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NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Available From FOIA; Mark Cuban Admits NSS is "wrong"...

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Posted by:   bobo 6/22/2006 4:14 PM

Well, I’m back in the saddle, and what a week it has been thus far. Where do I start?

Let’s begin with the biggest news for NFI shareholders, and those who have been following that company's apparent abuse at the hands of a cartel of short sellers, and their accomplices. Today, a suit was filed in California court against the B of A Specialist, and the large prime brokers, for naked short selling. Or rather, for unfair business practices, using naked short selling.

This marks the first time in history that a group of shareholders has gone after the brokers, and anyone else they were colluding with, for stock manipulation using naked short selling. This is beyond huge.

You can read the complaint here.

Wow.

What can I say? It’s about frigging time. I say pull all the trading records, and let’s see who was doing all the failing, and on behalf of what clients – and let’s look at the specialist’s behavior, and see if he was making a fair market, or was using his power to drop the price to create massive forced liquidity due to margin calls and panic selling.

Want to bet that this becomes another hard fought case to delay or block any discovery, at all costs?

O’Quinn’s group brought the suit, and it looks to be a major test case – now we get to see whether the prime brokers, who handle most of the trades and thus most of the fails, have been behaving themselves, or have been up to no damn good.

Want to know where my money is bet?

---------------------

OSTK’s FTD’s were delivered to Dave Patch under a FOIA request, and guess what? The in-system FTDs – not counting the massive ex-clearing problem (100% of Byrne’s failed trades were ex-clearing, as an example – 50K worth), are now over 10% of OSTK’s total issued shares.

And it gets better. Even as the SEC and the DTCC are proclaiming that SHO is "working", the number has been steadily INCREASING.

Wonder how one defines working?

How about the problem is getting steadily bigger, and now is over 10% of all shares? Is that what they mean?

Want to bet that ex-clearing is 10 times that large, at least?

I bet we don’t read a word about this in the NY press. What else is new…

--------------------

In a refreshing burst of news, Mark Cuban is on the record saying that the largely illegal, predatory practice of naked short selling, is, well…..bad. Or wrong. After a year and a half of mocking those who figured that out after about 30 seconds of considering the issue.

Wow.

I am speechless.

What’s next? Murder is bad? Rape is bad? Assault is bad?

How refreshing that we now have some of the big dogs admitting that committing fraud is bad.

I suppose I should be overjoyed. Or something.
Copyright ©2006 Bob O'Brien
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Comments (28)
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By robelita on 6/22/2006 6:48 PM
The pause that refreshes-glad to see your well rested-we all need a battery recharge now and then. In the meantime...the Dems and the Repubs are fighting for higher ground while they both wallow in quicksand-rather absurd really. This should be the year for Independents or third-party candidates-a letter to the local editor espoused the same-people are fed up and disgusted with the status quo. America needs to think outside of the box if it is to survive the Federal abuses of power. Call me crazy but I think the revolutionary seeds of change-while dormant-can be resurrected with the proper incentives. The shenanigans on Wall Street might awaken the sleeping masses if we persist on revealing what's behind the curtain...and it ain't the Wizard.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By anony on 6/22/2006 7:04 PM
Where can I see a clear break-down of your theories and the evidence, FOIA or otherwise, to support them?

Specifically, it would be helpful to know:

Possible mechanisms/incentives for holding trades ex-clearing. How does that happen?


How a naked short seller, and/or those they might collude with like a crooked options market maker, can benefit from naked shorting? (Besides avoiding hard-to-borrow fees) Whyare the Q's on SHO?

Also, check out WLS on the train/plane/automobile. $1B company, NYSE delisted it and the tender offer still can't close on account of the fails created. This stock wasn't on SHO until after the tender was being completed, so understanding the mechanism of how at leat 400k shares (.5% of shares out... the float was much much smaller....) can become FTD's when a tender occurs.

