FTSE 100 surges most in history as banking shares race higher

Telegraph.co.uk ^ | 9-19-08 | Amy Wilson

[Danae]

The FTSE 100 surged the most in its history, joining a global rally, after governments around the world took decisive action in a bid to stop further banking collapses and a full-blown economic crisis.

In the UK, a ban by the Financial Services Authority on the short-selling of banking shares saw the index of blue-chip companies soar as traders scrambled to buy bank shares.

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The FSA made the move on fears that other high street banks could follow HBOS in being targeted by short-sellers, who sell shares before they buy them in the hope of benefiting from a fall in the price. (Danae's input: This is another name for Naked Short Selling, a flagrantly illegal Practice)

In China, the government announced plans to buy shares in the three of the biggest state-owned banks and removing a tax on buying shares.

[Danae]

AIG, Fannie Mae, Freddie Mac… yea THOSE collapses.

We also have a Presidential Candidate who was on the take from Freddie Mae… Barak Obama. You do the Math. Obama was involved in the cover-up of Naked Short Selling, if ONLY because he took Fannie Mae’s campaign contributions! There are two former Fannie Mae CEO’s that have been named with Obama recently as assisting in finding him a good VEEP Candidate or with his campaign for President.

Uh huh.

The Easter Bunny was RIGHT, and so was Patrick Byrne, CEO of Overstock.com . This is no pun, Byrne has been trying for years to get this out into mainstream (read that as average person on the street) consciousness for a long time now, but it’s HARD to do that when the Press is actively PART of covering up the EXISTANCE of NSS. No, I am not making that up either. Take a look at deepcapture.com . Overstock was a victim of those nonexistent shares of its stock, that did not exist and they did not create, they had the effect of driving the stock price down, illegally. All done through Hedge funds. The Same funds that are central to certain collapses in our financial markets that are very easy to see once one knows what one is looking at. Reading through it, and its LONG, is integral to understanding what happened in the financial Markets and just how freaking close we are right this instant to Global Financial Meltdown. It’s REAL close. Post Election in the US will be a REAL nerve racking time. This is why the WORLD is now acting to bail all this out….. if the engine

[edcoil]

Going to be a long day folks. Let it ride. I would oppose any new Resolution Trust Corporation run by government. I remember when they sold a 40 million hotel built by taxpayers for 4 million to Japanese investors. Remember, it has been a long, long time since the American government did anything for the American people.

[Danae]

if the engine shuts off..... and its close to causing global banking panic..... NO GOVERNMENT ON EARTH can afford that. This isn’t just a US bail out. Its a GLOBAL Bailout. China, UK, Russia... yea....More will follow.

[Danae]

I agree. I would rather a HUGE investigation into WHY the SEC has allowed Naked Short Selling, an ILLEGAL practice, to go on and on and ON with out any sort of punishment. In fact there seems to be a fair bit of evidence that its been COVERED UP for years! Just look at the DTCC (The Depository Trust & Clearing Corporation (DTCC))numbers. They Process 3 times the worlds GDP in Financial Transactions..... They KNEW what was going on... and also did nothing, though they are a quasi Government agency.... 3 times the WORLD GDP in transactions.... this says to me in little old Oregon, BFE... that 2/3rds of all transactions done by the DTCC are Naked short selling trades... trading on things that don't exist. This is a HUGE problem, not just for the US Government, its a Global problem. Let it ride..... Thats what GOT US HERE... just letting it ride....

[Blood of Tyrants]

Once again naked short selling was created to allow quicker transactions of stock. Essentially, you can sell stocks that you do not own but you are supposed to have the physical stock in hand within 3 working days and transfer it properly.

But what has been done in the hedge funds is that the managers will buy MILLIONS of pretend stocks in companies, often many times more stocks than were actually issued by the company.

They will then dump the pretend stock, flooding the market and causing the value goes down. Then they sell the pretend stock at the lower value and keep the difference. This means that the LEGITIMATE stock holders are screwed when the value of REAL stocks plummets along with the pretend stock.

[Danae]

Yes, I know. Along with the Companies that are targeted in this Scheme. And all the innovations they could have brought.

Pinging OAW as Obama is complicant in taking money from Fannie mae, mostly just to turn his head as this went on.

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[Thoreau]

Naked Short Selling is just a blip and diversion from the real issue. Don't be fooled.

The real issue is why the SEC exempted the 5 brokerage houses from leverage restrictions allowing them to borrow 40 times their assets! (and keep in mind their "assets" were allowed to be defined using these crappy mortage backed securities, which you the taxpayer now own).

see: http://www.nysun.com/business/ex-sec-official-blames-agency-for-blow-up/86130/

[Blood of Tyrants]

The worst thing about this is that the government created this mess and now they are trying to get people to believe that MORE government is the answer.