Offered by Amazon Prime: The Wall Street Conspiracy
Financial Wire, 5 August 2010
This week, an important online news service released an article that should send shockwaves into our public markets. In very curt form, the article chronicles the many abuses of U.S. public companies by short selling manipulators, particularly through naked short selling and regular and derivative based synthetic shorting. By implication, the article recites the sheer embarrassing ineffectiveness of our regulators, who are engaged in a pattern of systematic conflicts of interest with revolving doors that are a major disgrace to our own government.
The Komisar Scoop, 19 January 2009
U.S. Senators at Timothy Geithner’s confirmation hearing for Treasury Secretary Wednesday may want to ask him about a failure to act that is costing the U.S. a lot more than the amount he evaded on taxes.
The Federal Reserve Bank of New York, which he has led since 2003, conducts the operations on Wall Street of the Federal Reserve in Washington, the country’s central bank.
Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO
STP Advisory Services, LLC, 29 August 2006
I am a Ph.D. economist doing research and consulting in finance and economics. I am formerly Director of Transfer Agent Services for Depository Trust Company in New York, and Operations Manager for Pacific Depository Trust Company and Pacific Securities Clearing Corporation in San Francisco. I also was Senior Advisor for KPMG on the USAID Capital Markets Project to design and implement trade clearing and settlement operations during privatization in Russia. Over the last three years I have been a paid advisor to companies, investors and law firms on the issues addressed by Regulation SHO. My comments will reflect my expertise in economic analysis of law and market efficiency, plus securities processing operations.
PDF (14 pages): Susanne Trimbath to SEC on Proposed Amendments to Regulation SHO
Sanity Check via Wayback, 3 April 2006
After the great hoopla of the the Bermuda Short Sting Case, which produced a conviction rate of about 88% of indictees, the silence from the Government on related collateral indictments in pending cases, some more than four years old, is literally deafening.
The Government’s various agencies really have an “NIH” (Not Invented Here) attitude towards grass root developed cases coming up to them not as a direct result of their own investigative initiative. I am aware of case after case taken to various agencies of the Government with substantive evidence attached, which were ignored, black-holed, or thrown back at the victims.
Without a Trace: The Importance of Information in Markets
Milken Institute Working Paper, January 2004
Economists and practitioners alike would agree that information plays an important role in capital markets. But the practical job of gathering, organizing and disseminating information in markets is too often left to chance. This paper dramatizes the difficulties that can occur when that happens by using the high yield market as an example. The transition from rapid expansion in the 1980s to stable growth in the 1990s was not without its informational road-bumps. The main point of the paper is to emphasize the importance of the informational role being played by industry organizations such as the Loan Syndication and Trading Association (LSTA) in the U.S.
PDF (14 pages): Without a Trace: The Importance of Information in Markets
High Yield Financing and Efficiency-Enhancing Takeovers
Milken Institute Policy Brief No. 22, 27 November 2000
This study analyzes the determinants of the risk of takeover from 1981 to 1997 based on a sample of 896 Fortune 500 firms using sophisticated methodology. The measure of firm efficiency includes both production costs and overhead expenses. If relatively inefficient firms are chosen as the targets in takeovers and the new owners reduce the costs of these inefficiencies, then the potential for gains from takeovers for the US economy exists. Because firm-level costs are adjusted for the industry median, the study is able to capture the inefficiency implications of firms where it is clear that other firms in the same general product line are better controlling their costs. Indeed, high total cost per unit of revenue is a powerful determinant of the risk of takeover throughout the period under study. The impact of size on the risk of takeover, however, changed across time.
PDF (29 pages): High Yield Financing and Efficiency-Enhancing Takeovers