Thanks!
found those swap tradesz I talked of By short seller on 6/23/2006 3:11 PM
the ss notation is probably internal



ss wcom:0920 WCOM 9/20 (swap) wcom 7/22/1999 9/3/1999 30,000 87.81 2,634,375.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0920 WCOM 9/20 (swap) wcom 9/20/1999 9/23/1999 30,000 80.00 2,400,000.00 J. P. Morgan Securities - Total Return Swap
ss wcom:0306 WCOM 3/6 (swap) wcom 1/6/2000 1/11/2000 43,500 51.25 2,229,375.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0306 WCOM 3/6 (swap) wcom 2/28/2000 3/2/2000 43,500 45.06 1,960,218.75 J. P. Morgan Securities - Total Return Swap
ss wcom:0920 WCOM 9/20 (swap) wcom 7/22/1999 9/3/1999 24,000 87.81 2,107,500.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0920 WCOM 9/20 (swap) wcom 9/20/1999 9/23/1999 24,000 80.00 1,920,000.00 J. P. Morgan Securities - Total Return Swap
ss wcom:0306 WCOM 3/6 (swap) wcom 1/6/2000 1/11/2000 28,500 51.25 1,460,625.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0306 WCOM 3/6 (swap) wcom 2/28/2000 3/2/2000 28,500 45.06 1,284,281.25 J. P. Morgan Securities - Total Return Swap
ss wcom:0920 WCOM 9/20 (swap) wcom 8/31/1999 9/3/1999 138,000 87.81 12,118,125.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0920 WCOM 9/20 (swap) wcom 9/20/1999 9/23/1999 138,000 80.00 11,040,000.00 J. P. Morgan Securities - Total Return Swap
ss wcom:0306 WCOM 3/6 (swap) wcom 1/6/2000 1/11/2000 216,000 51.25 11,070,000.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0306 WCOM 3/6 (swap) wcom 2/28/2000 3/2/2000 216,000 45.06 9,733,500.00 J. P. Morgan Securities - Total Return Swap
ss wcom:0920 WCOM 9/20 (swap) wcom 7/22/1999 9/3/1999 8,000 87.81 702,500.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0920 WCOM 9/20 (swap) wcom 9/20/1999 9/23/1999 8,000 80.00 640,000.00 J. P. Morgan Securities - Total Return Swap
ss wcom:0306 WCOM 3/6 (swap) wcom 1/6/2000 1/11/2000 12,000 51.25 615,000.00 J. P. Morgan Securities - Total Return Swap
cs wcom:0306 WCOM 3/6 (swap) wcom 2/28/2000 3/2/2000 12,000 45.06 540,750.00 J. P. Morgan Securities - Total Return Swap
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Available From FOIA; Mark Cuban Admits NSS is "wrong"... By Andreas on 6/25/2006 6:32 PM
YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES ! YES !
Did I mention I was happy about this development!
AK
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By very interested observer too on 6/22/2006 7:37 PM
Very Good -David against all of the Goilieths - I like the odds....
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By rtway1 on 6/22/2006 7:53 PM
Good to have you back we missed you. All this good news would not be possible except for you and the good Dr. Something very interesting and outright sickening occurred on the Kudlow show today. The topic was about inflation, the fed, tip spread and the coming interest rate hikes when out of a clear blue sky he calls in the epitamy of slime Herbie Greenberg and he leads it off to Herb by saying how outrageous it was that the Senate Judiciary is having hearings on short sellers. Kudlow then extolls the virtues of the short sellers and asks dip shit if he agrees. Of course Herbie blows Larry a kiss and says of course, the world would end as we know it without short sellers and then says the government should call everybody in for the hearings including mutual funds and any body related to market activity. IMO I think Slimy Herbie is trying to spread the blame around so that his body odor won,t be the only stink.The way Kudlow presented this and the way he timed it made him look as slimy as Herbie, which I am certain he is. Herbie,Larry and Cramer the original three slimy stooges.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By Niel Storts on 6/22/2006 7:57 PM
Can we make this a class action suit? Every shareholder of targeted companies ought to share in the disgourgement of ill gotten gains. Personally I might consider giving up any reward if I was allowed to spend 10 minutes locked in a room with the scum.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Available From FOIA; Mark Cuban Admits NSS is "wrong"... By bobo on 6/22/2006 7:58 PM
The Cuban quote is apparently old - but still him. I did a quick take on it and found it funny given all the stuff I was reading this week about him claiming the basketball league was rigged...

So that is old news, albeit still marginally amusing.

