mgmt.
The best financial example of a name that did not age well.
Almost did the yen carry but it was too cumbersome for retail in muh opinion.
not off-hand
Those are common to see over CONUS and South America too
There is no one in them
nite muh fren
Welcome
After Mnuchin Demanded that Fed Chair Powell Return Hundreds of Billions from Its Emergency Lending Facilities, Fed Sends Back Just $41.3 Billion
We have become convinced that the allocation of $454 billion under the CARES Act stimulus legislation to cover any losses incurred in the Fed’s emergency bailout programs was a dog and pony show created by U.S. Treasury Secretary Steve Mnuchin (who has testified to Congress that he helped write the legislation) in order to provide Mnuchin with a slush fund to trade in markets. Our suspicions are heightened by the fact that the Fed ran very similar emergency bailout programs from 2007 to 2010 and did not require any funds from the Treasury to backstop losses. The Fed simply relied on collateral from the Wall Street firms borrowing from the Fed. If those firms don’t have the collateral today, then they’re likely insolvent and not legally allowed to borrow from the Fed.
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This is the Derivatives problem where everyone "owns" everything and if you call your collateral back from another bank they have to do something if they don't have the proper amounts and/or ownership trail (none of them do on that part imo) it sets off a daisy-chain across the world's banksing system. They don't want that at all-know if Deutsche Bank goes under that is the MOAB for it all. It's now down to how they manage all this paper so naturally it got directed to the mother of all bailout funds the ESF.
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We have carefully reviewed the CARES Act. There is not one word in the legislation that directs Mnuchin to place that $454 billion into the Exchange Stabilization Fund (ESF). But that’s where Mnuchin placed that money. We know this because the ESF’s financial statement says Mnuchin placed not only the $454 billion into the ESF but he also initially placed the additional $46 billion that he was allocated under the CARES Act to help airlines and businesses important to national security (for a total of $500 billion). Mnuchin has successfully gotten mainstream media to report that the bulk of the $454 billion went to the Fed for its emergency lending facilities but went mostly unused. In reality, the Fed only received $114 billion from Mnuchin.
Then, on November 19, Mnuchin made a grandstand announcement, issuing a letter to Fed Chairman Jerome Powell demanding that he return any unused funds issued to it by the Treasury for its emergency lending facilities, by December 31, 2020. Yesterday, the Fed published its H.4.1 weekly financial statement, showing that as of this past Wednesday, January 6, it had returned just $41.3 billion of the paltry $114 billion it had received from the Treasury Secretary. The remaining balance of $72.7 billion from the Treasury is allocated to the following emergency lending facilities:
Commercial Paper Funding Facility: $10 billion
Primary and Secondary Market Corporate Credit Facilities: $13.9 billion
Main Street Loan Facilities: $37.5 billion
Municipal Liquidity Facility: $6.3 billion
Term Asset-Backed Securities Loan Facility (TALF): $3.5 billion
Money Market Mutual Fund Liquidity Facility: $1.5 billion
https://wallstreetonparade.com/2021/01/after-mnuchin-demanded-that-fed-chair-powell-return-hundreds-of-billions-from-its-emergency-lending-facilities-fed-sends-back-just-41-3-billion/
INDIA1 PM Modi wn from Chennai Int'l Airport began descent and signal stopped- not the best coverage here so no worries
Most likely heading to Goa Int'l Airport about halfway on the Indian west coast
WSLR51 E-3C AWACS in the Gulf-pretty common