SEC Data Show $359 Million of GameStop Shares Failed to Deliver
Brandon Kochkodin, Bloomberg, 17 February 2017
GameStop surged more than 1,700% before curbs were implemented
More than 2 million shares failed to deliver at peak of mania
“Fails-to-deliver can occur for a number of reasons on both long and short sales,” reads a disclaimer on the SEC website. “Therefore, fails-to-deliver are not necessarily the result of short selling, and are not evidence of abusive short selling or ‘naked’ short selling.”
Comment: The SEC is full of shit and a RICO organization complicit in Class A felonies enabled by the Department of Justice and the Senate Banking Committee. For the slow learners, start with the Cartoons.
Richard H. Clarida began a four-year term as Vice Chair of the Board of Governors of the Federal Reserve System on September 17, 2018, and took office as Board member to fill an unexpired term ending January 31, 2022. Prior to his appointment to the Board, Dr. Clarida served as the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University, In addition to his academic experience, Dr. Clarida served as the Assistant Secretary of the U.S. Department of the Treasury for Economic Policy from February 2002 until May 2003. Dr. Clarida also served on the Council of Economic Advisers under President Reagan. From 2006 to 2018, Dr. Clarida served as global strategic advisor with PIMCO and was promoted to managing director in 2015. Dr. Clarida is a member of the Council on Foreign Relations. Dr. Clarida received a BS in economics from the University of Illinois.
Board of Governors of the Federal Reserve System
Bank of America: Bondholders’ Naked Play for a “Do-Over” on Mortgages
CBS, 20 October 2010
Yesterday’s Bank of America (BAC) bond scare was an interesting reminder of just how much of a mess the foreclosure crisis really is. It may not be the same kind of swoon we experienced two years ago, but the vulnerabilities created by the shoddy mortgage origination and servicing industry will probably haunt the financial system for years to come — like war reparations.
It took a while for the financial world to sort out the meaning of the letter PIMCO, Blackstone and the New York Federal Reserve Bank sent to Bank of America yesterday asking that $47 billion in bonds be “put back” to the bank because of deficient servicing by Countrywide, the Bank of America subsidiary that originated the loans. The markets and the journalistic community can be forgiven for over-reacting.
Read full article.