As to the suit, I don't see the prime movers being sued yet, but I suspect that will move up the food chain as discovery moves forward. Put it this way - once the trading records show who was doing all the failing, another interesting question will be who was doing all the obviously manipulative trading from the ECNs - want to bet it is the offshore accounts of a hedge fund or two we are all familiar with?

This is really getting interesting. Senate hearings. proof that around 12% of OSTK's outstanding shares, and 25%+ of the float, are FTDs - not counting the ex-clearing.

I wonder if the NFI suit will pull the ex-clearing records from the DTCC - which will show how many more millions and millions of FTDs were moved ex via "contractual arrangements" - exposing the full scope of this abuse? I'm not sure that the DTCC can refuse to provide records subpoenaed...even if it is the broker/owners of the DTCC who are being sued.

This just keeps getting more fun every day.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By bobo on 6/22/2006 8:09 PM
For anyone interested in a further discussion of how to get the prime brokers or some other interested MM party to create shares out of thin air using their market maker exemption, read the slew of posts in this group - which describes the mechanism in detail:

http://groups.msn.com/BerkshireHathawayShareholders/general.msnw?action=get_message&mview=0&ID_Message=21925&LastModified=4675577929284600072
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By hwh on 6/22/2006 8:30 PM
Many comparables to the 80"s oil & gas/real estate scams. The congress is handling in VERY similiar fashion and time-frames. Been 2-3 years of info gathering, debate & conversation of remedies & their consequences.

The axe will fall as hard as then. Feds figure they have given all the time necessary for any quasi rational person, or anyone not fatally trapped to wash their hands.

As BOBO has noticed, alomost the entire SEC staff involved at the time has left the scerne. Even some elected/appointed officials have gotten out of harm's way(Donaldson, Greenspan to name a few).

As in the 80's when the banks were shut down & liquidated, expect only pennies to dimes on the dollar. Refco will be a shining test case of what those with cash will be willing to pay for the assets.

Funny, many of those with cash got it from transactional failure(sec failure as with FSLIC & FDIC then) scams.

It is the decades overdue "redistribution of wealth." An implicit function of government...hwh
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By daveN on 6/22/2006 8:31 PM
Some of the accounts held at the DTC are brokerages and some are clearing houses.

Many of the fails are held at the level of these tier 2 clearing houses.

Look at the failure of MJK in the link below to see exactly how they did it.

http://www.mjktrustee.com/
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By daveN on 6/22/2006 8:33 PM
Worthy of a Bobo column, this link is a must read:

http://www.bloomberg.com/apps/news?pid=10000102&sid=aRLcewmcKg6s&refer=uk

The Refco and Bawag coverups stretched from the Palestinian territories to the Caribbean. Bawag's dealings with Refco led to the demise of a brokerage that processed at least $14.9 trillion in trades for hedge funds and pension funds; Refco handled more derivatives contracts last year than the biggest U.S. options exchange.

...


The tale of Refco's bank -- and its role in the biggest meltdown on Wall Street since junk bond scandals felled Drexel Burnham Lambert Inc. in 1990 -- shows how executives gambled with customers' money and may have deceived the elite of the global financial community, including Goldman Sachs Group Inc., whose chief executive officer, Henry Paulson, is poised to become the next U.S. Treasury Secretary.

Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By rtway1 on 6/22/2006 8:42 PM
HWH this would be God sent as far as redistribution of wealth. It couldn,t get any better.Take it back, it would be better if all the payers have to do jail time also.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By hwh on 6/22/2006 8:42 PM
as with the tax reform act of 86, anyone getting hit with forced cover deserves it. They have had all the warning in the world to get clean. The biggest problem for investors & companies is the same as in the 80's...they are planning to take Chapter 11. That is why the miscreants are going "balls to the wall" with the scams in light of the oncoming train.

There will be a sacrificial Milken or (San Diego banker, I forget his name), but as wiith Refco, the money is gone & the entire economy will take the brunt.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By daveN on 6/22/2006 8:47 PM
Most of the suspect dealings happened under the management of Helmut Elsner, Bawag's CEO from 1995 to 2003, who got his start in Bawag's branch in Graz, Austria, and whose wife owns a penthouse constructed on the roof of the bank's headquarters in Vienna, investigators say.

