By bobo on
5/20/2008 6:12 AM
The SEC, incapable of ending the rampant manipulation arising from the market maker exemption in Reg SHO, and which has stonewalled the NIPC petition cataloging the host of Federal securities laws being violated by their treatment of securities entitlements, can't rush a rule through fast enough to limit the liability of their paymasters at the prime brokers....
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By bobo on
5/6/2008 1:07 PM
For years, I have known and understood an awful lot of what is contained in the story you are about to read. I've alluded to bits and pieces of it, but now the whole shooting match is out in the open.
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By bobo on
4/20/2008 8:36 PM
Yet another rule that does nothing to actually solve the NSS problem, and yet drapes itself in intent and sanctimony...
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By bobo on
4/9/2008 3:34 PM
The NIPC Petition is now up at SEC.Gov, and we need everyone to go post comments to show some support here.
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By bobo on
4/3/2008 4:09 PM
The NIPC Petition is the final word on the sleight of hand the SEC has attempted, so that Wall Street can rip off investors with impunity.
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By bobo on
3/15/2008 11:12 PM
So, why did the nation's central bank approve a bailout for a non-member, non-bank? Curiouser and curiouser...
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By bobo on
3/12/2008 4:41 AM
Patrick is interviewed by The Register, and discusses NSS, Wikipedia, and a host of other interesting topics.
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By bobo on
2/23/2008 10:14 PM
Some news and ruminations about the market, and NCANS
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By bobo on
2/6/2008 9:54 AM
Is it just me, or is this the greatest crisis in confidence in Wall Street and the American banking system of our lifetime?
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By bobo on
1/15/2008 11:20 PM
Is that bad, when megabanks are putting their prime brokerages on the market? Too hot in the kitchen? Not as easy to steal a nation's wealth as it once was?
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By bobo on
1/8/2008 10:08 PM
It's a time of re-invention, right? Clocks reset, and a new horizon presents, and we are only limited by our imaginations......
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By bobo on
12/20/2007 11:17 AM
While it is hard to argue that the average American isn't particularly gifted in terms of understanding the intricacies of securities law, one judge has decided that juries are too dim to differentiate criminal misconduct from playing by the rules...
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By bobo on
12/16/2007 6:25 PM
In a classic bit of trying to control the spin of seriously bad news, the NY Times does it's best to soften the blow of a report that basically shows the SEC to be completely incompetent to regulate the sale of ice water, much less the US markets...
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By bobo on
12/6/2007 3:03 PM
A stunning article in the Register (UK of course, as the US doesn't seem to allow real journalism anymore) outlines how Gary Weiss is part of the massive confidence game being run at Wikipedia, to control the spin of articles on Naked Short Selling
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By bobo on
12/1/2007 7:49 AM
I was asked the other day to summarize things for someone who wanted a brief explanation of why this isn't just a small problem that we don't need to be worried about.
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By bobo on
11/28/2007 10:49 AM
In the continuing parade of captured journalists, Bethany makes a bid for the star spot of suck-up of the year. It's a crowded field, with all the NY fishwraps working fast and furious, however her latest certainly should place her in the final round.
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By bobo on
11/19/2007 11:24 AM
I mean, it's not like hiding the size of the delivery failure problem behind a wall of rhetoric is self serving for the securities industry, or anything?
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By bobo on
11/2/2007 10:50 AM
Everyone who wants to understand why the US market system is as compromised as an Afghani customs agent needs to set aside some time and listen to this landmark presentation.
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By bobo on
11/1/2007 6:46 PM
What's particularly amusing to me is how the Gradient/Rocker matter was supposedly all about free speech, but now that the Supreme Court laughed that out of the room, now it is that Patrick is a, well, really bad man....
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By bobo on
10/23/2007 1:57 PM
Is it a problem when you are trying to get the suit against you thrown out, uh, you know, because, uh, well, you say it's all a pack of filthy lies....and the judge slaps you down like an errant schoolgirl?
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By bobo on
10/4/2007 5:21 PM
Patrick and Patch write stunningly clear comment letters indicating why the MM exemption is unnecessary, and actively harms equity investors. Of course, the SEC has little or no interest in any of that, preferring to stall any meaningful reforms for as long as possible....
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By bobo on
9/29/2007 7:54 PM
Is it just me, or does the industry hate the 1934 Act so much it can't even bear to mention it in its comment letters to the SEC?
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By bobo on
9/24/2007 7:11 AM
We decided to incorporate the NCANS material into this site, as it was a duplication of effort to keep both sites active.
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By bobo on
9/19/2007 6:25 PM
Milberg Weiss partner Mel Weiss is charged with being a bad bad man, and Gradient and Rocker prepare to free themselves of the cumbersome burden of secrecy - before a jury. Not for want of trying to weasel out of it, though....
