Matt Taibbi: "Wall Street's Naked Swindle"

[Tippersnore]

Taibi should write a couple of books about all this malfeasance.

[fal2grace]

@Tippersnore he has that new article in the Rolling Stone about SEC destroying evidence... and yes he should write books.

[MrFrosty1235]

You dont get it. It is illegal to sell stock that you dont borrow, but the SEC never has been strict on these rules! except for retail.. If you massively sell stock naked that you had no borrow on and you buy puts and push the market through your put strikes the put sellers have to sell stock, you can cause a runaway train especially if you have pre knowlege of negative inside info. get a clue.

[58robbo]

there's absolutely nothing wrong with naked shorting. if one person wants to bet that a share will fall, he has to find someone who believes the share will rise, to take that bet. if the parties agree there is no room for the govt to get involved. the real problem is that these institutions gamble with the taxpayer as their guarantor!

[fal2grace]

@58robbo good point. thank you.

[MrFrosty1235]

@58robbo The problem is that they sell shares they dont borrow. You and I as retail schmucks cant do that. They can. You sell the **** out of the stock, cash in on your long puts, and cause more selling by the put sellers. It's easy if you have inside info , you make the rules and you have 100's of millions to play with.

[58robbo]

@MrFrosty1235 there's absolutely nothing wrong with that. they still make a commitment to buy the stock or settle the margin if the stock rises. it is up to the person on the other side of that trade to check credit worthiness, not the govt! playing with billions means that you could also lose those billions.

[MrFrosty1235]

@58robbo You dont get it. IT IS AGAINST THE RULES TO SELL STOCK YOU DONT BORROW, but the SEC never has been strict on these rules! except for retail.. If you massively sell stock naked that you had no borrow on and you buy puts and push the market through your put strikes the put sellers have to sell stock, you can cause a runaway train especially if you have pre knowlege of negative inside info. study up a little bit. It has nothing to do with credit worthiness.

[58robbo]

@MrFrosty1235 it is you who doesn't get it. naked shorting shouldn't be illegal. what you're suggesting is that big traders can manipulate pricing through naked shorting. for a start, they have to find someone on the opposite side of the trade. 2nd, because it's naked and not through an exchange, it isn't reflected in volume. 3rd, while some might say that the big guns can sway the market, nick leeson tried this and saw his backside. i don't think you understand what a naked short is

[jlg5778]

@58robbo you have your facts a bit mixed, Shorting is allowed because those are covered by the end of trading. But Naked short selling is not suppose to be legal because those stocks are not paid off by the end of the trading day, therefore it's stealing.

[58robbo]

@jlg5778 think of it like someone who commissions an artwork and pays in full upfront. the art doesn't exist yet but the artist pledges to deliver it at a specified time. naked shorting is no different. i naked sell you a stock. you accept. if the price of that stock goes down, i buy the stock and transfer it to you. i take a profit. if the stock goes up in price, i do the same thing but i take a loss. as long as i'm happy that you have the money to pay if you lose, there's nothing wrong!

[extacylife]

Its the largest fraud case in world history. Between June of 2004 and October of 2005, over 2 trillion dollars worth of fake CMKM Diamonds Inc. shares were sold to the public. The companys shareholders are now suing the S.E.C Commissioners for 3.87 trillion dollars. Tim Barello from the Manhattan Headlines Examiner joins Alyona from New York to tell you more.

cmkx vs sec

[trance212]

matt is hottish

[fal2grace]

lol!!! totally.

[dugbalaserstream]

Thom Hartmann just did a full segment on it, if you wanna get the podcast.

or read Rolling Stone:

Wall Street's Naked Swindle :

A scheme to flood the market with counterfeit stocks helped kill Bear Stearns and Lehman Brothers — and the feds have yet to bust the culprits

by MATT TAIBBI

That person made 159 times his money, or roughly $270 million. This trader was either the luckiest guy in the world, the smartest son of a bitch ever or

Or what!?

Any guesses?

[fal2grace]

thanks!

[abdighazi]

matt taibbi is covering up the involvement of blackstones peterson and aig greenberg by focusing on corporations(controlled by people he fails to identify).. He is either corrupt of stupid.

[andyissemicool]

@abdighazi Corrupt OR stupid.

[TiredOldFart]

Support your allegations.

[DrTimWhatley]

Four and a half minutes? Taibbi comes on to talk about something as important as massive market manipulation and Morning Joe has him on four four and a half minutes? And then that woman says, "You'll have to come back on this show again."

I have an idea, fucking keep him right there! Make more of this BS known to the general public. I hate TV.

[fal2grace]

yes, they spend more time covering the gossip news... thanks for commenting.

[IntergalacticDouche]

Exactly, give Matt Taibbi his own show, and give these tools at morning joe their walking papers.

[fal2grace]

I'd love it if he had his own show.

[sterrazzano]

Only a stooge would read rolling stone for finance info, and on top of that, what morning joe. Ahhhhh hahahahahahaha. He is not the first to raise this issue - but the only one to write an article on it over 1 year after it happened and then suggest he's uncovered something.

