Posted on 05/09/2010 8:12:18 PM PDT by antiobamacare
The major media say the chaos on Wall Street was the result of a “trader error, possibly a typo,” as the Washington Post put it. Some reports claim the culprit was a “fat finger” on a computer somewhere that pressed the wrong key. But Zubi Diamond, author of the Wizards of Wall Street, says these claims are all lies. “What happened in the market on Thursday is a typical example of pure market manipulation” by unregulated hedge fund short sellers.
His book, whose subtitle refers to the scam that elected Barack Obama, warns that the same hedge fund short sellers were behind the financial crash of 2008 that paved the way for Obama’s election to the presidency. Diamond says the historic market plunge on Thursday was “due to computerized hedge fund short selling because there is no protection for the invested capital in the equity markets. There is no uptick rule, no circuit breakers and no trading curbs. Our market is primed for manipulation.”
Diamond is referring to financial regulations, which have been repealed, designed to prevent market manipulation.
Diamond has been adamant in his view that the financial reform bill being pushed by Obama and liberal Democrats on Capitol Hill will do nothing to solve this problem and regulate the hedge fund short sellers.
“No one will come on TV to tell the truth,” he complained. Instead, he says representatives and apologists for the hedge fund short sellers, who operate as the Managed Funds Association (MFA), “go on TV and provide false explanation of what happened.”
(Excerpt) Read more at thewoodwardreport.com ...
Reference bump! Nite! ;-)
Hedgies have made hundreds of billions since the ut rule was repealed under Chris Cox’s watch. Chris Cox should be arrested for treason.
And they feel that they can do whatever they want with impunity.
You’re mistaken. There are virtually no rules governing what hedge funds do.
How about the commies are undermining capitalism? New York is the center of capitalism and if the world loses confidence in U.S. financial markets, isn’t that just what those criminals in the WH and administration want? You can bet BO and his henchmen were behind this.
editor-surveyor: Amen! Cancelling those trades has ended the credibility of the stock markets forever.
The idea is to restrict the gain from trashing the ENTIRE stock market. There's a massively destructive scale issue going on here that is the real subject - narrowly looking at trades is utterly irrelevent. It's the freedom of hedge funds to do such massive damage while they "do their thing" that is the urgent problem - don't dumb it down.
Direct electronic access to the trading floor is absurd for any short sale ,, borrowable shares must be found and aggregated before any such trade can be allowed to go through.
There are firms with naked short positions on their books in the millions and tens of millions of shares for most well known shares and they’ve carried them for years... why haven’t they been heavily fined and forced to cover.
Hedgies have made hundreds of billions since the ut rule was repealed under Chris Cox’s watch. Chris Cox should be arrested for treason.
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The uptick rule would have to be re-worked , it would be meaningless today with pennies and fractions of pennies (GS frontruns traders often by $0.001/share) .... that’s another thing that should be banned but it’s obvious who’s benefitting from the campaign cash.
At first I thought it might have been possible for the Chinese to have hacked the computer systems.
Imagine the carnage if this “glitch” had happened 15 minutes before the closing bell?
Ridiculous! Other funds will come in and profit from funds that sell $60 stocks at $0.01.
You words are crazy in every way.
“why haven’t they been heavily fined and forced to cover.”
I assume that is a rhetorical question.
Unregulated hedge fund short sellers,no word from George Soros.
Washington DC, Wall St.and Fed Reserve are in Full Court Press Corruption. It’s like they know that something really, really big is coming down the pike, and they are just grabbing all the chips before the game is busted!
I don’t understand that much about hedge funds, but I would like to know when things really begam to go awry. I believe that it was probably under the Clinton administration. I read that Rahm Emmanuel convinced Clinton to go with the North American Free Trade Agreement even though it was not popular with the Democrats. It seems that that was the point where the Dems began to reach out to some big business interests. I am very hazy on this but I do know that Robert Rubin who was with the Clinton administration is now on Wall Street. There seems to be a much closer tie between the Democrats and Wall Street then with the Republicans. Does anyone have more information on this?
I just looked up hedge funds. I am saving this on favorites so that I can read all of these articles at my leisure. There is a lot to be learned here.
http://www.freerepublic.com/tag/hedgefunds/index?tab=articles
Due to being very busy during those years and not paying enough attention, my answer, while I agree with your conclusion, would be hazy, too. The fat cats are no longer republicans, they are now democrats and a lot worse than their predecessors. Their supporter is now just as likely to be the cheese and crackers bleeding heart liberal as the blue collar union member. It ain’t their daddy’s party anymore, that’s for sure.
Try out these websites:
www.thesanitycheck.com
www.deepcapture.com
www.antisocialmedia.net
These websites have a lot of insider knowledge of the fraud and crime that happening on Wall Street. I am saving these websites, they are priceless.
I’ve only looked at one but will check the others out later. Thanks for the list.
remember that you libertarians and you folks that hate the pubs so much...THE DEMOCRAT PARTY IS A CRIMINAL ENTERPRISE...
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