Posted on 06/14/2009 12:12:32 PM PDT by rvoitier
As the movie progressed, it became less about Sirius XM and more about the stock market as a whole. The film features experts such as Martine Rothblatt, Susanne Trimbath, PhD, Bud Burrell, Wes Christian and bloggers such as myself and Tyler Savery. The movie I believe succeeded in its goal of explaining to the viewer the devastating effects of naked short selling on the American financial system as well as the disruption caused by the removal of the uptick rule. In fact, I believe it to be the highlight of the film.
(Excerpt) Read more at satwaves.com ...
See also: DeepCapture.com, AntiSocialMedia.com and Phantom Shares, a 25 minute primer
Article and Movie Trailer links are broken.
fix’d ‘em
Thank You! Interesting trailer.
Hedge funds, naked short selling, no uptick rule are an outrage. Hedge funds were banned after the 1929 crash as was naked short selling and they put in place the uptick rule to protect against this abuse. Hedge funds back then were called invetsment pools but were the same thing.
Still, Siruis/XM never had a viable business plan. Over paying Howard Stern and these other people only made it worse.
Please gander this interview (forget the fact it's Cramer. ha)
Would you agree that the Senator looks genuinely pissed and will try to do something about it? Now, I'm not naive and can only guess the amount of push-back any legislation of his to fix the problem will get. But, hopefully, it's a start.
If I remember,the majority of the money paid to Howard Stern was in stock options.
Wall Street Journal had a blurb a few days ago saying Congress is thinking about addressing naked short selling.
The Hedge funds made tens of billions and got Hussein elected.
I listen to Howard all the time and he has been talking about retiring more than he ever has.
He was able to cash them in for cash as far as I know which would have diluted shareholders.
Hedge funds, naked shorting and no uptick rule is an outrage but XM/Sirius do not have a real business - like GM/Chrysler when the UAW was allowed to beeld them to death.
I wonder if BearStearns and LehmanBrothers (others?) were both targeted by this practice timed to cause the chaos it did just before the election?
Anyone see Rahm?
All done largesly throught the Chicago CBOE which is next to the Chicago CME and also teh exchange to trade carbon credits.
They lined em all up and it was like shooting fish in a barrel. The Hedge fund shorties then turned on their backers who provided financing and trade execution - Morgan Stanley and Goldman Sachs. Both ran to the SEC, Treasury Dept etc crying like babies to make it stop. Only THEN did naked shorting get banned for fianncial stocks.
Morgan Stanley and Goldman could have been wiped out as well.
The whole thing was a political coup than made billions.
Your post mentions Bud Burrell (sp?), I first heard him speak in this interview, over a year ago:
http://www.netcastdaily.com/broadcast/fsn2008-0712-2.asx
It’s called “The Crime of the Century” and it’s all about naked shorting, etc. He has great credentials, West Point graduate among other things.
It’s a world full of crooks out there.
thanks for posting the links
If he was smart, he would have cashed in all those shares a few weeks ago when Siri stock hit an all time high of somewhere around 60 cents/share. I know I has some I bought at 11 cents that I thought I was going to get beat on when it dropped to 7 or so. But I hung on and waited, and waited and waited...
There were what were called at the time ''capital pools'', which were loose associations of capital-rich people and investment companies which tended strongly to act in concert. These became highly regulated by the Securities Act of 1933, but were never banned, afaik.
Mr. Burrell is an amazingly intelligent man and would make a perfect witness in a senate hearing.
I'm going to send your link to Sen. Kaufman(D),Delaware.
Nope. Investment pools in the 1920s engaged in the same manipulation. See Joe Kennedy et al.
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