[SoloCerveza]

the gov wont touch itself or the vatican

[fal2grace]

hi. thanks for commenting.

[CTOL1]

Hokey smokes Bullwinkle! (from Rocky and Bullwinkle show)

Yep kids, stay tuned for more adventures

I wish we had stocked up on the unobtainable cans of "Whoop-ass".

If our regulators wont, then who?

And while I am on it, what data and information was lost in the Securities & Exchange Commission building on September 11th 2001 when it fell to the ground that afternoon?

I am buying food and stocking water and have returned to the power of prayer.

I think "they" are here and it is us. :>(

[fal2grace]

I think a lot of data was lost when the buildings fell... and yes we're in for quite a ride. Hold on. Thanks for commenting.

[BLACKWINGEDBEING]

So....any investor with clout, influence and lots of money can hold an American company, that is traded, hostage. Just how long do you think it wil take Americas enemies to figure this out? I fear this is just the beginning of the end; for a lot of things. Thanks Matt for being a bright light in a very dim world.

[fal2grace]

matt rocks:)

[fusion2000]

There is absolutely no reason to have confidence in our regulators. They have been captured by the street. The game is to look for or wait for companies in trouble and then KILL them. You manipulate the stocks lower and then blame the company. It's the perfect crime because all of the regulators are either too stupid or too corrupt.

There WILL be no fix, until we see regulators arrested for conspiring and enabling the criminals

[fal2grace]

excellent points!

[doc7474]

Manipulation in the U.S. Stock Market??!! Never!!

^sarcasm

[fal2grace]

:) :)

[1mealperday]

dear Grace.....

what are we the people supposed to do? I sit in my house and see the dishonesty on wallstreet and the fed, and the gov, and sec etc. I live on the west coast. What should we be doing about this?

write or call senators=result=0

peaceful protest =0

not buying or borrowing= yes but it hurts us all even more

so what to do now............HELP!!

[fal2grace]

This is a question that I've pondered a lot (and you can call me Deb). What I really think? A lot of people might not agree with... I think when the majority of us realize the truth... that our economic and political system is completely dysfunctional... that a small group of people control our money and our well being... and they don't care about us at all... well when a majority really gets that fact, then I think you'll see the change you want. That's my best answer. Thanks.

[fal2grace]

...so maybe the best thing you can do (in addition to things you mentioned) is simply talk to the people you know and come in contact with and help them to realize the truth. We sorta need a critical mass.

[MrFrosty1235]

Where are the pitchforks and torches? Until people like Blue Tunisia get their head out of the sand the Paulsons of the world will continue to plunder. Goldman announced they would lend credit to BS on 3/17/08 did they front run their own announcement?

[fal2grace]

"Did they front run...?" That's a good question. Thanks for your thoughts MrFrosty.

[BlueTunisia]

What are you talking about?! I never sided with these central bankers and thieves! I was just saying how ignorant it is to blame short selling for this mess or to take these cheap shots at it. If you want to blame anyone blame the SEC! The government is suppose to be the ones "regulating" it!

You're out of your mind. You should stop jumping around as if you're the only one who knows something about this crap!

[BlueTunisia]

And if you think you're so just perhaps then you should be aiming your comments toward the SEC!

[MoJoSB]

Taibbi...... please

[33zulu]

Matt is spot on with his analysis. Bloomberg news also did a similar exposé as did the best investigative site out there, Deep Capture. Thanks for posting this clip!

[fal2grace]

you're welcome.

[BlueTunisia]

If you think short selling and naked short selling, which cancels itself out if you can't find a seller to cover, cause the banks collapse then you're just absolutely off and are really underestimating this bubble lol

Besides in order to short a stock someone has to buy the stock from you in the first place and when you cover you have to buy once again.

Shorting has never and will never cause a company to go bust.

[DavidAKZ]

What did cause Lehman brothers to go bust then ? I thought naked short selling was = to flooding the market with Failure To Deliver (FTD) transactions

[BlueTunisia]

Yes it's very hard NOT to had FTDs when the stock is delisted!

Lehman brothers and Bear Sterns collaspe because to 40:1 leaveraging into nonsense assets, of which that fuel the housing bubble!

[DavidAKZ]

businessjiveDOTcom

[fal2grace]

I don't think this necessarily caused the collapse; but it's a good example of the kind of manipulation and greed that culminated in the collapse. Thanks for commenting.

[MrFrosty1235]

Dont talk if you dont know what you are talking about. Naked short selling was rampant, the SEC never enforced the delivery rules.

[BlueTunisia]

Lol Then blame the SEC, not short selling! That's like blaming the forest for spreading a wild fire when the firemen sat there and did nothing!

I just don't like it when people start taking these ridiculious shots at short selling.

[MrFrosty1235]

@BlueTunisia Moronic analogy, the SEC is for sure to blame, but in your strange analogy world, the murderer bears no blame if the cops dont arrest him.

