Text 12854, 79 rader
Skriven 2010-04-25 17:15:00 av Dave Drum (16985.polinc)
  Kommentar till text 12826 av Ed Hulett (1:123/789.0)
Ärende: Getting it in the shorts
================================
-=> Ed Hulett wrote to WAYNE CHIRNSIDE <=-

 WC> Then Goldman Sachs and other investment firms shorted the very Abacus
 WC> Investment accounts they'd promoted to their clients betting against
 WC> the very investments they had promoted.

 EH> They did? Where did you get that information? BTW, you might want to
 EH> contact the SEC with that to help their case against GS.

G-S copped to it, defending (spin doctoring) it, dark pools, and other items as
standard and expected trade practices. It has been all over the news, and all
over the web. Where have you been?

"Goldman Sachs Group Inc. /quotes/comstock/13*!gs/quotes/nls/gs  (GS  157.40,
-1.65, -1.04%)  defended a range of trading practices currently under
regulatory scrutiny, including dark pools and short selling, in a report to the
Securities and Exchange Commission and a series of posting on its Web site.

In defending dark pools, private venues where large blocks of securities are
traded anonymously, Goldman said they are simply the result of technology
improving on the kind of non-displayed liquidity that has always existed in the
market. The firm, which has reaped huge trading profits in the last two
quarters, said that dark pools are already regulated by the same rules as
normal broker-dealer activities and that dark pools have increased innovation
and competition, which in turn have benefited investors--particularly retail
investors--by lowering costs." 
 
www.marketwatch.com 
 
"Goldman Nets $50 Million in One Day Shorting the Market During the Financial
Crisis

At long last some details of short trades by Goldman Sachs (GS) are coming to
light. During the height of the crisis, Goldman netted $50 million in one day
shorting the market, or betting against the mortgage market.

It probably was the intensified short selling, not only by Goldman but by other
large banks, that drove prices down so fast and so hard. When all the
investigations are completed on the other big banks, we'll probably find the
real, behind-the-scenes trading strategies that brought us to our knees.

Short selling is not illegal. Lloyd Blankfein, Goldman's CEO, maintains that he
did nothing wrong. Blankfein and other top executives will appear before the
Senate subcommittee on Tuesday.

The data on Goldman's short selling has come mostly from emails. The Senate
investigations must go one step further and subpoena Goldman's trading records.
These records will show precisely what day and time each trade was placed."

www.bloggingstocks.com
 
Already busted by the SEC once in 2007: "Goldman Sachs fined $2m over
short-selling
 
Goldman Sachs has agreed to pay $2 million (£1.3 million) in civil penalties to
settle allegations that it allowed customers to profit illegally by selling
shares short just before public offerings.

The settlement is the first between the Securities and Exchange Commission and
a brokerage firm where the US regulator alleged that the firm played a role in
a type of abusive short-selling practice known as “nakedö short selling.

The practice, in which hedge funds and other investors sell shares before they
have borrowed them from a broker, has prompted a high-profile backlash from
several US businesses claiming to have been victims of the technique."

business.timesonline.co.uk

ENJOY!!!

From Uncle Dirty Dave's Kitchen
Home of YAHOOOOAHHHH Hot Sauce & Hardin Cider 

 

... Finance is the art of passing money from hand to hand until it disappears.
--- MultiMail/Win32 v0.49
--- SBBSecho 2.12-Win32
 * Origin: :::The Holodeck BBS:::  Telnet://holo.homeip.net (1:261/1381)