James J. Angel specializes in the market structure and regulation of global financial markets. He teaches undergraduate, MBA, and executive courses, including Investments and Capital Markets at Georgetown University. ”Dr. Jim” has testified before Congress about issues relating to the design of financial markets. Dr. Jim began his professional career as a rate engineer at Pacific Gas and Electric. Along the way he has also worked at BARRA (later part of Morgan Stanley). He has also served as a Visiting Academic Fellow in residence at the National Association of Securities Dealers (NASD – now FINRA) and also as a visiting economist at the Shanghai Stock Exchange. He has also been chairman of the Nasdaq Economic Advisory Board, a member of the OTC Bulletin Board Advisory Committee, and has served on the board of directors of the Direct Edge Stock Exchanges (later part of BATS Global Markets). He graduated from the University of California-Berkeley, Ph.D.
Robert Schmidt and Ben Bain
Bloomberg, 18 May 2020
If Overstock’s dividend plan proves successful, the implications for U.S. markets could be significant. More companies may decide to dabble in digital assets or add restrictions to their shares, especially if they find that doing so gives them more sway over their investors. On Wall Street, brokerage firms and exchanges are loath to see the launch of any security that raises the specter of a monopoly and could cut them out of trading and listing fees.
David Dayen, a persistent chronicler of how oligarchs exploit the financial system to enrich themselves at the expense of others, writes about Chris DiIorio, a stock analyst who for 10 years has obsessively investigated how exactly he came to lose $1 million on one penny stock. A remarkable story ensues. All article in The Intercept.
The Money is Gone (22 September 2016)
Big Players, Little Stocks, and Naked Shorts (23 September 2016)
Naked Shorts Can’t Stay Naked Forever (24 September 2016)
Calling the SEC (25 September 2016)
Turning Up Like A Bad Penny (26 September 2016)
Were Paper Losses the Goal All Along (27 September 2016)
The Half Billion Glitch (28 September 2016)
James J. Angel, Douglas M. McCabe
Journal of Business Ethics, 30 September 2008
The controversy over short selling has continued unabated from the introduction of modern equity trading in Amsterdam in 1610 to the present day. Nevertheless, the business ethics literature has not really addressed short selling. Short sellers not only profit from the misery of others, they also create it through their selling activities. However, they also provide a socially useful service by making prices better reflect true values, protecting other investors from purchasing overpriced securities.
Companies on the defensive seize upon an aggressive form of shorting
MarketWatch, 14 June 2006
By one contentious estimate, it’s a big problem plaguing more than 10% of stocks on the New York Stock Exchange and Nasdaq. An NYSE probe into whether naked shorting was used to force down shares of Vonage Holdings Corp. VG, +3.53% lower during the Internet phone company’s May initial public offering has added fuel to the fire. See full story.
FinancialWire cited by Sanity Check via Wayback, 14 February 2006
FinancialWire has learned from a highly-placed informed source that the Depository Trust and Clearing Corp. appears to be a target of an enforcement action by the multi-state task force formed by the North American Securities Administrators Association.
If so, this would explain a recent flurry of posts and press releases by the DTCC denying any complicity in the exploding national illegal manipulative trading scandal known as StockGate, embroiling Netflix (NASDAQ: NFLX), Overstock (NASDAQ: OSTK), Krispy Kreme Donuts (NYSE: KKD) and Martha Stewart OmniLiving (NYSE: MSO), as well as provide a measure of validation to rampant rumors that the clearing house, jointly owned by the NASD and the New York Stock Exchange has received subpoenas.