Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Taibbi: Let the Apes Have Wall Street
Alert Reader Comment:
Ultimately, it doesn’t matter who’s behind the mercurial surges of stocks like GME. Either way, the chaos is exposing
Wall Street for the preposterous collection of circus acts it’s always been, with the naked shorting issue being just one example
Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
Why isn’t the SEC going after naked shorts? ⬇️ https://t.co/0LVvo3L2gH
— Melissa Lee (@MelissaLeeCNBC) June 10, 2021
— BadManSince69 (@RobertH09603117) June 8, 2021
Oh gosh another laugh this morning. Canada leading the push for a global anti-corruption court. Given our track record of prosecuting financial crimes, I can't help but have a laugh at this one. 🤦🏼♀️https://t.co/LPtsdGW0sL
— JMDavis (@JessMarinDavis) June 10, 2021
Former SEC enforcement lawyer explains:
Yes, naked shorting happens, illegally, & has been for a long time.
More common in small/mid caps.
Cases are difficult and tedious to bring together, so there hasn't been much enforcement.
Popular attention on the issue could bring changes. https://t.co/ewWNJ5Lm2m— Dave Lauer (@dlauer) June 10, 2021
Former L Brands CEO And Well Known Epstein Pal Les Wexner Has Sold About $500 Million In Stock This Year https://t.co/YbT1eq0NVj
— zerohedge (@zerohedge) June 9, 2021
SEC Launches Review Of High-Frequency Traders’ Market Abuses
Tyler Durden, 09 June 2021
Nearly 8 years have passed since Michael Lewis published “Flash Boys”, raising awareness of the relatively new practice of high-frequency trading and its transformative impact on markets, allowing the most technologically-advanced traders to effectively see a picture of the market that’s nanoseconds ahead of what their non-NFT peers see, giving them a massive advantage.
Now, the SEC is finally considering changing the rules of how stocks are priced and traded to stop exchanges from incentivizing brokers (nowadays, particularly retail trading brokerages that have seen an explosion of activity in the past couple of years).
SEC Chair Gary Gensler @PiperSandler Exchange Conf:
Payment for order flow raises a number of important questions. Do broker-dealers have inherent conflicts of interest? If so, are customers getting best execution in the context of that conflict?
@SEC_News @CNBC— Bob Pisani (@BobPisani) June 9, 2021
SEC Chair Gary Gensler @PiperSandler Exchange Conf:
Gamification of trading has features that may encourage investors to trade more, leading to more payment for order flow for the brokers. more active trading may result in lower returns for the average trader.@SEC_News @CNBC— Bob Pisani (@BobPisani) June 9, 2021
SEC Chair Gary Gensler @PiperSandler Exchange Conf: public exchanges account for only 53% of trading volume. 9% from dark pools, 38% from off-exchange wholesalers. Exchanges compete to offer best price, but wholesalers use a less competitive benchmark.@SEC_News @CNBC
— Bob Pisani (@BobPisani) June 9, 2021
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