Elsner, 72, today spends his time on France's Cote d'Azur, where he drives a red Ferrari and lives in a villa in the hills outside Cannes. He entertains guests at the nearby restaurant Le Moulin de Mougins, which has been awarded two stars by the Michelin Guide.

His lunches typically include mature Bordeaux at about 500 euros a bottle, according to a restaurant staff member who asked not to be named because Elsner is a regular customer.

Reached by telephone inside his gated hillside enclave in May, Elsner declined to be interviewed. ``Contact my lawyer in Vienna,'' he said.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By rtway1 on 6/22/2006 9:02 PM
I got a feeling that Boo-Yah boy,s show is going to bite the dust real soon. I hope Kudlow is right behind him. His arrogance is going to be a shining light at the SEC when the shit hits the fan and the phone calls start to be made to stop the collateral damage he does with his mouth. I can see how he got as goofy as he is, I seen a picture of his wife.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By InTheKnow on 6/23/2006 12:42 AM
Speech by SEC Commissioner:
Remarks before the SIA Hedge Funds & Alternative Investments Conference
by
Commissioner Roel C. Campos
U.S. Securities and Exchange Commission
New York, New York
June 14, 2006
\\http://www.sec.gov/news/speech/2006/spch061406rcc.htm
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By anon on 6/23/2006 3:07 AM
http://tinyurl.com/e7a8a
see full article

"Secret U.S. Program Tracks Global Bank Transfers
The Treasury Dept. program, begun after the Sept. 11 attacks, attempts to monitor terrorist financing but raises privacy concerns.
By Josh Meyer and Greg Miller, Times Staff Writers
June 23, 2006

WASHINGTON — The U.S. government, without the knowledge of many banks and their customers, has engaged for years in a secret effort to track terrorist financing by accessing a vast database of confidential information on transfers of money between banks worldwide.

The program, run by the Treasury Department, is considered a potent weapon in the war on terrorism because of its ability to clandestinely monitor financial transactions and map terrorist webs.

ADVERTISEMENT
It is part of an arsenal of aggressive measures the government has adopted since the Sept. 11 terrorist attacks that yield new intelligence, but also circumvent traditional safeguards against abuse and raise concerns about intrusions on privacy.

Under this effort, Treasury routinely acquires information about bank transfers from the world's largest financial communication network, which is run by a consortium of financial institutions called the Society for Worldwide Interbank Financial Telecommunication, or SWIFT.

The SWIFT network carries up to 12.7 million messages a day containing instructions on many of the international transfers of money between banks. The messages typically include the names and account numbers of bank customers — from U.S. citizens to major corporations — who are sending or receiving funds.

Through the program, Treasury has built an enormous — and ever-growing — repository of financial records drawn from what is essentially the central nervous system of international banking."
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By mhelburn on 6/23/2006 3:39 AM
From this blog..

Anon quoted:

The program, run by the Treasury Department, is considered a potent weapon in the war on terrorism because of its ability to clandestinely monitor financial transactions and map terrorist webs.

DaveN said..

including Goldman Sachs Group Inc., whose chief executive officer, Henry Paulson, is poised to become the next U.S. Treasury Secretary.

We have the CEO of one of the miscreant firms headed to the Treasury.... Suddenly, he becomes a good guy? Makes one wonder how he got the appointment and why. Do we really want all this stuff to be made public? How can the Street keep the noise under wraps? What makes this guy qualified?
Whoa! This is big! Congrats again! By smuopr8r on 6/23/2006 4:10 AM
1) YEAH! This is quite the significant advance on the judicial front! Let's see...that's NSS laws in Utah and Congressional hearings on the legislative front, a least 2 lawsuites on the judicial front and a prosecution of hedgefund on the Judicial front, but still no clear admission and decisive action from the executive front (SEC, DTC, DOJ, White House, etc.)...curious...why would that be...hmmmm...I dunno...maybe...could it be....SATAN?!

2) Yep, that'll do it...and is it any shock that the price of OSTK just went from $32 to $19 in the past few months. Wonder how that happens to a stock that's 107% short at the DTC?

