Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Joshua Mitts writes and teaches on securities law and financial contracting. His recent projects study pseudonymous short attacks on public companies, informed trading on cybersecurity data breaches, information leakage and hedge-fund activism, insider trading on corporate disclosures, information transmission in financial markets, and whether consumers keep promises they make themselves.
For more information on Joshua Mitts’s research and teaching, please see his personal website.
Sheelah Kolhatkar, a former hedge fund analyst, is a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley, and politics, among other things. She has appeared as a speaker and commentator on business and economics issues at conferences and on broadcast outlets including CNBC, Bloomberg Television, Charlie Rose, PBS NewsHour, WNYC and NPR. Her writing has also appeared in Bloomberg Businessweek, New York, The Atlantic, The New York Times and other publications. She lives in New York City.
She is the author of Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street.
Before becoming a journalist, she spent several years as a risk arbitrage analyst at two hedge funds in New York City. Sheelah holds an undergraduate degree from New York University and a M.A. from Stanford University. She lives in New York.
William D. Cohan, a former senior Wall Street M&A investment banker for 17 years at Lazard Frères & Co., Merrill Lynch and JPMorganChase, is the New York Times bestselling author of three non-fiction narratives about Wall Street: Money and Power: How Goldman Sachs Came to Rule the World; House of Cards: A Tale of Hubris and Wretched Excess on Wall Street; and, The Last Tycoons: The Secret History of Lazard Frères & Co., the winner of the 2007 FT/Goldman Sachs Business Book of the Year Award.
Formerly senior vice president and general counsel for Overstock.com, Griffin has been responsible for the strategic direction and operational effectiveness of the legal team. Under his direction, the legal department has repeatedly seen success in fighting high-profile patent troll suits, and in working with the U.S. Congress, regulatory agencies and state legislatures on key legislation and regulatory matters, affecting the retail sector and public companies. Griffin’s new position will expand his responsibilities in these and other areas.
Alexis Brown Stoke, Associate Professor of Finance & Economics at Texas State University, earned her Bachelor of Arts in Economics, Political Science, and Managerial Studies, cum laude, from Rice University, and her Juris Doctorate from Harvard Law School, where she served as president and editor-in-chief of the Harvard Journal on Legislation.
Liz Moyer is CNBC digital Investing Editor, after a varied career as an editor with The New York Times (2015-2017), reporter with the Wall Street Journal (2013-2015), reporter with Dow Jones Newswires (2010-2013), senior writer with Forbes (2005-2010), editor and reporter with American Banker (1996-2005), and reporter with Thomson Financial (1994-1996).
She earned an MS in Journalism from Columbia (1991) and a BS in Diplomacy from Georgetown (1989).
Strategic Delivery Failures in U.S. Equity Markets
Leslie Boni
Journal of Financial Markets, 1 February 2006
Sellers of U.S. equities who have not provided shares by the third day after the transaction are said to have “failed-to-deliver” shares. Using a unique data set of the entire cross-section of U.S. equities, we document the pervasiveness of delivery failures and evidence consistent with the hypothesis that market makers strategically fail to deliver shares when borrowing costs are high. We then show that many firms that allow others to fail to deliver to them are themselves responsible for fails-to-deliver in other stocks. Finally, we discuss the implications of these findings for short-sale constraints, short interest, liquidity, and options listings in the context of the recently adopted SEC Regulation SHO.
PDF (40 pages): Strategic Delivery Failures in U.S. Equity Markets
Future-Priced Convertible Securities & The Outlook For
“Death Spiral” Securities-Fraud Litigation
Zachary T. Knepper
bepress Legal Series, 29 August 2004
In recent years, many companies in the United States have issued so-called “Future-Priced Convertible Securities.” These companies tend to be small, thinly-traded, and (most importantly) desperate for cash, and look to the Future-Priced Convertible Security as a necessary means of financing to keep their businesses operating. FuturePriced Convertible Securities are thus credited by some with providing an important form of financing in the marketplace.1 Yet these securities are also a source of controversy. Many companies have wound up regretting issuing these instruments, after watching their stock values tumble and their market capitalizations dry-up subsequent to issuing these securities. Issuers have even started to sue.
PDF (71 pages): Future-Priced Convertible Securities & The Outlook For
“Death Spiral” Securities-Fraud Litigation
Eric Himpton Holder Jr. (born January 21, 1951) is an American lawyer who served as the 82nd Attorney General of the United States from 2009 to 2015.
Holder is notorious for his bad judgement and complicity in massive financial fraud inclusive of naked short selling. The Holder Memorandum will stand with Herbert Hoover’s complicity in The Great Depression as one of the most examples of what Matt Taibbi calls “Griftopia” – the merger of political and financial crime.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