[tomliordos]

It`s been a good 5 minutes since I watched this vid and still laughing.

Thanx for the post.

[fal2grace]

...because we've all been so gullible?

[tomliordos]

well were all gullible at one point or another, to one degree or another but when it`s coupled with such arrogance it`s down right hilarious.

By the way I just had a look at your channel, you do not appear to be any of the above but if you`re sane in a world of nut jobs, you might as well be the nut job.

[fal2grace]

thanks for commenting.

[debtruth1]

JP Morgan Chase and Black Rock..... with the help of Geithner. I still have some articles on the Bear Stearns thing....will look them up.

Matt Taibi is great.....he's the reason I renewed my sub to Rolling Stone. Thanks for uploading this vid - great!!!

[fal2grace]

Hey Deb! Thanks for stopping by.

[dirtynas]

Can't wait till people realize if we go after the financial institutions health care will have more opportunity for real change. Instead, we are getting robbed of health care, capital, wealth, future wealth and homeland security. These guys have taken a lot more than just monmey!!!

[fal2grace]

Yes, we've been robbed. And we can't have real change til we get rid of the robbers. Thank you.

[eatmealiveplease]

"nothing has been done about it"

it will happen again because YOU, the people, allow it.

[fal2grace]

you're right; it won't stop until we stop it. thank you.

[1mealperday]

think mayhap it be the time to write up some flyers for those who do not have a computer.  By the time we all wake up it will be too late. maybe too late now. Still we ought to try rather than let the train run over us. Now i am writing notes to perfect strangers on utube in the hope it gets out. what else can i / we do?

[1mealperday]

food seems to bring good folks together

[glasshour76]

Pat Buchanan is still on the show? WTF. HE wrote an article defending Hitler and blaming the war on the allies!

[fal2grace]

yep, he's still around. thanks for commenting.

[ehswan]

The "C" in SEC stands for CORRUPT!

[fal2grace]

indeed:)

[AfterTheFox75]

Yet another great find there Deb. You've certainly been doing some nice digging and coming up with gems lately. :)

Now off to RS website and see if I can print that article off....

[fal2grace]

thanks angelique:)

[zackzelmo]

Who did the money go to? The chosen people of course. Who lost out? The Goyim.

[fal2grace]

yes thank you.

[dimojoe]

So much corruption. Everywhere you look. It is so sad.Our government has been sold to the highest bidder.

[fal2grace]

you're right; I think the middle class needs to stand up for their rights. thanks for commenting.

[fal2grace]

yes, and he has a blog too. Thanks.

[lloydmer]

The "C" in SEC stands for "Complicit".

Matt Taibbi has written some hard hitting articles in the RS this past year. I'll definitely have to read this latest.

Pat Buchanan's face.

[RCinPAWA]

The Ponzi Swindlers on Wall Street and in the government win.

And you know who the loser is?

Look in the mirror.

[fal2grace]

that's for sure. thanks.

[WarDogLRS]

A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him." - John Maynard Keynes, 1931.

Emergencies have always been the pretext on which the safeguards of individual liberty have been eroded.F.A. Hayek

But a Constitution of Government once changed from Freedom, can never be restored. Liberty, once lost, is lost forever.

John Adams

[fal2grace]

Wonderful quotes! thank you

[centervilletn]

whaddaya bet whoever it was made large campaign contributions to a president

[fal2grace]

ya think? thanks ken!!!

[Mottahead]

Well, there's lots of people (actually fewer than I expected) who are quick to dismiss all of Taibbi's allegations and analysis as gonzo journalism.

The way I see it, he's an insider sharing important information with the public.

Two points : Goldman Sach's rebuttal of his allegations were weak and lame (how can one deny something that is so self-evident?).

Two: Congress is another planet . They don't know and they don't care and they are powerful enough not to.

[fal2grace]

I think he's one of the few real journalists around. If they want to call that gonzo journalism (shout out to hunter s thompson:) then that's fine:) :) Thanks for commenting.

[rytis1]

If anyone doubts, that SEC and Investments Banks are not it's just one mafia, should have his head examined. Americans are so naive, probably 99% think Madoff was clever guy acting alone, when it's proven that without blessings from the top his game was impossible.

[fal2grace]

That's a good point. Madoff wasn't working alone.

[skybirdbird]

Madoff was the fall guy......I have said that from day one......we are supposed to be happy now that they got the "bad guy".....I am so angry I can't see straight.......

[skybirdbird]

I guess YT will not let me swear.....so I will try again......

WHAT A BUNCH OF F%#@ING B@STURDS!!!

[fal2grace]

Well done!!!! And I would actually support your right to swear in this instance. Thanks skybird.

[skybirdbird]

And yes...I mean TURDS

[fal2grace]

lol!!!

[Frequencitee]

I'm speechless. And yet there are cries for more regulation by the same entities that aren't lifting a finger to expose it and seek damages.

"When banks compete; we lose"

[fal2grace]

It's just unbelievable. I knew it was a crooked game, but not this bad... Matt rocks. And he's very brave.