3) Doesn't mean he's ready to give up his 20k shares short in OSTK, now does it? I still think the guy posting as James Brownfield? (jb1957blk or something?) is quite likely his alias. What an ultra-maroon.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By gregcable2002 on 6/23/2006 4:40 AM
The crooks are getting hammered from every corner now,it's onyl a matter of time before the free ride ends,bet we see some sec people go to jail befores it's all over,heard some former sec employees are rolling over.
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By selene on 6/23/2006 5:15 AM
Cubans comments on leveraged buyout and debt financing is absurd. His logic is SOOOO 1980's. Why should a company have to burden itself with debt, a fixed expense, because a group of miscreants are allowed to break the rules?

Maybe Mr. Cuban would like to make the case that it doesn't matter that Dwayne Wade is taking steroids because the players for the Mavericks could go out and take steroids also. Little absurd to think that a player on the Mavericks should risk his health because Dwayne Wade is breaking the rules... (better yet, there is some alternative drug in China that claims to boost performance and is not a banned substance in the NBA, maybe your players should take that? Sorry I can't tell you what side effects it will have on them, but the alternative is available so stop whining about Dwayne Wade and Steroids.) Come on Mark.

The job of a CEO should be to protect the interest of his shareholders (within the law). He shouldn't have to tamper with the capital structure to do that.

Oh, and as for finding a buyer. Some companies and some investments are better suited to diverse ownership. Think of a bank. That securitization thing really does work wonders. It was and is risky for a bank, let's say in Dallas, to have a loan portfolio consisting entirely of resedential Dallas mortgages. The same could be said for Overstock or NFI. It may be too risky for a single buyer to retain the entire company. At current market on OSTK, we are looking at 400 million dollars. I know you're supremely rich Mark, but where I come from that's still a lot of money for one entity to put up especially in a young company in an unknown market. Sometimes it makes better sense to have a naturally diversified shareholder base...
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By cynabear on 6/23/2006 6:09 AM
congratulations to all that accomplished this monumental lawsuit! I know that it has taken years of collective time, organization, money, and courage and fortitude. Good no great job all. You know who you are.
c
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By n-tres-ted on 6/23/2006 7:40 AM
mhelburn,

Paulson from Goldman Sachs is selling his entire stake in the firm to become Treasury Secretary for two years. Public service seems a perfect cover for bailing out of a ship that may take a few broadsides in the future, wouldn't you think? He wasn't on the trading side, but as CEO he must have known the nature of trading activities. But maybe I'm wrong. I hope so...
Congrats! By other_opinions on 6/23/2006 7:59 AM
As smuopr8r says, "This is big!" Not the lawsuit in and of itself. The miscreants can still fight and delay there, but all of these lawsuits and revelations coming from so many different corners and locations.

You can almost imagine the various types. There are the ultra-arrogant, the ones with power who are not at all concerned. Likely, most of them have no reason to, but one or two will get tossed out as sacrificial lambs. Then, there are those a bit lower down the hierarchy. Some of them are sweating, wondering what direction the next attack comes from, some even wondering if they should turn states evidence before it is too late--musical chairs: the music is still playing but it turns off fast. If you don't have a chair when it stops, you risk jail time.

It's also nice to imagine Patrick and Bobo, who've worked for some time on all of this. My guess is they are aware of some other shoes that haven't dropped, but it's starting to reach the tipping point. Soon shoes will be falling from the sky that even they haven't heard a peep about
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Available From FOIA; Mark Cuban Admits NSS is "wrong"... By bobo on 6/23/2006 8:03 AM
I would guess that there are some more smooth stones on their way...
Re: NFI Shareholders Sue NYSE Specialist And Prime Brokers for NSS; OSTK FTD Data Now Availalbe From FOIA; Mark Cuban Admits NSS is "wrong"... By Millerd1 on 6/23/2006 8:51 AM
Oh by the way folks, this time it DEFINIATELY IS DIFFERENT.

A another toast to jobs well done!!!
RE: swaps from the msn group By short seller on 6/23/2006 12:26 PM
bobo
I too have seen the swap transactions on Hedge funds I audit and had never heard of them.

When questioned the data administrator told me they were "effectively short sales"

The msn poster has a logical presentation as to the order of the events; in the case I was questioning they were 6 yr old trades in WCOM it was explained to me the trades were done to accomodate the size of the order in a single trade (500,000 sh at 35 )

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