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NCANS site to be integrated into this site

Location: Blogs Bob O'Brien's Sanity Check Blog    
Posted by:   bobo 9/24/2007 7:11 AM

This week, we are migrating all the NCANS material over to this site, under the NCANS tab.

Most come to this site to get info on the naked short selling crisis, and while NCANS' role in drafting comment letters and Amicus briefs, and in organizing resources for those interested in this topic, is critical, it doesn't require a discreet site.

So, NCANS will be resident here, with all the info captured under the NCANS tab and related subheads.
Copyright ©2007 Bob O'Brien
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Comments (6)
Re: NCANS site to be integrated into this site By InTheKnow on 9/25/2007 8:02 PM
This guy has to be the worlds biggest bonehead! What a fool.

URL Deleted due to toxic odor coming from link - administrator's note.
Re: NCANS site to be integrated into this site By lil gw on 9/25/2007 8:02 PM
It's even more foolish to give lil gw free publicity for his boneheaded blog.
Re: NCANS site to be integrated into this site By Floyd article on 9/27/2007 4:29 PM
http://www.iht.com/articles/2007/09/27/business/norris28.php
Re: NCANS site to be integrated into this site By bobo on 9/27/2007 4:30 PM
So Floyd believes that more transparency is needed in stock lending? How about enforcement of securities laws on the books for 74 years?
Re: NCANS site to be integrated into this site By ted on 9/28/2007 8:52 PM
When do the new naked shorting SEC rules kick in? I know there are still loopholes, but I'd think they would put some pressure on the bad guys?

As an NFI burnee, I've been trying to figure out exactly what the game is and why the powers that be supported counterfeiting the stock of prime brokerage companies.

My theory:

1. We have a massive balance of trade problem with more imports than exports. The dollars going overseas would devastate our economy if they were to be repatriated here.

2. The Fed needed a way to get rid of the obligation. The rating agencies mismarked prime bonds as AAA and AA, ignoring systemic risk associated with the whole housing market turning. These bonds were heavily marketed overseas and most of the buyers were foreign.

3. The brokerages offset their guarantee obligations (they had to make good on the first so many loans on the bond that went bad) and they could offset the systemic risk by counterfeiting the primes. Any money they lost guaranteeing the bonds was offset by a huge win on their counterfeiting.

In other words, I think they did the same thing the options market makers did. They pushed their risk to us investors who took a bath to save their bacon.

4. Most of these bonds were sold to foreigners in Europe and Asia. Trillions of dollars of US denominated obligations (effectively, claims on the US economy), suddenly went worthless when the bonds went "no bid". There have been runs on banks all across Europe where the European union doesn't allow bank bailouts, but things have been fine here at home. Effectively, a huge claim on the US economy has gone up in smoke - we have successfully exported some of our balance of trade problem.

5. The reason the bonds went "no bid" is because it was orchestrated. It wasn't a real volume based market. It was more of a cartel controlled market. The bonds still have a ton of value, but now domestic investors and banks are able to buy those bonds at a fraction of their real value.

Effectively, the privately owned US federal reserve uses their lackies in congress and in the media to control their stock market casino as a means of fixing the economy. This central planning didn't work in Russia and it won't work here.
Re: NCANS site to be integrated into this site By ginger on 9/29/2007 5:25 PM
Check this out.

http://www.ex.ac.uk/~RDavies/arian/scandals/derivatives.html

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