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By bobo on
9/18/2007 5:35 AM
NCANS' comment letter calling for the immediate elimination of the Market Maker exemption is now up, as are several from the industry bemoaning how much activity will slow in heavily manipulated stocks. And the GAO releases a report basically indicating the SEC is doing squat for investors, and actively harming those it investigates.
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By bobo on
9/6/2007 1:53 PM
If you only read one thing this year about the issues surrounding the stock market, the delivery failure crisis, the meltdown in our capital markets, etc. it should be this series.
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By bobo on
8/23/2007 3:37 AM
If you want to do something about the SEC's delay in eliminating the MM exception, which allows the options MM to naked short to their heart's content, legally, here's the template of a simple comment letter you can send. UPDATE: SIGNS THAT THE MELTDOWN COMMETH
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By bobo on
8/14/2007 3:41 PM
As the financial markets melt down and liquidity evaporates from the system, a lone voice of reason (actually several, if you count Patrick and I) discusses why human nature ensures another meltdown commeth...
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By bobo on
8/7/2007 11:03 AM
Pardon my cynicism, but if the SEC had simply tried to appear to do something meaningful, while actually doing the least humanly possible, how would that have looked any different than this latest farce?
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By bobo on
8/5/2007 7:29 PM
If the American experiment is based upon a foundation of the triumph of capitalism, the next week could well signal the end of the experiment.
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By bobo on
8/4/2007 9:01 AM
I've been saying for some time that the prime brokers and hedge funds are creating systemic risk that the taxpayer will ultimately be forced to pay for, and that the SEC is a sham entity that does nothing but run interference for Wall Street and the financial elite, at the direct expense of investors. Whadda ya know, now, years after taking this position and backing my mouth with hundreds of blogs, the NY choagie crowd starts to "discover" this....
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By bobo on
7/28/2007 5:45 PM
Kind of like someone admitting that gravity exists, Jimbo tickles us all, and the bunny asks, why this, why now?
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By bobo on
7/22/2007 5:40 AM
For the, "There is no naked short selling problem" crowd, here's a speech Senator Bennett made on the floor calling for a hearing on NSS.
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By bobo on
7/18/2007 3:46 AM
Apparently the CA court wasn't swayed by the sham arguments mounted by Wall Street to conceal their dirty deeds...
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By bobo on
7/2/2007 2:19 PM
It's summer, and time for a little traveling and whatnot.
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By bobo on
6/14/2007 4:20 AM
A Tale Of Two Systems Of Justice.
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By bobo on
6/2/2007 2:31 AM
Max Keiser has created a definitive special that clearly explains what is going on in the US capital markets.
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By bobo on
5/30/2007 10:40 AM
Predictably, stock manipulation and colluding to defame a company aren't free speech, they are conduct. Maybe now Rocker and Gradient can get the discovery train rolling?
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By bobo on
5/18/2007 2:56 PM
Hard to imagine Wall Street creating a minor tempest to conceal the larger storm...
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By bobo on
5/12/2007 5:22 AM
Formerly serious NY Times flack Joe Nocera launches a triumph of absurdity without cracking a smile...
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By bobo on
5/11/2007 5:35 AM
Great video of Patrick in a forum with a pro-short Yale professor (what else?), and the media makes much hay out of Patrick's subpoena from last year (which he actually discussed openly at the time) while conveniently forgetting it was also the target of the same subpoenas...
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By bobo on
5/5/2007 6:51 AM
I really don't need to write much this time around.
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By bobo on
5/4/2007 1:19 PM
Most of the pieces have fallen into place, and the overall picture is beyond ugly and bleak.
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By bobo on
4/30/2007 5:10 PM
Sure it's uncomfortable. Even after you blow it, the pain lingers on. Maybe I should sue Rocker, or McDonald's, whose coffee it was that caused me such pain, and so badly traumatized my mucous membranes....?
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By bobo on
4/26/2007 6:04 AM
The good folks of Oklahoma have gotten a landmark anti-NSS bill passed. Read all about it.
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By bobo on
4/23/2007 2:57 AM
When you have to pretend that everyone reading is addled, does that make you a dimwit, or your readers....?
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By bobo on
4/20/2007 8:25 AM
Amusing in the way that being wryly amused by the human condition can be amusing, sad in the same way.
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By bobo on
4/17/2007 8:09 AM
Rarely do I see a summary that is both comprehensive, as well as beautifully structured. This is one of the times.
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By bobo on
4/13/2007 7:58 PM
Everyone who claims that those concerned over a systemic collapse due to Wall Street larceny, personified by a corrupt SEC and all-powerful hedge funds, are a bunch of loons, have a tough job now after the Bloomberg, and now the PBS special...
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By bobo on
4/2/2007 3:09 PM
$82 billion of failure to deliver and receive shares per the SIA's own website in Q4, 2006, and yet we are still being told this isn't a big deal...
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